International Standby Practices – ISP98
The International Standby Practices was developed under the auspices of the Institute of International Banking Law & Practice, Inc. The current version, abbreviated as “ISP” or “ISP98”, has been endorsed by the International Chamber of Commerce (designated as ICC Publication No. 590) and the United Nations Commission on International Trade Law, which commended its “use by the parties … in international trade and financing transactions.” ISP98 articulates standard international standby letter of credit practice.
ISP98 became effective on 1 January 1999. Its official language is English, but ISP98 has been translated into Bulgarian, Chinese, Chinese (Taiwan), French, Greek, Hebrew, Italian, Japanese, Korean, Portugese, Russian, Spanish, and Turkish. with additional translations in progress.