The Institute of International Banking Law & Practice is a not-for-profit educational and research organization dedicated to the harmonization of letter of credit law and practice.
Headquartered in the United States with Associate Directors in Singapore and Ireland and Associates and Fellows in more than 15 countries, the Institute sponsors, undertakes, and cooperates in projects, programmes, and publications intended to harmonize letter of credit law and practice.
Since its formation in 1987, the Institute has been a leading force in the letter of credit world, bringing together bankers, lawyers, regulators, academics, and corporate users in forums and educational events. It has formulated widely used practice rules, worked with leading organizations, published books, and conducted highly influential programmes. The Institute has worked with organizations such as the UN Commission on International Trade Law, SWIFT, BAFT-IFSA, the International Chamber of Commerce, ICC National Committees in more than 15 countries, and various trade organizations and academic institutions around the world.
The Institute has also been at the forefront of combating commercial fraud. It seeks to encourage the exchange of information and proactive educational activities.
The Institute’s events bring together leaders of the letter of credit community in regions throughout the world to foster and promote the exchange of ideas. The Annual Survey of Letter of Credit Law & Practice and the Annual Guarantee and Standby Forums are held in the Americas, Europe, the Middle East, and Northeast and Southeast Asia. In addition, the Institute conducts topical programs throughout the world relating to issues such as trade finance compliance, trade based financial crime, and more.
The Institute’s work involves activities as diverse as amicus curiae briefs, rulemaking, advice to judicial, legislative, and regulatory bodies, risk management assessment, and products and systems evaluations. Its projects include ISP98 (International Standby Practices), the ISP98 Model Forms, assistance in adoption and interpretation of the UN Convention on Independent Guarantees & Standby Letters of Credit, the ISO 20022 guarantee & standby XML Messaging project, oil fluctuation clauses, LC sanction clauses, and consultation with banks, companies, and governmental agencies.
Its publications include The Official Commentary on the International Standby Practices, UCP600: An Analytical Commentary, Standby & Demand Guarantee Practice, UCP600 Transport Documents, and LC Rules & Laws: Critical Texts. The Institute also publishes Documentary Credit World, a monthly electronic journal of letter of credit law and practice.