A revised version of ISBP has been approved by the ICC Banking Commission.
The ISBP (full title: International Standard Banking Practice for the Examination of Documents under Documentary Credits) is essentially a checklist of items document examiners need to check for in their review of documents presented under letters of credit.
First approved in 2002, the ISBP was welcomed as a crucial supplement to UCP.
By detailing the specifics of documentary credit operations, such as how to sign bills of lading, the key features of insurance documents and how to handle misspellings or typing errors, the ISBP filled a gap between the general rules of the UCP and the daily job of the letter of credit practitioner.
The original version of the ISBP supplemented UCP 500, as the ICC rules were known at that time. But when the UCP was revised in July 2007, it became necessary to update the ISBP to align it with the new UCP 600 rules. This version of ISBP is available from the ICC (publication 681).
As a consequence of feedback from users and practitioners, the ICC Banking Commission has adopted a new significantly expanded version of ISBP, which will be available in July 2013. ISBP 745 will include a range of additional issues and document types that were not covered in ISBP 681.
ISBP 745 can be ordered from the ICC Bookshop in the UK at a cost of £26.00 (£20.00 for ICC UK members).
(With thanks to Kim Sindberg for the regular updates)