International Standby Practices - ISP98 (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 standby's worldwide. Written exclusively for standbys, ISP98 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.