Three years after the International Standard Banking Practice 2013 (ISBP 2013) took effect on June 1, 2013, many bankers, importers, exporters, transporters and insurers are still unaware and make mistakes on this trade documentation that greatly impacts on how their letters of credit (LCs) are prepared. This has cost them money due to disputes, time and delays in their import/export transactions. Lawyers must also be aware of this so that their clients would have the advantage in litigation in cases of nonpayment under the LC.
To help explain these changes, Bangko Sentral ng Pilipinas-accredited Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a special two-day seminar, entitled “Revised ISBP on LC Transactions,” to be held on September 6 and 7, 2016 at the Edsa Shangri-La Hotel, Mandaluyong City. This seminar is a comprehensive guide for participants on everything they need to know about ISBP 2013 and the Uniform Customs and Practices for Documentary Credits (UCP 600). This revised version is the universally used and accepted rules on letters of credits implemented worldwide. Attendees will learn practical steps in ensuring their international trade transactions go smoothly, how to avoid pitfalls, and actions to take in cases of discrepancies. For details and a complete list of seminars, including other international trade training seminars, such as INCOTERMS (International Commercial Terms), Mastering the Use of LC for Import & Export, Revised ICC Rules on Bank Guarantees & Standby Letters of Credit, ICC Model International Sales Contract and other banking topics and best practices seminars, you may log on to www.cgbp.org. This pioneering two-day seminar offers early-payment discount, as well as group discounts for attendees of three or more.
ISBP 2013 updated and expanded the details on how to apply banking practices under UCP 600 to various trade documents (invoices, transport documents, bills of lading, certificates of origin) and features documents, which were not covered in previous editions, such as the packing list, weight list, beneficiary certificate, nonnegotiable sea waybills, analysis, Inspection, health, phytosanitary, quantity and quality certificates. It also addresses a range of subjects, for example, typing errors, mathematical calculations, drafts and how they are drawn, description of the goods in invoices and signing of bills of lading, among others.
The lecture will feature Singapore-based expert Victor Tan, an authority in the field of trading and banking, and who has 15 years of banking experience in Europe covering areas of international trade finance, remittances, guarantees, and import and export. He has worked with various international banks, such as Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, the last of which he served as deputy head of the trade finance department. He conducts highly specialized training programs for clients in Jakarta, Bangkok, Singapore and Malaysia. Attend this seminar to master ISBP 2013 and UCP 600 to avoid costly mistakes in your international trade transactions.