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International Standby Practices (ISP98)
Practical Law UK Glossary 3-386-2985 (Approx. 2 pages)
Glossary
International Standby Practices (ISP98)
A set of rules published by the International Chamber of Commerce (ICC), ICC Publication No. 590 (Rules). The Rules are to be applied to standby letters of credit (including performance, financial, and direct pay standby letters of credit). A standby letter of credit:
- Give the Rules contractual effect by incorporating them by express reference.
- Subject to the Rules, may expressly modify or exclude their application.
The Rules can be purchased from the ICC bookshop.