https://www.iccwbo.uk/products/international-standby-practices-isp981143602307International Standby Practices (ISP 98)//cdn.shopify.com/s/files/1/0898/9972/products/590_ISP98_1_large.jpeg?v=1444664659//cdn.shopify.com/s/files/1/0898/9972/products/590_ISP98_1_medium.jpeg?v=144466465925.00GBPInStockBookTrade FinanceView All Books
Standby letters of credit are often used to provide security of payment in international trade transactions. Typically, an exporter will ask for a standby which can be cashed on demand if the buyer fails to make payment by the date specified in their contract.
The ICC rules on International Standby Practices cover all aspects of a standby transaction from issuance through to presentation, examination, notice, cancelation and syndication. ISP98 reflects a careful distillation of practices from a wide range of standby users—bankers, traders, rating agencies and regulators.
Use for all standby transactions, including bid bonds, insurance standbys and advance payment bonds.
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