The International Standby Practices 1998 ("ISP") is intended to provide a global code of practice for standby letters of credit and to be analogous to the Uniform Customs and Practice for Documentary Credits ("UCP"). The ISP, which became effective on January 1, 1999, is jointly issued by the Institute of International Banking & Practice, Inc. and the International Chamber of Commerce (which issued the ISP as its publication No. 590). As attorneys who represent issuers, beneficiaries and applicants, our perspective in this article is to highlight concerns that may be applicable to each of these categories of standby users.
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