Letter of Credit Forum

The article compares the treatment of bank guarantees under the various legal regimen that can govern them, as e.g. the Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 (“UCP 600”), and the International Standby Practices (“ISP98”) published by the Institute for International Banking Law and Practice, and national laws.

Click to download a nice pdf version of Competition between international bank guarantee, letter of credit and American standby after coming into force of the ISP 98.