EN
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A presentation must identify the Standby under which the presentation is made either…
Even if a Standby does not specify a required document, a demand for payment must…
ISP Rule 4.17 deals with a situation where a Standby requires a statement or a certificate…
Professor Dolan argues that these rules which do not require the bank to specify…
A reminder of “how the demand or a statement must be” within the Standby itself,…
Demand for an Excessive Amount:…
The general rule in letter of credit practice is that the demand cannot exceed the…
Separateness of Each Presentation:…
ISP Rule 3.07 (a) clearly states that the Beneficiary’s failure to make “any one…
ISP Rule 3.07 also provides that wrongful dishonor of a complying presentation does…
Extend or Pay:…
A Beneficiary’s request that the Issuer either extend or pay the amount under a Standby…
Notification to the Principal (the Applicant):…
According to ISP Rule 3.10 “an Issuer is not required to notify the Applicant of…
Lost, Stolen, Mutilated or Destroyed Standby:…
If an original Standby is lost, stolen, destroyed or mutilated, the Issuer may refuse…
Closure on a Business Day:…
If on the last business day of presentation, the place of presentation is closed…
UCP 500 does not extend an expiry day which falls on a day the bank is closed for…