Overview
International Standard Banking Practice (ISBP) is essential for ensuring that documents presented under documentary credits are examined consistently and accurately. It provides a framework that helps banks and financial institutions navigate the complexities of international trade, reducing the ris...
Key Terms
Example: A letter of credit issued for an international shipment.
Example: The bill of lading serves as a receipt and a contract of carriage.
Example: A discrepancy occurs if the invoice amount does not match the letter of credit.
Example: Banks must ensure compliance with ISBP when examining documents.
Example: International trade involves importing and exporting products.
Example: UCP 600 outlines the responsibilities of banks in international trade.