Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
The ISP98 Model Forms are fillable templates written by bankers and lawyers, and are aligned with ISP98 (ICC Publication No. 590), the most widely used rules for standbys.
Michael is the CEO of IIBLP and the Publisher of DCW. Michael has over 25 years of professional experience including 15 in trade finance and compliance, and has written and spoken extensively.
