Changes or enhancement in ISBP 821 as compared to ISPB 745

Changes or enhancement in ISBP 821 as compared to ISPB 745

Effective July 1st, 2023, an updated version of ISBP 821 is introduced to align with the approved official opinions between 2013 and 2023. As a result, the following are recognized as containing content that would be meaningful for addition within the ISBP.

Credit Number

The absence of credit number or the mistyping of the credit number on a document does not constitute a reason for refusal. The exception to this where it is a requirement of the importing country that the credit number be started on one or more documents. In such circumstances, the credit must clearly indicate that this is the reason for the number to be shown on that or those documents.

Additional photocopies of the documents and condition that the document may not be stapled.

An Issuing bank should not be incorporated in a credit administration condition such as a requirement for an additional set of copies of document to be presented for the issuing bank’s use, or a condition that all document may not stapled. If nevertheless such conditions are incorporated into a credit but not complied with, this will not constitute a reason for refusal.

Abbreviations

In Para A1 “Ind” instead of Industry or Industries (abbreviations)

New Para A17 - Documents and the need for completion of a box , field or space

The fact that a document has a box or field or space for data to be inserted does not necessarily mean that such box, field or space is to be completed, for example, data are not required in the box titled “Accounting Information” or “handling Information” commonly found on an Air waybill.  Also see Para A37 in respect of the requirement for a signature to appear in any box, field, or Space.

New Para A31(b) Copies of document need not be signed.

Copies of document need not be signed, even when the credit states that all the documents are to be manually signed.

New Para A31 (c ) Copies of document need not be dated

Copies of documents need not be dated.

Para C7

When a credit is issued in USD and the invoice currency is shown as a “$” sign, without  further qualification, the invoice will fulfil the requirement of UCPDC 600 such article 18 (a) (iii) of being made out in the same currency as that credit, unless data in invoice itself, such as the domicile of the beneficiary is in a country whose currency is denominated in dollar and/or is commonly referred to with a “$” sign, or another presented document implies that the “$” sign may refer to a currency other than USD.

 USD or "$" means the same unless another document present implies that the "$" may refer to a currency other then USD or Domicile of Beneficiary country dominated in dollar and commonly referred as "$"

Para D5(e) Multimodal transport document.   E5 (e) (bill of lading), & c

When the Master (captain) signs Multimodal Transport document or Bill of Lading or non-Negotiable seaway Bill, the signature may be accompanied by a stamp that incorporates the name of Vessel.  Even if the stamp also mentions the name of the owner, the Multimodal Transport document or Bill of Lading or non-Negotiable seaway Bill, will be considered to have been signed by the Master (captain). This stamp is often referred to as the ship’s stamp.

Para E5 (e) (bill of lading),

When the Master (captain) signs Bill of Lading, the signature may be accompanied by a stamp that incorporates the name of Vessel.  Even if the stamp also mentions the name of the owner, the Bill of Lading, will be considered to have been signed by the Master (captain). This stamp is often referred to as the ship’s stamp.

Para F4 (e) Non negotiable sea waybill

When the Master (captain) signs Non-Negotiable seaway Bill, the signature may be accompanied by a stamp that incorporates the name of Vessel.  Even if the stamp also mentions the name of the owner, the Non-Negotiable seaway Bill, will be considered to have been signed by the Master (captain). This stamp is often referred to as the ship’s stamp.

Para G4 (c) (charter party bill of lading)

When the Master (captain) signs Charter party bill of lading, the signature may be accompanied by a stamp that incorporates the name of Vessel.  Even if the stamp also mentions the name of the owner, the Charter party bill of lading, will be considered to have been signed by the Master (captain). This stamp is often referred to as the ship’s stamp.

Para K2 (b) Insurance document and K2 (c )

(b) When an insurance document appears to have been signed by an agent or Proxy for or on behalf of the Insurance company or underwriter, the name of the agent or Proxy need not be stamped.  

(c ) When an issuer is identified as “Insurer” the insurance document need not indicate that it is an insurance company or Underwriter.