Guide to revised ISBP for bankers, traders

MANILA, Philippines - Two years after the International Standard Banking Practice 2013 (ISBP 2013) took effect on June 1, 2013, many bankers, importers, exporters, transporters and insurers are still unaware and make mistakes on this trade documentation that greatly impacts on how their letters of credit (LCs) are prepared.  This has cost them money due to disputes, time and delays in their import/ export transactions. Lawyers must also be aware of this so that their clients would have the advantage in litigation in cases of non-payment under the LC. 

To help explain these changes, BSP-accredited Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a special two-day seminar titled, “Revised ISBP on LC Transactions” to be held on Dec. 3 and 4, 2015, at the Bellevue Hotel, Filinvest Corporate City, Muntinlupa. This seminar is a comprehensive guide for participants on everything they need to know about ISBP 2013 and the Uniform Customs and Practices for Documentary Credits (UCP 600). This revised version is the universally used and accepted rules on letters of credits implemented worldwide.  Attendees will learn practical steps in insuring their international trade transactions go smoothly, how to avoid pitfalls, and actions to take in cases of discrepancies. For details and a complete list of seminars including other international trade training seminars such as INCOTERMS (International Commercial Terms), Mastering Letters of Credit, Uniform Rules on Demand Guarantees for Banks, other banking topics and best practices seminars, log on to www.cgbp.org or call 842-7148/ 59 and 556-8968/ 69; Cebu lines: (032) 512-3106 or 07 or Baguio telephone (074) 423-5148. This pioneering two-day seminar offers early payment discount as well as group discounts for attendees of three or more.

ISBP 2013 updated and expanded the details on how to apply banking practices under UCP600 to various trade documents (invoices, transport documents, bills of lading, certificates of origin) and features documents, which were not covered in previous editions such as the packing list, weight list, beneficiary certificate, non-negotiable sea waybills, analysis, Inspection, health, phytosanitary, quantity and quality certificates.  It also addresses a range of subjects, for example, typing errors, mathematical calculations, drafts and how they are drawn, description of the goods in invoices and signing of bills of lading, among others.

The lecture will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and who has 15 years of banking experience in Europe covering areas of international trade finance, remittances, guarantees, and import and export. He has worked with various international banks such as Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, the last of which he served as deputy head of the trade finance department.  He conducts highly specialized training programs for clients in Jakarta, Bangkok, Singapore, and Malaysia. Attend this seminar to master ISBP 2013 and UCP 600 to avoid costly mistakes in your international trade transactions.