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ISP98 rules not to be revised

14/12/2015 As reported at the Institute of International Banking Law & Practice (IIBLP) Standby & Guarantee Forum, the ISP98 rules will not be revised, but efforts are underway to revise the ISP98 Official Commentary.

The IIBLP also reported that the Council on the International Standby Practices will also be issuing official interpretations of questions regarding ISP practice.

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Recent News

Results of ICC Survey regarding a possible revision of UCP and/or update to ISBP 821 12/02/2026

At the end of 2025, the ICC Banking Commission requested feedback from its members as to whether it was time for a revision of UCP 600 and/or an update to ISBP 821...more

Technical Advisory Briefing No. 17 - Handling of ‘surrendered’ bills of lading under documentary credits subject to UCP 600 09/02/2026

The latest ICC Trade Advisory Briefing can be found in the following link: https://library...more

Latest Question

Three invoices presented under one remittance letter related to a credit. Two of those were named commercial invoice and show the general description of goods as per LC and also additional details. Field 45A states: "medical disposables". On the other hand, the 3rd invoice is named "sample invoice" with a specific goods item description and small amount in the currency of the LC but it does not bear the general goods description. It also states "free trade samples of no commercial value USD.... declared for customs purpose only". The remittance letter requests payment of total amount of the other two commercial invoices. But the bill of lading and insurance certificate include those free samples in the quantity. LC does not allow any free sample or spare parts etc. We assume this is a discrepancy. We would appreciate your opinion on the matter.