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This month we’re digging into the legal, operational, and regulatory tensions at the core of LC and guarantee practice.
Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
A DCW reader asked about the impact of a specific clause in a counter guarantee issued by a US bank under ISP98 and Saudi law. This clause raises concerns about the presentation of documents and potential payment restrictions.
ISP98 Model Form 1 is a template for a Standby Letter of Credit (SBLC) that also incorporates an annexed Form of Payment Demand with Statement.
ISP98 Model Form 2 is a template for a Standby Letter of Credit (SBLC) providing for extension and incorporating annexed Form of Payment Demand with Alternative Non-Extension Statement.
ISP98 Model Form 3 is a template for a Standby Letter of Credit (SBLC) providing for Reduction and that also incorporates an annexed Form of Reduction Demand.
ISP98 Model Form 4 is a template for a Standby Letter of Credit (SBLC) providing for Transfer and incorporating a template of a Transfer Demand.
ISP98 Model Form 5 is a template for a simple Demand Only Standby Letter of Credit (SBLC).
ISP98 Model Form 6 is a template for a Model Counter Standby Letter of Credit (SBLC) with Annexed Form of Local Bank Undertaking
ISP98 Model Form 7 is a template for a Standby Letter of Credit (SBLC) requiring Confirmation.
ISP98 Model Form 8 is a template for a Confirmation of a Standby Letter of Credit (SBLC).
The lack of a common nomenclature for counter undertakings invites problems for practice and has plagued the industry for decades. It doesn't have to be this way.
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