a- General Provisions of ISP98
The general provisions of ISP98 give information about the scope and application…
Modification or Exclusion of an ISP…
According to ISP98, the Issuer of a Standby may modify or exclude an ISP98 rule.…
Superseding Character of ISP98:…
ISP Rule 1.02 (b) states that if a letter of credit is made subject to a regulation…
To Whom the ISP Rules Apply:…
ISP Rule 1.04 indicates to what and to whom ISP Rules apply, when a standby is issued…
Fraudulent And abusive Drawing:…
The matters related to due issuance and defenses to honoring fraudulent or abusive…
The Nature of Standbys:…
ISP Rule 1.06 states the independent, documentary and binding character of Standbys.…
Branches of a Bank:…
According to ISP Rule 1.08 (c), the Issuer is not responsible for actions or omissions…
Users Guide within the ISP:…
1SP98 is a fairly self explanatory regulation. It clearly defines the terms that…
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