International Standard Banking Practice

Beneficiary's Certificate

Paragraph P1 to P4

Basic requirement and fulfilling its function

P1) When a credit requires the presentation of a beneficiary's certificate, this will be satisfied by the presentation of a signed document titled as called for in the credit, or bearing a title reflecting the type of certification that has been requested or untitled, that fulfils its function by containing the data and certification required by the credit.

Signing of a beneficiary's certificate

P2) A beneficiary's certificate is to be signed by, or for [or on behalf of], the beneficiary.

Content of a beneficiary's certificate

P3) Data mentioned on a beneficiary's certificate are not to conflict with the requirements of the credit.

P4) The data or certification mentioned on a beneficiary's certificate:

a. need not be identical to that required by the credit, but are to clearly indicate that the requirement prescribed by the credit has been fulfilled;

b. need not include a goods description or any other reference to the credit or another stipulated document.