ISBP Changes in publication 821 compared to ISBP 745
The International Standard Banking Practice (ISBP) 821, updated in 2023, introduced several key enhancements to align with UCP 600 and incorporate ICC Opinions approved since ISBP 745. Notable updates include:
- Credit Reference Numbers: The absence or incorrect typing of a credit reference number on a document is not a valid reason for refusal.
- Administrative Conditions: Issuing banks should avoid incorporating administrative conditions, such as requiring additional photocopies of all documents or prohibiting stapling, into a credit.
- Abbreviations: The abbreviation “Ind.” is acceptable in place of “Industries.”
- Applicant’s Information on Invoices: There’s no requirement for the applicant’s name, address, and contact details to appear in a specific location on an invoice.
- Copies of Documents: Copies of documents are not required to be signed.
- Currency Notation: An invoice under a credit issued in USD that uses only the “$” sign without further qualification meets UCP 600 sub-article 18 (a) (iii) requirements, unless other data suggests the “$” refers to a different currency.
- Master’s Signature on Transport Documents: The master’s (captain’s) signature may be accompanied by a stamp that includes the vessel’s name.
- Insurance Documents: UCP 600 does not require an agent or proxy to be named in an insurance document.