International rulesInternational rules

Documentary credits are subject to a set of international rules entitled Uniform Customs and Practice for Documentary Credits (UCP), ICC Publication No. 600.

The rules are set forth by the International Chamber of Commerce (ICC) in Paris and are used by most banks worldwide.

ISBP
In May 2000, the ICC appointed a task force to streamline international banking practice for documentary credit practitioners when checking documents.

The resulting guidelines - International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP) - were intended to reduce the number of documents being rejected dramatically by encouraging a uniformity of practice worldwide. The ISBP was approved in 2002 and revised in 2007, making the documentary credit process easier and even more secure.

ISP98
Standby letters of credit are usually subject to the same rules as commercial documentary credits, that is, UCP 600. But a growing number of standby documentary credits are subject to a newer set of rules, known as ISP98, which deals solely with this type of documentary credit.

If your standby documentary credit is subject to ISP98, this must be shown in the documentary credit.
 

 

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Document Checklist
What to look out for in every document involved in the documentary credit process:

Danske Bank A/S, London Branch, 75 King William Street, London EC4N 7DT, United Kingdom. Telephone: +44 (0)20 7410 8000 Facsimile: +44 (0)20 7410 8001 E-mail: london.info@uk.danskebank.com. VAT number: 853 7590 92. Danske Bank A/S, London Branch is authorised by the Danish Financial Supervisory Authority (Finanstilsynet) and is subject to limited regulation by the the Financial Conduct Authority and the Prudential Regulation Authority. Complaints should be addressed to our Legal Department. Details on the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. Registered Branch in England and Wales, Company No. FC011846, Branch No. BR000080. Danske Bank A/S, Incorporated in Denmark, CVR No. 61 12 62 28 Copenhagen. Our details can also be viewed on The Financial Services Register under Firm Reference Number 124655.

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