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Page 1

ICC Publication: 745E
ISBN: 978-92-842-0188-4

ICC Business Bookstore
www.iccbooks.com

International Standard
Banking Practice
for the Examination of Documents under UCP 600

International Standard
Banking Practice
for the Examination of Documents under UCP 600

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Since its initial publication in 2002 (Publication 645), International Standard
Banking Practice (ISBP) has become an invaluable aid to trade finance
professionals when creating documents for presentation under, or for the
examination of documents presented under, a documentary credit. It comprises
a compilation of banking practices that are to be applied when working with
documentary credits that are subject to UCP 600. ISBP demonstrates how
the principles and content of UCP 600 should be integrated into day-to-day
practice by providing readers with detailed practices that are to be considered
and applied when working with different trade documents (invoices, transport
documents, insurance documents, certificates of origin…). ISBP also provides
coverage of documents which are not specifically mentioned in UCP.

New to this edition
The 2013 edition of ISBP covers, amongst others, practices identified from
Opinions approved by ICC national committees since 2007, and also features
the following documents which were not previously covered:
■ Packing list
■ Weight list
■ Beneficiary certificate
■ Non-negotiable sea waybill
■ Analysis, Inspection, Health, Phytosanitary, Quantity and Quality certificates

International Standard Banking Practice — 2013 edition is the most up to
date guide for the examination of documents under documentary credits
reflecting practices agreed by ICC national committees. It also serves as an
aid to a beneficiary of a documentary credit in its creation and presentation
of documents to a nominated bank or issuing bank. The publication should
always be read in conjunction with UCP 600. ISBP

745E _ISBP cover_PRESS.indd Toutes les pages 15/10/13 16:32

Page 2

International Standard
Banking Practice
for the Examination of Documents under UCP 600

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Page 6

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 5

CONTENTS

Consignee, order party, shipper and endorsement,
and notify party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Transhipment, partial shipment and determining
the presentation period when multiple sets
of multimodal transport documents are presented . . . . . . . . . . . . . . . . . . . . . . . . . 43

Clean multimodal transport document . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Goods description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Indication of name and address of delivery agent
at destination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Corrections and alterations (“corrections”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Freight and additional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Release of goods with more than one multimodal transport
document to be surrendered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

BILL OF LADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Application of UCP 600 article 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Issuance, carrier, identification of the carrier
and signing of a bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

On board notation, date of shipment, pre-carriage,
place of receipt and port of loading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Port of discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Original bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Consignee, order party, shipper and endorsement,
and notify party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Transhipment, partial shipment and determining
the presentation period when multiple sets
of bills of lading are presented . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Clean bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Goods description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Indication of name and address of delivery agent
at port of discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Corrections and alterations (“corrections”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Freight and additional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Release of goods with more than one bill of lading
to be surrendered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

745E_ISBP pages_PRESS.indd 5 15/10/13 17:31

Page 7

6 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

INTERNATIONAL STANDARD BANKING PRACTICE

NON-NEGOTIABLE SEA WAYBILL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Application of UCP 600 article 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Issuance, carrier, identification of the carrier
and signing of a non-negotiable sea waybill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

On board notation, date of shipment, pre-carriage,
place of receipt and port of loading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Port of discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Original non-negotiable sea waybill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Consignee, order party, shipper, and notify party . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Transhipment, partial shipment and determining
the presentation period when multiple sets
of non-negotiable sea waybills are presented . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Clean non-negotiable sea waybill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Goods description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Indication of name and address of delivery agent
at port of discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Corrections and alterations (“corrections”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Freight and additional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

CHARTER PARTY BILL OF LADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Application of UCP 600 article 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Signing of a charter party bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

On board notation, date of shipment, pre-carriage,
place of receipt and port of loading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Port of discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Original charter party bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Consignee, order party, shipper and endorsement,
and notify party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Partial shipment and determining the presentation
period when multiple sets of charter party
bills of lading are presented . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Clean charter party bill of lading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Goods description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Corrections and alterations (“corrections”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Freight and additional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

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Page 11

10 | INTERNATIONAL CHAMBER OF COMMERCE (ICC)

INTERNATIONAL STANDARD BANKING PRACTICE

The international standard banking practices documented in this
publication are consistent with UCP 600 and the Opinions and
Decisions of the ICC Banking Commission, with the exception of
Opinions R751 and R766 for which ICC will make a separate
announcement.

It is important to note that this document does not amend UCP
600. It explains how practices articulated in UCP 600 are to be
applied by documentary credit practitioners. This publication and
the UCP should be read in their entirety and not in isolation. To
emphasize this point, paragraph i. of Preliminary Considerations
reads “This publication is to be read in conjunction with UCP 600
and not in isolation.” It is, of course, recognized that the law in
some countries may compel a different practice than those
stated here.

No single publication can anticipate all the terms or the
documents that may be used in connection with documentary
credits or their interpretation under UCP 600 and the standard
practice it reflects. However, the Drafting Group have reviewed
and revised this publication to conform to UCP 600.

It should be noted that any term in a documentary credit that
modifies or excludes the applicability of a provision of UCP 600
may have an impact on international standard banking practice.
Paragraph ii. of Preliminary Considerations emphasizes this point
“The practices described in this publication highlight how the
articles of UCP 600 are to be interpreted and applied, to the
extent that the terms and conditions of the credit, or any
amendment thereto, do not expressly modify or exclude an
applicable article in UCP 600.” This principle is implicit throughout
this publication. Where examples are given, these are solely for the
purpose of illustration and are not exhaustive.

In a similar vein, ISBP cannot anticipate situations created by
poorly or inappropriately drafted credits and the Drafting Group
have been diligent in not condoning such issues. The need for care
at the application and issuance stage under Preliminary
Considerations and the paragraphs covering “Expressions not
defined in UCP 600” have been extended and refined.

This publication reflects international standard banking practice
for all parties to a documentary credit. Since applicants’
obligations, rights and remedies depend upon their undertaking
with the issuing bank, the performance of the underlying
transaction and the timeliness of any objection under applicable
law and practice, applicants should not assume that they may rely
on these provisions in order to excuse their obligations to
reimburse the issuing bank.

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Page 12

INTERNATIONAL CHAMBER OF COMMERCE (ICC) | 11

INTRODUCTION

The incorporation of this publication into the terms of a
documentary credit is deemed inappropriate, as the requirement
to follow agreed practices is implicit in UCP 600.

The Drafting Group that brought this important text to fruition
deserves special mention. Their names are listed below:

R.V. Balasubramani, Director – Senior Advisor, Center of
Excellence & Quality Management, Global Trade Finance, BNP
Paribas, India

Graham Christiansen, Regional Manager Business Risk, Global
Trade and Receivables Finance, Europe, HSBC Bank plc, UK

Carlo Di Ninni, Consultant to ICC Italy, former Consultant to Italian
Bankers Association, Italy

Wolfgang Heiter, (retired), Deutsche Bank, Germany

Ed Jongenelen, Managing Director, Energy, Commodities &
Transportation Services, ABN AMRO, The Netherlands

Iqbal Ibrahim Karmally, Senior Vice President, Head of Trade
Finance, Sharjah Islamic Bank, UAE

David Meynell, Owner, TradeLC Advisory, Ex-Deutsche Bank, UK

Rene Mueller, Director, Credit Suisse AG, Switzerland

Kim Sindberg, Trade Finance Consultant, Sindberg Consult,
Denmark

Charnell C. Williams, CDCS, Director, Citi Global Trade Services
Product Manager, USA

Zhongmin Zha, Deputy General Manager, Branch Manager of
Beijing Branch, Head of China Wholesale Banking, CITIC Bank
International (China) Limited, China

The Drafting Group’s appreciation is also due for the support,
input and guidance provided by the ISBP Consulting Group
throughout this revision process and that operated under
the chairmanship of John Turnbull (UK) and King Tak Fung
(Hong Kong).

Gary Collyer
Chair, ISBP Drafting Group,
Managing Director, Collyer Consulting LLP, UK
April 2013

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