A new ISP98 Resource
In order to ensure that the International Standby Practices (ISP98) remain current with standards in international standby and guarantee law and practice, the Council on International Standby Practices (CISP) has begun issuing Official Interpretations on ISP98 articles.
Answering Key Questions
These Official Interpretations will address questions that face practitioners preparing to undertake a standby or demand guarantee subject to ISP98. In ISP98 Interpretation No. 1.01:01, issued on 10 July 2017, the question is raised as to whether ISP98 is suitable for independent guarantee transactions. The Official Interpretation 1.01:01 goes on to explain that indeed ISP98 is suited to independent guarantees, and has been from the outset.
There are a number of additional resources relating to ISP98 that are beneficial to bankers, lawyers, and corporates who are dealing with an undertaking subject to ISP98. Below are quick links:
- The Official Commentary on the International Standby Practices
- ISP98 – the Rules leaflet
- ISP98 Model Forms
- ISP98 Official Interpretations