ISP98 - International Standby Practices - eBook
The ISP 98 - International Standby Practices is a new set of rules and best practice for users of standby letters of credit. Even though standby letters of credit have similarities with commercial letters of credit and other financial instrument, there are significant differences in scope and practice. The ISP 98 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.