Guide to revised ISBP

MANILA, Philippines - While the International Standard Banking Practice 2013 (ISBP 2013) used in trade transactions by bankers, importers, exporters, transporters and insurers took effect on June 1, 2013, many 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 non-payment under the LC. To help explain these changes, the Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a pioneering two-day seminar entitled, “Revised ISBP on LC Transactions” to be held on Thursday and Friday, Sept. 24 and 25, at the EDSA Shangri-La Hotel, Mandaluyong City. For details and a complete list of seminars including other international trade training seminars such as INCOTERMS 2010 and Mastering Letters of Credit, Uniform Rules on Demand Guarantees for Banks, ICC Model Templates in Sales Contracts, you may log on to www.cgbp.org or contact program leader Hannah Yambao at 842-7148/ 59 and 556-8968/ 69; Cebu lines: (032) 512-3106 or 07 or Baguio telephone (074) 423-5148 or email at [email protected].