International Standby Practices ISP98

No. E590E

ISBN : 978-92-842-0454-0

Though standby letters of credit have similarities with commercial letters of credit and other financial instrument, there are significant differences in scope and practice. A new set of Rules was therefore required for this workhorse of commerce and finance and ISP 98 fills this important gap in the market place. ISP98 reflects a distillation of practices from a wide range of standby users: bankers, merchants, rating agencies, corporate treasurers, credit managers, government officials and banking regulators. Like the UCP for commercial credits, ISP98 is destined to become the industry standard for the use of standbys in international transactions. Another set of invaluable ICC rules, ISP98 offers a precise and detailed framework for practitioners dealing with standby letters of credit.

Code ISBN : 978-92-842-0454-0
Number of pages : 69
Publishing date : 1998
Language : English
Format in cm : 10*21








RULE 1: General Provisions


RULE 2: Obligations


RULE 3: Presentation


RULE 4: Examination


RULE 5: Notice, Preclusion, and Disposition of Documents


RULE 6: Transfer, Assignment, and Transfer by Operation of Law


RULE 7: Cancellation


RULE 8: Reimbursement Obligations


RULE 9: Timing


RULE 10: Syndication / Participation









ICC at a glance


Institute of International Banking Law and Practice, Inc


Source Products For Global Business

Professor James E. Byrne Director, Institute of International Banking Law & Practice, Inc.; Chair & Reporter, ISP Working Group James G. Barnes Baker & McKenzie; Vice Chair, ISP Working Group Gary W. Collyer Vice President, Citibank, N.A; Chair, ICC Ad Hoc Working Group & Technical Adviser to the ICC Banking Commission

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