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Foreign Trade Practice Information 4/2013

The new ISBP (International Standard Banking Practice)

ICC Publication No. 745 Revision 2013

What are the ISBP?

The ISBP (= International Standard Banking Practice) are a

publication of the ICC Paris* and a useful complement to

the ERA.** They include topics and interpretations from the

daily practice in connection with Letters of Credits and other

documents, which cannot be conclusively explained by the

ERA**.

When will the ISBP (revision 2013) Publ. No. 745 be

in force?

The publication was conducted by the ICC Banking

Commissions and published on 17.04.2013. The text does

not contain any effective date. The ISBP Publ. 745 reflects – 

as well as the previous ISBP Publ. 681 revision 2007 –  the

current international banking practice according to ICC

Banking Commission and is valid immediately.

What’s new?

Compared to the last ISBP Rev. 2007 the new ISBP rev.

2013 contains about twice as much. From the ISBP in 2007,

the majority of the articles in the new ISBP 2013 were

adopted, revised and updated. Also many new topics were

added from practice.

Below we will show you some new articles and regulations 

of the new ISBP Publ.no. 745 and we will give an expla-

nation as to the way you shall deal with the credit and other

documents in practice, which can be helpful.

Courier receipt, post receipt and certificate of posting in

respect of the sending of documents, notices and the like

If a credit requires a similar document as described above,

then the content of such document shall be verified, as

described in the Letter of Credit. Otherwise (i.e. no data

content and description contained in the Letter of credit),

this document shall be verified in accordance with Article

14 ERA** (f).

Article 14 (f) of the ERA** states the following:

“14 (f): If a credit requires presentation of a document other

than a transport document, insurance document or

commercial invoice, without stipulating by whom the

document is to be issued or its data content, banks will

accept the document as presented if its content appears to

fulfill the function of the required document and otherwise

complies with sub-article 14 (d).” 

“14 (d): Data in a document, when read in context with the

credit, the document itself and international standard

banking practice, need not be identical to, but must not

conflict with data in that document, any other stipulated

document or the credit.” 

Documents and the need for completion of a box, field or

space

In this article, the interpretation of field data in a document

is described:

Only the fact that a document contains a field, a box or a

certain space does not automatically mean that such space,

field or box must be filled out.

An example: If an AWB (Air Way Bill) contains the space

“Handling information”  then this field does not have to be

completed.

Drafts and calculation of maturity date

The new ISBP 745 states that the maturity of a draft shall

always be issued in accordance with the regulations of the

credit. If the draft required is not due at sight, then it should

be possible to derive the due date of the draft itself.

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Here are some examples:

For example, when a credit calls for drafts at a tenor 60

days after the bill of lading date, and when the date of the

bill of lading is 14 May, 2013, the tenor is to be indicated

on the draft in one of the following ways:

i. 

“60 days after bill of lading date 14 May, 2013,” or

ii.  “60 days after 14 May, 2013,“ or

iii.  “60 days after bill of lading date" and elsewhere on the

face of the draft state "bill of lading date 14 May,

2013,” or

iv.  “60 days date”  on a draft dated the same day as the

date of the bill of lading, or

v.  “13 July, 2013, i.e. 60 days after the bill of lading date”.

These are just some of many examples from the new ISBP

2013. For questions to this topic your Hypovereinsbank

specialists in The International Business and Foreign TradeService are at your disposal.

Concerning the subject ISBP 2013 you can also visit our

HVB@Webinar. As to the webinars we offer a new, inno-

vative medium. If time available why not listen to a Call or a

lecture on the Smartphone.

The HVB@Webinars make it possible.

Enclosed please find the dates:

Wednesday, 04.09.2013/09.30 to 10.15 o'clock

Wednesday, 09.10.2013/15.00 to 15.45 o' clock

Topic:

Letters of Credit –  ISBP (International Standard Banking

Practice) 2013 – What has changed?

Registration-link:

www.hvbwebinar.de

A reservation of the ISBP 745 Rev. 2013, about the ICC* in

Germany is possible:

http://iccshop.icc-deutschland.de

ISBN: 978-92-842-0188-4

*ICC Paris: International Chamber of Commerce Paris

** ERA: Uniform Rules and Pratice for Documentary Credits.

Interesting practice cases from foreign trade can be found on:

www.hvb.de/ahpraxisinfo

For general information and useful foreign trade infor-

mation please click on:

www.hvb.de/ucgtrade2go

The product idea presented is a general information only and is not coordinated

on the individual circumstances and needs. Before deciding on this productplease contact the bank consultant. The UniCredit Bank AG is regulated by theFederal Financial Supervisory Authority.© UniCredit Bank AG, Munich. All rights reserved