What is ISBP 745?

What is ISBP 745?

ISBP 745 – What is ISBP 745? ISBP 745 – What is ISBP 745? The International Standard Banking Practice (ISBP) is a publication of the International Chamber of Commerce (ICC). It offers crucial guidance on the documents presented against letters of credit.

What is the port of lading on an ISBP 745 Bill of lading?

ISBP 745 clearly states that a bill of lading should explicitly stipulate the port of lading presented in the credit. For example, when “Felixstowe” was stated on the port of loading, and “Felixstowe, UK” was stated on the credit, there was a discrepancy that ensued.

What does the ISBP say about drawing amounts?

ISBP states that when such an expression is used the documents presented should have a drawing amount within what is available under credit and the expiry date of the credit. Otherwise, the UCP 600 or the credit will not examine the documents for compliance.

What is IATA 745 and why is it important?

ISBP 745 has some crucial elements with regards to air waybills. To start, a carrier should not only use their IATA code. This means airlines such as Singapore Airlines and British Airways need more than SQ and BA respectively.