Paris, 22
January - A seminar
to be hosted by the International Chamber of Commerce in April will take a comprehensive
look at the first-ever rules on International Standby Practices (ISP98).
Four months after their
introduction at the beginning of 1999, experts will provide insights into how
the new rules are being used in day-to-day practice. One of their main advantages
is that they make it possible non-experts to draft a standby letter of credit
correctly.
First associated with the
US market, the standby is now a truly international product and the amount of
standbys outstanding in value terms greatly exceeds that of commercial credits.
The new rules set an international standard for the use of this fast-growing
financial instrument, and their adoption can save time and expense as well as
reducing the possibility of litigation or unexpected loss.
Created by the Institute
for Banking Law and Practice, and revised and adopted by the ICC, the rules
were designed to be compatible with the UNCITRAL Convention on Independent Guarantees
and Standby Letters of Credit. They cover the standby process in detail and
provide precise definitions of key terms as well as neutral rules acceptable
in most situations.
The one-day seminar on 27
April, which will include bankers, lawyers, traders, credit managers, academics,
corporate treasurers and freight forwarders among its participants will focus
on:
- an article-by-article
review of the rules;
- how to issue and how
to receive payment for a standby under the rules;
- when to use ISP98 and
when to use other ICC uniform rules;
- the most controversial
issues in the rules;
- ISP98 case studies.
Seminar
programme and registration details