ISBP is a comprehensive set of guidelines developed by the International Chamber of Commerce (ICC) to standardize the examination and handling of documents under letters of credit (LCs). It complements the provisions of UCP 600 (Uniform Customs and Practice for Documentary Credits) and provides detailed instructions for banks on how to review and process documents related to international trade.

The main objective of ISBP is to ensure consistency and reduce the risk of disputes between parties involved in trade transactions by setting clear expectations for document compliance. The ISBP outlines essential principles such as exact compliance with the terms and conditions specified in the letter of credit, meaning that even small discrepancies in the presented documents can lead to rejection. It also provides specific rules on how to handle variations in documents, addressing situations like discrepancies in dates, amounts, or the description of goods. This ensures that banks, exporters, and importers have a uniform understanding of what constitutes acceptable documentation in international transactions. By establishing best practices for handling documents, the ISBP aims to reduce potential disputes and increase the efficiency of international trade finance. Banks are instructed to carefully assess whether documents align with the requirements of the credit and to handle discrepancies in a consistent manner. Ultimately, ISBP helps maintain trust and transparency between all parties, fostering smoother transactions in global trade.