International Standby Practices - ISP98

No. P590E

ISBN : 978-92-842-1247-7

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 : 978-92-842-1247-7
Weight : 0.1000 kgs
Number of pages : 68
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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