Effective June 2013, the revised rules in letters of credit contained in the Uniform Customs & Practice for Documentary Credits (UCP 600) will follow the New International Standard Banking Practice (ISBP 2013). It will provide Bankers, Lawyers, Buyers and Sellers, Freight Forwarders and Carriers, in import and export transactions a comprehensive clarification on key principles of document preparation and detailed rules for the examination of documents. This workshop is case-based, interactive and highly practical.
- A leaner set of rules, with 39 articles rather than UCP 500's 49;
- A new section of "definitions", containing terms such as "honour" and "negotiation";
- A replacement of the term "reasonable time" with a definite number of days, changed practice for notice of refusal
- Standards for determining compliance of documents;
- An expanded description of "original documents"
- Re drafted transport articles.
- How the onus is now on the issuer to be precise in their LC terms in order to reduce the element of interpretation
- New, final definitions of key terms
- Clarifications on when an amendment to a credit has been accepted and is binding on the beneficiary
- Removal of Inconsistency concept to introduction of concept of “not in conflict, need not be identical”
- What’s new in ISBP 2013?
- Copies of documents, do they need to be signed?
- Goods description on all documents versus the invoice description, must they be similar ?
- Definition of when an Incoterm 2000 must be reflected in the documents
- What documents need to be dated and signed?, Who may be the issuer?
- What is the latest rule on the starting date of a 180-days sight draft if the presented documents are discrepant?
- Must title of a document be identical with that stipulated in an LC'?
- What is the difference between "invoice in one copy" and "a copy of invoice"?
- Must all bills of lading be marked "originals"?
- How to handle misspelling, typing errors and address different from an LC?
- Is shipment of additional goods free of charge or over-insurance a discrepancy?
- What do "stale documents and third party document acceptable" exactly mean?
- How to interpret partial and late shipment under sea, air and land transport documents?
- Many more practical and invaluable advice on air waybill, charter party bill of lading, forwarders cargo receipts and insurance documents that you must know and be familiar with.
For importers and exporters and trade finance operations staff who need to have an operational knowledge of letters of credit regulatory framework for minimizing discrepancies.
Victor Tan, MBA (Strathclyde), ACIB, MInstAM, is a qualified Life Associate Member of The Chartered Institute of Bankers, London and has 15 years of banking experience covering the operational areas of International Trade Finance, Letters of Credit, Remittances, Guarantees, Import and Export departments. He has worked with various International Banks since 1977 starting with Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and lastly Barclays Bank.
*Programme is accurate at the time of print
Day/Date: 16 & 17 May 2019, Thur & Fri
Time: 9:00am - 5:00pm
Venue : 160 Robinson Road, SBF Center, #06-01, Singapore 068914
Fee per pax :
SBF Member (Before Funding) - S$680.00
Non Member (Before Funding) - S$1040.00
For more information, please contact:
Email: email@example.com (ATTN: Ms. Josephine Ong)
Call: 6701 1135
Please email to firstname.lastname@example.org to reserve a seat, this will be followed by a confirmation email.
Upon confirmation, please prepare a cheque to SBF (refer to address on above letterhead).
Cheque should be made payable to “Singapore Business Federation”. Please indicate the Ref No. and company’s name, participant’s name at the back of the cheque.
Registration is on a first-come-first-served basis. No cancellation will be allowed upon registration, but attendance by a replacement delegate from your company is allowed. We regret that no refund and full fees will be charged for cancellation or non-attendance.
Confirmation of your registration will be emailed to your company upon receipt of full payment.
NOTE: As a precautionary measure, our advice is for members who are unwell not to attend the session.
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