ISBP - new version
As previously mentioned, a meeting was held during the most recent ICC Banking Commission meeting on 19 April 2023, and it was announced that the new version of ISBP would be published over the coming weeks.
This has now been completed and the new version has been published as ISBP 821.
The alignment of the ISBP with ICC Opinions incudes the below:
- New Preliminary Consideration viii) stating thatthe absence of a credit reference number, or the mistyping of a credit reference number, on a document is not a valid reason for refusal. (Opinion 876rev)
- New Preliminary Consideration ix) providing that administrative conditions such as a requirement for an additional photocopy of all documents, or a statement that all documents may not be stapled, should not be incorporated by an issuing bank in a credit. (Opinion 915rev)
- Add ‘Industries' to paragraph A1 (Abbreviations). (Opinion 837rev)
- Add new paragraph A17 (b) (Documents and the need for completion of a box, field or space) stating that there is no requirement for the applicant name, address and contact details (if any) to appear in a specific box, field or space on an invoice. (Opinion 818rev)
- Add new paragraph A31 (b) (copy documents) stating that copies of documents need not be signed and move existing A31 (b) to A31 (c). (Opinion 842rev3)
- Add new paragraph C7 (general issues relating to invoices) providing that an invoicepresented under a credit issued in USD, bearing only the "$? sign without further qualification, fulfils the requirement of UCP 600 sub-article 18 (a) (iii) unless data in the invoice itself, or another presented document, implies that the "$? sign may refer to a currency other than USD. (Opinion 814rev4)
- Add new paragraphs D5 (e) (multimodal transport document), E5 (e) (bill of lading), & F4 (e) (non-negotiable sea waybill) stating that the signature of the master (captain) may be accompanied by a stamp that incorporates the name of the vessel. (Opinion 813)
- Add new paragraph G4 (c) (charter party bill of lading) stating that the signature of the master (captain) may be accompanied by a stamp that incorporates the name of the vessel. (Opinion 836rev)
- Add new paragraph K2 (b) stating that UCP 600 does not require that an agent or proxy is to be named in an insurance document and move existing paragraph K2 (b) to K2 (c). (Opinion 835rev)
Decisions will now be made on possible next steps.