Letter of Credit Forum

Hi!

Need urgent advice as to what "replacement" in ISP98 Rule 3.12 means.

Does it mean we could issue another Standby LC with different reference number and cancelling the lost Standby LC. Or replacement meaning just a replacement copy (original issued / certified true copy) of the original with the same reference number?

We took steps on the advising caution notice to other banks not to negotiate the lost Standby LC if found and contact us for proper disposition.

Thanks in advance!