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 |
CONTENTS
FOREWORD
PREFACE
PROLOGUE
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
APPENDICES
Index
Acknowledgements
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