Research On International Standby Practices (ISP98)

The International Standby Practices (ISP98) was drafted by ISP Work Group, with the participation of International Financial Services Association (formerly the USCIB) and ICC Banking Commission. The ICC published it in the form of Publication 590 in 1998. Concrete stipulations for the application of standby letter of credit were written in ISP98. ISP98 has the character of exactness, completeness and flexibility and makes the relevant costumes and practices of the standby more concise and standard.This dissertation attaches importance on the analysis of such rules as its application, operating procedure and terms. It makes a forward research on the development of electronic standby letter of credit within the framework of ISP98 and study the interaction between ISP98 and our legal system. More relax applicable environment shall be offered for ISP98 in the respect of legislation and jurisdiction with the aim of making the application of standby more convenient in China.