Program Name

The International Chamber of Commerce (ICC) Publications Compared And Explained

International Standby Credits Practices (ISP98), Uniform Rules for contract Bon (524), Demand Guarantees (458), Uniform Customs & Practice (UCP500) and eUCP (500/3) in addition to the United Nations convention on Independent Guarantees and Standby Letters of Credit.

Applying the Uniform Customs and Practices for Documentary Credits (UCP500) on Standby Credits (including performance, financials and direct pay standby letter of credit) created disputes between the parties. When calling a copy of transport document as an evidence of effecting shipment upon claim under standby may create disputes and open room for arguments that article 43(a) in UCP500 is not complied with i.e. documents presented after 21 days after the date of shipment. Good example of a disputed case when the International Chamber of Commerce (ICC) Commission decided that standby credits article 43(a) does not apply particularly where it is only a copy document which is presented, therefore, not a transport document. The question may arise, how about applying other articles. The ICC decided finally to look into creating a standard practice to reduce disputes for smooth operations in the International Trade Society. And sometimes banks and traders are requested to apply other guarantees publications such as publications 524 and 458 to minimize risks of disputes but encounter other problems with local laws especially when counter guarantees are used.

Problems are being increased rapidly in applying UCP500 when electronic documents are requested. This program also explains and compares all types of publications issued by the International related to the international Trade Finance.

Program Content:

  • International Standby Practices (ISP98).
  • Compare UCP with ISP 98.
  • The importance of eUCP in today’s training and banking business.
  • What are the major differences between Uniform Rules for Demand Guarantee.
  • (458) and for contract Bonds (524) with ISP98 and local Laws.