The UCP is a formulation of international standard banking practice. It is neither positive law nor a “contract term” in any traditional sense and its interpretation must be consonant with its character as a living repositary of international unde...
The UCP is a formulation of international standard banking practice. It is neither positive law nor a “contract term” in any traditional sense and its interpretation must be consonant with its character as a living repositary of international understanding in this field.
As a result, the interpretation and application of specific articles of the UCP must be consistent with its evolving character and history and with the principles upon which sound letter of credit practice is predicated.
On the other hand, “ISBP”(Publication No.645) is supplement to UCP500 so that the interpretation of ISBP is made on the basis of understanding of UCP and its underlying principles.
So, I reviewed ISBP on this basis and tried to indicate contradiction between ISBP and UCP500. But because of reading not enough, I failed to search the connotative sense many paragraphs have.