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The International Standby Practices (ISP98) reflects generally accepted practice, custom, and usage of standby letters of credit. 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 do for commercial letters of credit and independent bank guarantees.
The formulation of standby letter of credit practices in separate rules evidences the maturity and importantce of this financial product. Although the ISP can be varied by the text of a standby, it provides neutral rules acceptable in the majority of situations and a useful starting point for negotiations in other situations. It will save parties (including banks that issue, confirm or are beneficiaries of standbys) considerable time and expense in negotiating and drafting standby terms.
This leaflet contains all of the 89 rules in International Standby Practices (ISP98) and offers a precise and detailed framework for practitioners dealing with standby letters of credit.