ISBP stand for International Standard Banking Practice for the Examination of Documents under Documentary Letter of Credit. It is an ICC publication and official ICC document. ISBP was prepared in order to fill the gap between general principals of UCP and the daily practice.
Showing posts with label Documentary Credit. Show all posts
Showing posts with label Documentary Credit. Show all posts
UCP-600 summary
UCP stands for Uniform Customs and Practice for Documentary Credit
There are 39 articles
Article 1: Application of UCP
Article 2: Definitions of Advising bank, Application, Banking day, Beneficiary, Complying presentation, Confirmation , Confirming bank, Credit, Honour, Issuing bank, Negotiation, Nominated Bank, Presentation, Presenter.
There are 39 articles
Article 1: Application of UCP
Article 2: Definitions of Advising bank, Application, Banking day, Beneficiary, Complying presentation, Confirmation , Confirming bank, Credit, Honour, Issuing bank, Negotiation, Nominated Bank, Presentation, Presenter.
Different Parties of a Documentary Credit
Normally the following parties are involved to a documentary credit.
1. The Issuing Bank(opening bank)
2. Nominated bank or Intermediary bank
i) Advising Bank/Notifying Bank
ii) The Confirming Bank
iii) Negotiating Bank
iv) Accepting Bank
v) Paying Bank
vi) Reimbursing Bank
vii) The Transferring Bank
3. The Applicant or Buyer (Importer)
4. The Beneficiary or Seller (Exporter)
Responsibilities and Liabilities of Parties of Letter of Credit
1. The Issuing Bank(opening bank)
2. Nominated bank or Intermediary bank
i) Advising Bank/Notifying Bank
ii) The Confirming Bank
iii) Negotiating Bank
iv) Accepting Bank
v) Paying Bank
vi) Reimbursing Bank
vii) The Transferring Bank
3. The Applicant or Buyer (Importer)
4. The Beneficiary or Seller (Exporter)
Responsibilities and Liabilities of Parties of Letter of Credit
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