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1InternationalStandardBankingPracticeForewordThepublicationInternationalStandardBankingPracticefortheExaminationofDocumentsunderDocumentaryLettersofCreditistheproductof2.5yearsofworkbyataskforceoftheICCBankingCommission.ItwasapprovedbythefullCommissionatitsmeetinginRomeinOctober2002,atwhichtime,theCommissionvotedtomakeitanofficialdocumentoftheICC.TheISBP,asitismorecommonlycalled,isapracticalcomplementtoUCP500,ICC'suniversallyusedrulesondocumentarycredits.AlthoughitdoesnotamendtheUCP,itexplains,inexplicitdetail,howtherulesaretobeappliedonaday-to-daybasis.Assuch,itfillsaneededgapbetweenthegeneralprinciplesannouncedintherulesandthedailyworkofthedocumentarycreditpractitioner.ThetaskforcethatdevelopedtheISBPwasmeticulousinseekingtodocumentinternationalpracticeinthefield.ItstartedbyaskingICCnationalcommitteesandmemberstosendchecklistsonhowdocumentswereexaminedintheirbanks.Some39nationalcommitteesandasubstantialnumberofindividualbanksresponded.Cullingthesecommentsrequired14taskforcemeetingsandfourdifferentdraftsbeforetheISBPwasfinallyinashapetobeapproved.Thetaskforcedeservesconsiderablecreditforhavingproceededsocarefully.TheobjectoftheexercisewastodocumentinternationalstandardbankingpracticefortheexaminationofdocumentsundertheUCP;itwasnottoreportonindividualcountrypracticesthatmaydifferin2somewayfromthenorm.TheUCPwascreatedtobringuniformitytoafieldinwhichindividualpracticesoftendiffered,tothedetrimentofdocumentarypractitionersinallcountries.ByusingtheISBP,documentcheckerscanbringtheirpracticesinlinewiththosefollowedbytheircolleaguesworldwide.Theresultshouldbeasignificantreductioninthenumberofdocumentsrefusedfordiscrepanciesonfirstpresentation.MariaLivanosCattauiSecretaryGeneralInternationalChamberofCommerceParis,FranceDecember2002IntroductionAtitsMay2000meetingtheCommissiononBankingTechniqueandPracticeoftheInternationalChamberofCommerce(ICCBankingCommission)establishedataskforcetodocumentinternationalstandardbankingpracticefortheexaminationofdocumentspresentedunderdocumentarycreditsissuedsubjecttotheUniformCustomsandPracticeforDocumentaryCredits,theInternationalChamberofCommerce'sPublicationNo.500(UCP).TheinternationalstandardbankingpracticesdocumentedinthispublicationareconsistentwiththeUCPandtheOpinionsandDecisions3oftheICCBankingCommission.ThisdocumentdoesnotamendUCP.ItexplainshowthepracticesarticulatedintheUCParetobeappliedbydocumentarypractitioners.Itis,ofcourse,recognizedthatthelawinsomecountriesmaycompeladifferentpracticethanthatstatedhere.NosinglepublicationcananticipateallthetermsorthedocumentsthatmaybeusedinconnectionwithdocumentarycreditsortheirinterpretationundertheUCPandthestandardpracticeitreflects.However,thetaskforcepreparingthispublicationhasendeavouredtocovertermscommonlyseenonaday-to-daybasisandthedocumentsmostoftenpresentedunderdocumentarycredits.ItshouldbenotedthatanyterminadocumentarycreditwhichmodifiesoraffectstheapplicabilityofaprovisionoftheUCPmayalsohaveanimpactoninternationalstandardbankingpractice.Therefore,inconsideringthepracticesdescribedinthispublication,partiesmusttakeintoaccountanyterminadocumentarycreditthatexpresslyexcludesormodifiesaprovisioninanarticleoftheUCP.Thisprincipleisimplicitthroughoutthispublication,whetherornotstated,butitissometimesexpresslyrepeatedforpurposesofemphasisorforillustration.Whereexamplesaregiven,thesearesolelyforthepurposeofillustrationandarenotexhaustive.Thispublicationreflectsinternationalstandardbankingpracticeforallpartiestoadocumentarycredit.Sinceapplicants'obligations,rights,andremediesdependupontheirundertakingwiththeissuingbank,theperformanceoftheunderlyingtransaction,andthetimelinessofanyobjectionunderapplicablelawandpractice,applicantsshouldnotassumethattheymayrelyontheseprovisionsinordertoexcusetheirobligationstoreimbursetheissuingbank.Theincorporationofthispublicationintothetermsofadocumentarycreditshouldbediscouraged,astherequirementtofollowagreedpracticesisimplicitintheUCP.BecausethispublicationreflectscurrentdocumentarycreditpracticeasprovidedbyICCnational4committeesandindividualICCmembers,itwillbeofconsiderableuseintheformulationofanyfuturerevisionoftheUCP.PRELIMINARYCONSIDERATIONSTheapplicationandissuanceofthecredit1)Thetermsofacreditareindependentoftheunderlyingtransactionevenifacreditexpresslyreferstothattransaction.Toavoidunnecessarycosts,delays,anddisputesintheexaminationofdocuments,however,theapplicantandbeneficiaryshouldcarefullyconsiderwhichdocumentsshouldberequired,bywhomtheyshouldbeproduced,andthetimeframeforpresentation.2)Theapplicantbearstheriskofanyambiguityinitsinstructionstoissueoramendacredit.Unlessexpresslystatedotherwise,arequesttoissueoramendacreditauthorizesanissuertosupplementordevelopthetermsinamannernecessaryordesirabletopermittheuseofthecredit.3)TheapplicantshouldbeawarethattheUCPcontainsArticlessuchasArticles13,20,21,23,24,26,27,28,39,40,46and47thatdefinetermsinamannerthatmayproduceunexpectedresultsunlesstheapplicantfullyacquaintsitselfwiththeseprovisions.Forexample,acreditrequiringpresentationofamarinebillofladi