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The screens that follow are a sample taken from an ISBP module that forms part of an extensive training suite covering basic, intermediary and advanced. interpreted the UCP + ISBP when working with a letter of credit, and if no previous jurisprudence is available (in the form of an. Opinion) they can ask the ICC. The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the This practice has been standardized by the ICC (International Chamber of Commerce) by application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP is in force.

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Transport documents and insurance documents must be signed in accordance with the provisions of UCP A range of individuals and groups contributed to isvp current revision including: Their contribution in time and effort is gratefully acknowledged, and their names and lsbp affiliations appear below. On Board Notations For example, details of the goods may be stated in a number of areas within the invoice which, when collated together, represent a description of the goods corresponding to that in the credit.

Practitioners are urged to refer to this publication whenever doubts arise as to how to structure and check documents in credits utilizing Isvp If a credit requires a multi-modal transport document to show that the goods are consigned to a named party, e. In the event that more than one set of bills of lading are jcc and incorporate different dates of shipment, the latest of these dates of shipment will be taken for the calculation of any ksbp period and must fall on or before the latest shipment date specified in the credit.

The identification of airports by the use of IATA codes instead of writing out the name in full e. Where an original would not be accepted in lieu of a copy, the credit must prohibit an original, e. Documents listed in a credit should be presented as separate documents.

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A requirement for an “inspection certificate” does not constitute a requirement to evidence a pre-shipment event. Some documents commonly used in relation to the transportation of goods, e.

Highlights Included In this volume, users will find guidance on how to deal with documents covering at least two different modes of transport UCP article 19 ; insurance documents and coverage UCP article 28 ; transferable credits UCP article 38 and a broad range of other issues covered in the new rules. The use of generally accepted abbreviations, for example “Ltd” instead of iisbp, “Int’l” instead of “International”, “Co.

If a credit gives a geographical area or range of ports of loading or discharge e.

An insurance document must be in the form as required by the credit and, where necessary, be endorsed by the party to whose order claims are payable. If a credit does not state a notify party, the respective field on the bill isvp lading may be left blank or completed in any manner.

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Where examples are given, these are solely for the purpose of illustration and are not exhaustive. Views Read Edit View history.

If a pre-printed “Shipped on board” bill of lading is presented, its issuance date will be deemed to be the date of shipment unless it bears a separate dated on board notation, in which event the date of the on board notation will be deemed to be the date of shipment whether or not the on board date is before or after the issuance date of the bill of lading.

If a credit states that costs additional to freight are not acceptable, a charter party bill of lading must not indicate that costs additional to the freight have been or will be incurred. Under international standard banking practice, it is expected that documents issued by the beneficiary will be in the language of the credit.

Likewise, if a credit requires the goods to be consigned “to order” or “to order of” a named party, the charter party bill of lading must not show that the goods are consigned straight to the named party. Any document, including a certificate of analysis, inspection certificate and pre-shipment inspection certificate, may be dated after the date of shipment.

At the time UCP is implemented, there will be an updated version of the ISBP to bring its contents in line with the substance and style of the new rules. Non-negotiable copies of bills of lading do not need to include any signature on, or authentication of, any alterations or corrections that may have been made on the original.

If a credit prohibits partial shipments, and more than one set of original charter party bills of lading are presented covering shipment from one or more ports of loading as specifically allowed, or within the geographical area or range stated in the creditsuch documents are acceptable, provided that they cover the shipment of goods on the same vessel and same journey and are destined for the same port of discharge, range of ports or geographical area.

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The tenor must be in accordance with the terms of the credit. Drafts icv the Applicant Corrections and alterations on a multi-modal transport document must be authenticated. Percentage and Amount If a credit states “House air waybill is acceptable” or “Freight Forwarder’s air waybill is acceptable” or uses a similar phrase, then the air transport document may be signed by a freight forwarder in the capacity of a freight forwarder without the need to identify itself as a carrier or agent for a named carrier.

If the master captaincharterer or owner signs the charter party bill of lading, the signature of the master captaincharterer or owner must be identified as “master” “captain””charterer” or “owner”. An invaluable source of practical information for trade finance professionals and academics, this revised edition of ISBP provides readers with the latest ICC approved guidelines for all parties to documentary credits.

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General Principles Abbreviations ixc. Even if a credit calls for a transport document which is not a document of title to be made out “to order” or “to order of” a named party, such a document showing goods consigned to that party, without mention of “to order” or “to order of”, is acceptable.

Where a credit allows for the presentation of a copy transport document rather than an original, the credit must explicitly state the details to be shown. Corrections and Alterations 9.

However, invoices identified as “provisional”, “pro-forma” or the like are not acceptable. The terms of a credit are independent of the underlying transaction even if a credit expressly refers to that transaction. Expressions such as “shipping documents”, “stale documents acceptable”, “third party documents acceptable” and “exporting country” should not be used as they are ibsp defined in UCP For other uses, see UCP. Sign up for our newsletter: However, a description as “model ” instead of “model ” would not be regarded as a typing error and would constitute a discrepancy.

If a credit calls for instalment shipments, each shipment must be in accordance with the instalment schedule. The draft should reflect 60 days from the earliest on board date in a European port, i. Whether other documents require dating will depend on the nature and content of the document in question.

A requirement in a credit for an air transport document to show that freight has been prepaid will be fulfilled by a statement of the freight charges under the heading “Freight Prepaid” or a similar expression or indication, and a iebp that an air transport document show that freight has to be collected will be fulfilled by a statement of the freight charges under the heading “Freight to Collect” or a similar expression or indication.

This document does not amend UCP An insurance document must cover the risks defined in the credit.

Uniform Customs and Practice for Documentary Credits

Clean Bills of Lading An insurance document must be issued in the currency of, and, as a minimum for, the amount required by the credit. A requirement that a document, other than those mentioned above, be dated may be satisfied by reference in the document to the iisbp of another document ixc part of the same presentation e. If the master captain signs the bill of lading, the signature of the master captain must be identified as “master” “captain”.