Members of the BAFT Standby Letters of Credit Committee and the IIBLP Task Force on Model ISP98 Governmentally Mandated Standbys met via conference call on 13 January 2015 to discuss ways to broaden awareness and understanding of ISP98 Form 11.1 [U.S.] Model Government Standby Form.
ISP98 Form 11.1, freely available on the IIBLP website, was developed in 2014 to serve as a model standby form for use by U.S. federal, state, and local governments. In a year-long effort to prepare ISP98 Form 11.1, Task Force members first gathered and examined over 80 different types of government forms in current use to consider their objectives and possible deficiencies. Task Force members then engaged in extensive drafting to produce the form. The goal is now to introduce the form to government agencies.
During the conference call, BAFT Standby LC Committee and Task Force members also discussed plans to conduct a webinar on ISP98 Form 11.1.