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**.

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).

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.
Whats 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 explanation as to the way you shall deal with the credit and other
documents in practice, which can be helpful.

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.

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.

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 information please click on:
www.hvb.de/ucgtrade2go

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 Trade
Service are at your disposal.
Concerning the subject ISBP 2013 you can also visit our
HVB@Webinar. As to the webinars we offer a new, innovative 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

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