How has the ICC responded to the problem of a certain incompatibility between UCP 600 and standby letters of credit?
Antwort: With this in mind, the ICC introduced the International Standby Practices (ISP 98) with effect from 1 January 1999. In addition to various differences from UCP 600, designed to reflect the guarantee function of the transaction (in contrast to the payment function of a normal documentary credit), Articles 18-28 as well as Article 14 of the UCP 600 in particular have been dropped. Any copies of documents such as commercial invoices, transport or insurance documents which may be required are therefore checked solely to ensure that they comply with the terms and conditions of the standby letter of credit, but not for consistency with each other.
Related Questions
- Are the inspection periods for presented documents (claims) the same for standby letters of credit under ISP 98 and UCP 600?
- How has the ICC responded to the problem of a certain incompatibility between UCP 600 and standby letters of credit?
- What guidelines normally govern standby letters of credit? What are the main problems in this connection in practice?
