International Standard Banking Practice (ISBP) was first approved in 2002 (No.645) and updated in 2007 (No.681). Over the years, it appears to be a precious tool for banks, legal entities, and insurance companies and procurement and logistics specialists in the universal basic. The practical application of ISBP is the main factor in reducing document rejections.
The international banking operation for all parties involved in documentary credits is reflected so it should be considered that the obligations, rights and applicant's solution are influenced by their commitment to opening bank and on the other hand there is implementation of the transaction principles and suitability of objections to the law and approaches. Hence, the applicant should not assume that by relying on the principles he can exempt from his obligations to the opening bank.
In this regard, ICC Iran will hold a seminar titled "International Standard Banking Practice (ISBP) for the examination of Documents under UCP600" on 30 -31 October 2016 from 8:30 to 12:30 at the place of Iran Chamber of Commerce. The lecturers will be Farideh Tazhibi (Member of ICC Banking Commission and ICC Iran Secretary of Banking Commission) and Fereidoon Shirazi (Member of ICC Iran Banking Commission) and professionally discuss the related issues. Businessmen, Importers, Exporters, corporate executives, employees, bankers, insurance companies, attorneys, lawyers and international contract experts are recommended to attend this seminar.
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