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International Standby Practices ISP98
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ICC Publication No.: 590
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ICC No. 590
Paperback
4 inches x 8 1/2 inches
1998 Edition
76 pages
The 89 Rules in International Standby Practices (ISP98) offer a precise and detailed framework for practitioners dealing with standby letters of credit. Developed by the Institute of International Banking Law and Practice, endorsed and published by the International Chamber of Commerce (ICC), ISP98 is the standardized text for the use of standbys worldwide.
ISP98 was written exclusively for standbys, and will reduce the cost and time of drafting, limit problems in handling and avoid countless disputes and unnecessary litigation that have resulted from the absence of internationally agreed rules on standby.
ISP98 Rules
- contain precise definitions of key terms such as "original" and "automatic amendment"
- cover in detail the standby process from "Obligations" to "Syndication"
- provide neutral rules acceptable in most situations
- save both time and money in negotiating and drafting standby terms
- help avoid litigation and unexpected loss
- propose basic definitions should the standby involve presentation of documents by electronic means
- provide international standards for the use of this fast growing financial instrument
Table of Contents
Rule 1 General Provisions
Rule 2 Obligations
Rule 3 Presentations
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
Index
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