VI. CONCLUSION
URDG is a useful set of rules that has the basic rules to issue a guarantee. If the…
ISP98 is a very well-drafted regulation. 1SP98, unlike other ICC regulations, is…
ISP98 is very beneficial for the banks. The banks’ biggest concern when they issue…
1. Fraud claim made by the Applicant (bank’s customer) stating either that: i) the…
2. Discrepancy claim made by the Applicant stating that the document does not, in…
ISP98 addresses both issues: Sayfa 324…
1. Under ISP98 the Banks have no duty to investigate the presenter’s identity. Therefore the bank does not bear the loss, when an impostor draws under a Standby. ISP also provide that an Issuer is not responsible for the accuracy or genuineness of any document presented under a Standby.…
2. Under ISP98, the bank has no duty to notify the Applicant of a payment demand
These provisions of ISP give banks a big relieve and lessen their risks of non-repayment…
Another ISP provision, worthwhile to emphasize, is the one that provides the banks…
ISP98 is being criticized to be unfair for the non-bank parties. However, it should…
Turkish banks should study the ISP98 rules in detail and exclude the rules that are…
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