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Isp98 became effective on 1 january 1999. isp98 official interpretations official isp98 interpretation 1. 11: 01 isp98 responses iiblp response to june isp query additional isp98 resources the official commentary on pdf isp98 isp98 rules isp98 model forms. 01: 1 official isp98 interpretation 1. it provides separate rules for standby letters of credit in the same sense that the uniform customs and practice for documentary credits ( ucp) and the uniform rules for demand guarantees ( urdg) do for commercial letters of credit and inde- pendent bank guarantees. bookmark this page to check in for regular updates. the international standby practices ( isp98) reflects generally accepted practice, custom, and usage of standby letters of credit. if a standby letter of credit ( or a loan agreement under which letters of credit are issued) provides that isp98 applies, the rules address procedural and interpretive matters relating to the letter isp98 pdf ( s) of credit that are not specifically covered in the letter ( s) of credit ( or the loan agreement). isp98 articulates standard international standby letter of credit practice.
01: 2 official isp98 interpretation 1. transmits letter of the director of the institute of international banking law and practice, requesting endorsement pdf of the international standby practices ( isp98) by the un commission on international trade law, and the original text in english of the rules on international standby practices ( 1998). request a review.
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