| Letter of credit is a main method of payment in international trade settlement, generating from commercial rules of banks, it has become the epitome and important part of international banking business and has improved the development of global economy and international trade to a large extent. If UCP600isthe most important international conventions of International Chamber of Commerce,then, as the most important complement of the other international conventions of the International Chamber of Commerce, ISBP745undoubtedly becomes the bible of examination of documents. ISBP745, which full name is the International Standard Banking Practice for the Examination of Documents under Documentary Credits Subject to UCP600,2013Revision, ICC Publication No.745, is the latest international convention, passed by the banking commission of International Chamber of Commerce in April2013as the thirdversion of UCP600. Obviously ISBP745has become an important basis of the current global bank credit in the examination of documents.In recent years, numerous problems are raising during the process of examination of documents, which caused a high rate of non-payment. Also, the use of the letter of credit was reduced gradually, its development is increasingly encountered difficulties. To solve this situation, ISBP745made specific revision of the general principles that the letter of credit should follow during the produce and audit process. Based on this, this paper selected ISBP745as the direction of research, discusses the background, the development andthe legal issues of the international standard banking practice, especially in the field of the examination of documents. At the same time, this paper also concern the new regulations and the relative influences they may cause in the examination of documents, put forward the author’s opinions and suggestions for the legal issues, in order to better the future perfect law and protection of the different parties of the credit. |
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