ICC Opinions As International Standard Banking And Practice

[cristiand969]

Dear all,
I would like to know your views as to whether ICC opionions are considered part of International Standard Banking and Practice as defined in article 2 of UCP 600 (i.e not confined to ISBP Publication no. 681 only).
regards
cristian

[nesarul]

Dear cristian,
According to introduction of ISBP”

"No single publication can anticipate all the terms or the documents that may be used in connection with documentary credits or their interpretation under UCP 600 and the standard practice it reflects...."

Moreover it is interesting to note that ISBP didn't mention how to examine the common asked document like packing list.

In addition to that according to the commentary of UCP 600: page no.16
“.... However the practice is broader than what is stated in this publication. Whilst the ISBP publication includes many banking practice, there are others that are also commonly used in documentary credit transaction beyond those related to the examination of documents. For this reason the definition of complying presentation doesn’t specifically refer to the ISBP publication.

So from above it is clear that ISBP mentioned in article is not limited to the publication of same name.

Now whether ISBP include the ICC opinion or not:
the following ICC official opinion made a reference of above query.
Official Opinion R599 / TA562rev - Unpublished Opinion 1995-2004

[iLC]

generally all the ICC publications in someway constitute a part of ISBP. i was wondering what else would make ISBP