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박석재 ( Park Seog Jae ),강희숙 ( Kang Hui Sug ) 한국해법학회 2004 韓國海法學會誌 Vol.26 No.1
UCP 500 has introduced new words International Standard Banking Practice as the basis of the examination of documents under documentary credits. However, the words have caused confusion among parties concerned with letter of credits. The ISBP is a practical complement to UCP 500. It explains how the rules are to be applied on a day-to-day basis. As such, it fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. All parties concerned with documentary credits need to armour themselves with knowledge for ISBP. Also, it should be noted that any term in a documentary credit which modifies or affects the applicability of a provision of the UCP may also have an impact on international standard banking practice. Therefore, in considering the practices described in this publication, parties must take into account any term in a documentary credit that expressly excludes or modifies a provision in an article of the UCP.