How to Reduce Discrepancies in 2003 by Knowing ICC ISBP (LC New Interpretations) in Depth?

(T. O. International Trade Seminars)

Introduction
The International Standard Banking Practice (ISBP) has about 200 Paragraphs to explain in great details what are actually required under the UCP 500 in order to reduce the number of discrepancies in the first presentation, particularly about transport and insurance documents and Incoterms 2000. It is also a summary of all important past Decisions of the ICC Banking Commission on discrepancies. Many requirements not expressly stated in the UCP 500 will now become a necessity. Many discrepancies deemed in the past may not be discrepancies any more in 2003. Many grey areas now become lucidly clear. Hence both bankers and beneficiaries cannot afford not to know the ISBP in depth.
We have the honour to present Mr. T. O. Lee, a world-class letter of credit expert, specialized in transports, cargo insurance and Incoterms 2000 to share with us the background stories and the rationale behind the various stages of amendments in the ISBP drafts. In fact, some of Mr. Lee's inputs have been written into the final drafts. His comments can be viewed in his LC website www.tolee.com, along with articles he wrote for ICC, Lloyds of London and other international authoritative publications.
Are You Ready for the ISBP?
Are you 100% sure to have the right answers for the following ISBP issues:

If the LC is silent, does a certificate require a date and/or a signature under Paragraph 21?
If the LC requires a document issued by Company A and an authorized person of Company A signs on Company B letterhead. Is this acceptable?
Can a bank reduce the number of acceptable languages in its advice and confirmation of the LC?
What three kinds of documents must bear an issuing date even if the LC and the UCP 500 are both silent?
"Within 2 days of (a date)" means 2 days before, or 2 days after that date or both?
If the LC requires a packing list and a weight list, is presentation of a combined packing/weight list acceptable?
Under which condition a typographical error is not deemed to be a discrepancy?
Can documents show goods not mentioned in the LC, but all supplied free of charge, such as advertising materials, spare parts and other sales supports?
Must all bills of lading be marked "originals"?
Can an endorsement in a BL be made by an agent of the shipper/beneficiary?
Is a BL stating "packaging may not be sufficient for the sea voyage" acceptable?
If LC requires "insurance for 110%", should "sum insured" be exactly 100% CIF value or this requirement only represents a minimum amount?

Designed For

Document Checkers in Banks, Supervisors and Managers in L/C Departments of Banks
Shipping Staff from Importers and Exporters
Legal Counsels for Banks and Corporations
Documentation Staff of Freight Forwarders, Carriers and Insurers
Lawyers engaged in trade finance and commercial laws
Audit, Marketing Executives, and Administrative Managers

Contents Outline

Background, Purpose and Objectives of ISBP.
Introduction and Preliminary Considerations.
General Principles on:
Issuer, Language, Dates, Titles of Documents, Multiple Pages, Attachments and Riders, Originals and Copies, Expressions not defined in UCP 500, Typo Errors, Abbreviations, Inconsistency, Shipping Marks, Signatures, Certification and Declaration, Corrections and Alterations, Transport Documents Articles that do not apply.
Specific Requirements of the Stipulated Documents:
Drafts, Invoices, Maritime/Ocean Bills of Lading, Charter Party Bills of lading, Multimodal Transport Documents, Air Transport Documents, Road, Rail and Inland Waterway Transport Documents, Insurance Documents and Certificate of Origin.

Speaker
Mr. T. O. Lee FAE, MCIArb, MITD
Mr. Lee is a world-class letter of credit expert, representing Canada in ICC Banking Commission, invited to give comments during drafting of ICC Rules such as UCP 500 Position Papers, URC 522, URR 525, DOCDEX, ISP 98, eUCP, ISBP, Incoterms 2000 and others. He is a member of Editorial Board in ICC "Documentary Credits Insight" Paris (1994-99), and "LC Monitor" of Toronto, a columnist in "Hong Kong Economic Journal" and Lloyds of London "Maritime Asia/Intermodal Asia" (1993-1995).
He is a Fellow and an Accredited Expert (LC) of the Academy of Experts, London; a Member of the Chartered Institute of Arbitrators, London; Accredited Arbitrator of ICCLOCA, USA; Member of Training and Development, London; and United Nations International Multimodal Transport Association. His workshops are known for "4i's" - interesting, informative, inspiring and interactive. He is a well sort after court expert witness in letter of credit litigations.
Duration
One-day to two-day workshop.
Recommendations

"A brief discussion with Mr. T. O. Lee will convince you of his expertise on international trade particularly for his knowledge and experience in maritime chartering, multimodal transport, marine cargo insurance, trade frauds, the China Trade, mediation and arbitration".
Charles del Busto - Chairman of ICC Banking Commission and Chairman of UCP 500 Working Party
"Mr. Lee's presentation is thought provoking and original in its content. It brings to light not only problems with documentary credits but also solutions that you could obtain only from practical experience working in the field. I highly recommend it to both bankers and traders who are serious about letters of credit".
Jacob Katsman - Managing Editor, LC Monitor, Toronto, Canada
"Most comprehensive information in the handouts, inspiring presentation, professional in every respect, introducing the latest international trade fraud cases with in-depth analysis".
S. C. Kwok - Vice President, Citibank, Hong Kong
"Clear and focused line of thoughts, lively presentation, experienced in handling questions, lots of case studies from the speaker's own work file to share with us".
Ding Bo - Director, Zhum Heng Development Ltd., Guangdong Group, Hong Kong
"Handouts are clear, concise and focused, with lots of real life cases to reflect the current trading environment and the important changes in the market place".
Kenneth Y. M. Lee - Senior Consultant, Bank of Communications, New York, USA

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