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In our blog dated 1^st November 2023 we mentioned that a focused Working Group had commenced work on a review of ISBP 821. 

During the ICC Banking Commission Opinions session in January 2024, an update was provided on progress. 

Certain "ground rules" were set in place upfront in order to ensure stability and transparency:

• Do not try to fix something that is "not broken".
• If a process is working, then no business rationale to change.
• Changing text for the sake of it will create more questions and problems than is necessary.
• Any suggestions must be based upon a revised requirement from the market, or a gap that has been identified, e.g., by an ICC Opinion, or areas where discrepancies or conflicts with UCP may arise.
• The style of wording must be consistent with the current text.
• Clarity - ambiguous language or provisions may lead to different interpretations.
• Address issues relating to electronic documents and digitalisation of trade.
• Need to also cater for non-bankers involved in document preparation and examination.
• Active participation of all working group members expected in order to obtain a global perspective.

The Working Group has been divided into three teams, with distinct responsibility for:

1. Preliminary Considerations, General Principles, Drafts, Invoices
2. Multimodal Transport, Bill of Lading, Non-negotiable Sea Waybill, Charter Party Bill of Lading, Air Transport, Road, rail, or inland waterway
3. Insurance , Certificate of Origin, Packing List, Weight List. Beneficiary's Certificate, Certificates

Up till now, a number of issues have been identified for potential inclusion within a revised ISBP.

Whilst a few suggestions are deemed as out of scope for an ISBP revision (at least for the time being), many are relevant. 

The Working Group will deliver an overview of the ISBP review during the April 2024 Global Banking Commission Plenary session.

Subsequently, the findings will be distributed to ICC National Committees, providing the opportunity to consider potential next steps. 

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