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ICC Bankng Commission approves URBPO and ISBP

17/04/2013 At the ICC Banking Commission meeting held in Lisbon, both the URBPO (Uniform Rules for Bank Payment Obligation) and the ISBP (International Standard Banking Practice for the Examination of Documents under UCP 600) were resoundly approved. The URBPO were approved with no country voting against adoption. Only one country voted against the adoption of the ISBP. Over the coming weeks various articles will be added to the site covering the BPO and ISBP.

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Latest Question

A freely negotiable credit stipulated in field 42C (draft at) : sight for 100pct of invoice value quoting credit no. and date. 42A (drawee): issuing bank 46A: invoice, packing list, bill of lading, etc. Field 78: Upon receipt of documents and drafts (if any) at our counter in compliance with terms and conditions of the credit, we will honour. Questions: 1. If the presented draft is not signed by the beneficiary, can the issuing bank refuse the presentation based on the ONLY discrepancy ”draft not signed by the beneficiary"? and why? 2. If the answer to question 1 is yes, after the issuing bank refused the presentation, the beneficiary substituted the draft with duly signed new draft, must the new draft be presented within the presentation period stipulated in the credit, otherwise, the presentation is still discrepant?