The ISP98 Model Forms have been described as the most practical tool available for standby LC practice.
They were designed by a team of standby bankers and attorneys and are aligned with ISP98 (ICC Publication No. 590), the most widely used rules for standbys. The Forms not only propose text but in extensive endnotes explain why, indicate alternatives, and address collateral issues and problems, often proposing text.
The Institute of International Banking Law & Practice (Institute) began releasing these long anticipated ISP98 Model Forms on 15 May 2012. The Forms are expected to set the standard for sophisticated standby letters of credit, a market in excess of USD 600 billion in the United States and conservatively estimated at USD 1.5 trillion globally. They are particularly intended to help standby users, including their regulators, to develop sound, workable, and appropriate texts for standbys in light of specialized standby practices and laws worldwide and can also be used for demand guarantees subject to ISP98. Click on titles below to download the Forms freely.
- List of ISP98 Model Forms
- ISP98 Form 1 - Model Standby Incorporating Annexed Form of Payment Demand with
- ISP98 Form 2 - Model Standby Providing for Extension and Incorporating Annexed Form of
Payment Demand with Alternative Non-Extension Statement
- ISP98 Form 3 - Model Standby Providing for Reduction and Incorporating Annexed Form of
- ISP98 Form 4 - Model Standby Providing for Transfer and Incorporating Annexed Form of
- ISP98 Form 5 - Simplified Demand Only Standby
- ISP98 Form 6 - Model Counter Standby with Annexed Form of Local Bank Undertaking
- ISP98 Form 7 - Model Standby Requiring Confirmation
- ISP98 Form 8 - Model Confirmation of Standby
- ISP 98 Form 11.1 [U.S.] – Model Government Standby Form