ISBP

ISBP is the International Standard Banking Practice, the ICC’s guide to how banks examine documents presented under a documentary credit. The current edition is ISBP 745, published by the ICC in 2013 as a companion to UCP 600. It explains in detail how the UCP rules apply to specific documents: commercial invoices, transport documents, bills of lading, insurance documents, certificates of origin, and items the earlier edition omitted such as packing lists, weight lists, and non-negotiable sea waybills. ISBP is not law, but checkers and courts treat it as authoritative practice, and it has cut the discrepancy rate on letter of credit presentations.