Standby and Demand Guarantee Practice: Understanding UCP600, ISP98, and URDG 758
The key reference for navigating the differences between the three standby & demand guarantee practice rules.
This title from IIBLP represents the only available comparison of the three practice rules for standby letters of credit and demand guarantees. It provides a detailed step-by-step comparison of the differences and similarities resulting from the application of the three rules to the problems arising from issuing, preparing and presenting documents, examining them, and giving notice of dishonor. Enables bankers, lawyers, and corporates to assess associated risks.
What is Included
- A thorough understanding of the different standby and guarantee practice rules
- A roadmap for managing the processes of issuing such undertakings
- Explanations of how and where the processes can be the standardized
- Detailed cross referencing between ISP98, UCP600, and URDG 758
Summary of Contents
- Chapter One: Independent Undertakings
- Chapter Two: Obligations of Parties to an Independent Undertaking
- Chapter Three: Timely Presentation of Documents
- Chapter Four: Examination and Compliance of Documents Presented
- Chapter Five: Honour and Dishonour
Who Should Read This
- Bankers issuing independent undertakings
- Bankers utilizing ISP98, UCP600, or URDG 758 for standbys or demand guarantees
- Lawyers dealing with standbys and/or guarantees
- Corporates who who use standbys and/or guarantees
See what the experts are saying:
"Any bank that issues independent undertakings, whether they call them 'standby letters of credit' or 'demand guarantees,' needs to understand where the UCP, the ISP, and the URDG are the same and where they differ. Standby & Demand Guarantee Practice: Understanding UCP600, ISP98, & URDG 758 provides a roadmap for managing the processes of issuing such undertakings and handling drawings by explaining how and where the processes can be the standardized, regardless of the rules chosen and what they are called, and where care must be taken to address the differences. I expect it will go far to eliminate the misunderstandings that currently exist that standby letters of credit and demand guarantees are somehow distinct instruments and to encourage people to choose the rules appropriate to the situational need."
- Buddy Baker, Vice President/Manager, Global Trade Solutions Delivery, Fifth Third Bank, Chicago, IL