Rules & Standards check0 / 1 answered · 0 correct
Check 1
Is ISP98 specifically designed for standby letters of credit?
ISP98
The specialised ICC rules designed for standby letters of credit.
Purpose
ISP98 is the International Standby Practices, created specifically for standby letters of credit. It can govern a standby when incorporated.
Reviewed: September 2026Standards and bank policy can change.How MyGreed classifies proceduresOfficial-source directory
Standby focus
It addresses standby-specific concepts such as presentation, examination, notices, transfer, assignment and syndication in a framework designed for standby practice.
UCP can still appear
Some standbys are issued subject to UCP rather than ISP98. MyGreed therefore teaches users to read the stated applicable rules instead of assuming.
Not a provider SOP
ISP98 does not prescribe every private market procedure involving providers, pre-advice, BPU or “monetisation.”
Source / standards noteThis page is an original educational summary. For a live transaction, consult the current official ICC publication and the terms of the instrument.
Remember thisISP98 governs standby practice when incorporated; it does not create a universal MT799→BPU→MT760 procedure.
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