Official Commentary International Standby Practices

ISP98: Official Commentary on the International Standby Practices

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The Official Commentary on The International Standby Practices is the authoritative rule-by-rule analysis of ISP98, authored by the drafters.

A must for those who work with standby letters of credit on a regular basis, The Official Commentary of The International Standby Practices is the first source that bankers, lawyers, corporates, consultants, academics, and other LC professionals turn to for guidance and explanation regarding ISP98.

Written by Professor James E. BYRNE and edited by James G. BARNES, each of the 89 rules of ISP98 is analyzed in depth, including context and implications. Back in print and available for the first time since 2005, The Official Commentary on The International Standby Practices delivers clear, concise explanations that are readily understood and immensely useful.

Table of Contents | Sample Chapter

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What is Included

Analysis of each ISP98 rule, containing:

 Statement of its origin and place in standby practice
 Analysis of the issues addressed by the Rule
 Cross references
 List of applicable ISP provisions
 Reference to other sources such as the UCP, URDG, UCC Article 5 & UN Convention

Who Should Read This

 Bankers who use standbys and demand guarantees
 Lawyers dealing with standbys and demand guarantees
 Corporates working with standby letters of credit or guarantees
 Professionals needed guidance regarding ISP98

ISP98 Additional Resources:

The Institute of International Banking Law & Practice offers a number of resources to aid in transactions subject to ISP98. They include:


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