International Standby Practices (ISP98)

Das Institute for International Banking Law and Practice in Zusammenarbeit mit der ICC schuf und revidierte die International Standby Practices (ISP98). Es ist mit der UNCITRAL Convention on Independent Guarantees and Standby Letters of Credit vereinbar. Die ISP98 sind das Ergebnis ausführlicher Gespräche mit Bankern, Rechtsanwälten, Richtern, Kaufleuten, Finanzexperten und Regierungen.

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.

The new guidelines will come into force on January 1, 1999 under the abbreviation ISP98.

Details: 

Inhaltsverzeichnis:

• 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

Authors:

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.