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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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Summer 2024 Newsletter added to the Members Trade Information section 17/07/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

Spring 2024 Newsletter added to the Members Trade Information section 30/04/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

Latest Question

LC calls for “Full set of Insurance Policy/ Certificate for 110% of the invoice value, endorsed in blank, showing claims payable in China in the currency of the credit, covering ocean marine transportation all risks, and war risks indicating the name and address of insurance agent in destination / discharging port”. LC indicates port of loading Bunbury, Australia and port of discharge Huanghua Port, China. Insurance Certificate presented states “Insurance agent in destination” followed by name and address of agent in Shanghai, China. We seek your opinion on whether this would be considered a discrepancy as agent address is in Shanghai and not in the destination Huanghua. Or, can we follow the same principle as stated in ISBP paragraph E23, for bills of lading, which states “When a credit requires a bill of lading to indicate the name and address and contact details of a delivery agent at or for the port of discharge, the address need not be one that is located at the port of discharge or within the same country as that of the port of discharge.”