• 무역상무연구
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• 제22권
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• pp.49-70
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• 2004

UCP 500 has introduced new words "International Standard Banking Practice" as the basis of the examination of documents under documentary credits. However, the words have caused confusion among parties concerned with letter of credits. So, at its May 2000 meeting, ICC Banking Commission established a task force to document international standard banking practice for the examination of documents presented under documentary credits(ISBP). The publication is the product of two and a half years of work by a task force of the ICC Banking Commission. It was approved by the full Commission at its meeting in Rome in October 2002. The ISBP is a practical complement to UCP 500. It explains how the rules are to be applied on a day-to-day basis. As such, it fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. But, ISBP have two problems. First, ISBP impose more responsibilities than before the ISBP existed on banks. Second, ISBP have some problematic articles like the problem of maturity, letter of credit language, term. Consequently, all parties concerned with documentary credits need to armour themselves with knowledge for ISBP. Also, it should be noted that any term in a documentary credit which modifies or affects the applicability of a provision of the UCP may also have an impact on international standard banking practice. Therefore, in considering the practices described in this publication, parties must take into account any term in a documentary credit that expressly excludes or modifies a provision in an article of the UCP.

• 무역상무연구
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• 제45권
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• pp.111-136
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• 2010

Bill of lading means the transport document ("marine", "ocean" or "port-to-port" or similar), however named, covering sea shipment only. Data in a bill of lading, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit, according to UCP 600 and ISBP. This article has provided the general guideline of the discrepancies on the basis of UCP 600, ISBP 681 and the ICC Banking Commission Opinions, for the solution of the unpaid problems of the credit transactions. I have studied especially the ICC Banking Commission Opinions and the DOCDEX Decisions on the bill of lading after UCP 600, the international standard banking practice (ISBP 681), and the recent Korean cases. As such, this article would fill a need gap in the market between the general principles in the UCP provisions and the daily job of the practitioner. The credit practitioners are suggested to this resulting guidance whenever doubts arise as to how to check the credit documents in daily practice.

• 한국무역상무학회:학술대회논문집
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• 한국무역상무학회 2006년도 제36회 한학협동공개세미나
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• pp.5-25
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• 2006

• 무역상무연구
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• 제60권
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• pp.109-139
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• 2013

This paper is to review the Uniform Rules for Bank Payment Obligations(URBPO 750E) which were developed by the Banking Commission of the International Chamber of Commerce and to present the implications. The rules were unanimously adopted during Lisbon meeting of the ICC Banking Commission on April 17th, 2013 and taken effect as of July 1, 2013. A BPO is an irrevocable undertaking given by an Obligor bank to a Recipient bank to pay a specified amount under the condition of a successful electronic matching of data or acceptance of mismatches. It is an alternative instrument for trade settlement, designed to complement existing solution and not to replace them(ICC,750E). The BPO enables banks to provide sellers and buyers with advanced risk mitigations and enhanced financing services. The BPO will improve trade processing efficiency such as increased transaction times, reduced handling cost, and others. It is believed that the BPO will have an important role to play in supporting the development of Supply Chain Finance in international Trade. So, This study will review the provisions and application of the URBPO 750E based on documentary materials including swift com and icc.org and so on.

• 무역상무연구
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• 제20권
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• pp.317-341
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• 2003

The publication International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit (ISBP) is the product by a task force of the ICC Banking Commission. The ISBP is a practical complement to UCP 500, ICC’s universally used rules on documentary credits. The ISBP does not amend the UCP. It explains, in explicit detail, how the rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. By using the ISBP, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of documents refused for discrepancies on first presentation.

• 무역상무연구
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• 제38권
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• pp.123-152
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• 2008

It is a basic rule in the credit law that original documents are required unless otherwise stipulated by the credit. Due to modern technology enabling documents to be produced in many ways it may not always to decide whether a document is original or a photocopy. In consideration of modern technology and the advent of new methods of document production, ICC has drawn up the provisions on original documents in Article 22 (b) of UCP 400 for the first time. The equivalent provision in UCP 500 is Article 20 (b). As a result of many queries to ICC Banking Commission on what constitutes an "original" documents under UCP 500 and several court cases in connection with original documents, the ICC Banking Commission has issued Decision on original documents in July 1999. Based on this Decision, the ICC dealt it in Article 17 under UCP 600 which came into force on July 1, 2007. There are some changes, replacements and new provisions of UCP 600 concerning original documents and copies. Importers, exporters, insurance companies, other third parties and, above all, banks should pay attention to some changes and implications of UCP 600 concerning original documents and copies. The purpose of this paper is to examine the provisions on original documents and copies under UCP 600. For this purpose, firstly this study deals with the relative provisions on original documents and copies under pre-UCP 600. Secondly this study considers the provisions on original documents and copies under UCP 600. Thirdly this study compares the provisions under pre-UCP 600 with the provisions under UCP 600. Finally this study analyzes the cases decided both home and abroad in connection with original documents. This paper contribute to help the parties to letters of credit to understand the provisions on original documents and copies under UCP 600.

• 무역상무연구
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• 제60권
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• pp.141-175
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• 2013

The purpose of this study aims to the implications by the introduction of TSU/BPO system as a instrument of trade settlement. Jointly with financial messaging provider SWIFT, the ICC Banking Commission has developed the URBPO to take into account the legitimate expectations of all relevant sectors. Once the goods have been shipped, the seller's bank uploads the shipping and logistics data to the TSU to be checked against the baseline. URBPO is the first ever set of standards in supply chain finance that governs BPO transactions worldwide. BPO enables banks to reduce the risks associated with international trade to the benefit of both buyers and sellers. A BPO is an irrevocable undertaking given by an Obliger Bank to a Recipient Bank to pay a specified amount under the condition of a successful electronic matching of data or acceptance of mismatches. The BPO should be viewed as an exercise in collaboration between trading partners and their banks. Drawings upon global standards and incorporating the benefits offered by letters of credit, the new instrument has the potential to benefit all parties in a trade transaction-and bring trade settlement into the 21st century.

• 무역상무연구
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• 제33권
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• pp.63-89
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• 2007

The UCP is an authoritative compilation of the customs and practice of letters of credit observed by most of the participants in the transaction. It remains the most successful set of private rules for trade ever developed. First issued in 1933, the UCP has been through five revisions, the latest being the present UCP 500, which came into force in 1994. Since 1994, new developments in transport, insurance, electronic commerce and banking industry have spurred the current revision of the rules. The ICC Banking Commission approved UCP 600 on October 25, 2006 by a unanimous vote of 91 to 0. The revision, which will come into effect on July 1, 2007, incorporates a number of changes from UCP 500 as follows : UCP 600 has a leaner set of rules, with 39 articles rather than 49 articles of UCP 500; New sections on "definitions" and "interpretations" have been added to clarify the meaning of ambiguous terms; The phrase "reasonable time" for acceptance or refusal of documents has been replaced by a firm period of five banking days; UCP 600 allows for the discounting of deferred payment credits. However, UCP 600 has two main problems such as the inconsistency with insurance industry and the banking community-oriented rules. We have some months before the commencement of UCP 600. From today to the commencement of UCP 600, we should study the full contents of UCP 600 and the influences on the trade industry.

• 무역상무연구
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• 제22권
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• pp.107-135
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• 2004

The International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit (ISBP) is the product by the ICC Banking Commission, October 2002. The ISBP is a practical complement to UCP 500, ICC's universally used rules on documentary credits. It explains, in explicit detail, how the rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. By using the ISBP, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of documents refused for discrepancies on first presentation. We are convinced that the benefits of the ISBP will not only be of high importance for users of UCP 500, but also that the practices in the ISBP will survive a UCP revision, or will even be included in the next version of the rule (so call "UCP 600"). Though the above-mentioned benefits of the ISBP, there are several troublesome topics that will probably have to wait for a new UCP revision. It will be a challenge for the drafters of a future UCP to find solutions that will further clarify these points.

• 무역상무연구
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• 제64권
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• pp.131-154
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• 2014

The International Standard Banking Practice for the Examination of Documents under UCP 600 (ISBP 745) is the product by the Drafting Group of the ICC Banking Commission during a number of years. ISBP 745 is a practical complement to UCP 600, ICC's universally used rules on documentary credits. ISBP 745 does not amend UCP 600. Two rules should be read in their entirety and not in isolation. ISBP 745 explains, in explicit detail, how the UCP 600 rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in UCP 600 and the daily work of the documentary credit practitioners. It has developed into an invaluable aid to banks, corporates, logistics and insurance companies alike, on a global basis. By using ISBP 745, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of shipping documents refused for discrepancies on first presentation. This study aims to summarize the reasons for revision of the ISBP rules and the key-points of ISBP 745, and to provide the documentary credit practitioners with some considerations under its practical application.