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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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Latest Question

An import confirmed LC was issued, and the confirming bank claimed its confirmation commission from the issuing bank for the period from the date the LC confirmation was added up to the maturity date plus an additional 5 days, instead of charging only up to the maturity date. The confirming bank advised that reimbursement could be claimed on the maturity date, however the actual receipt of funds may occur between 1 to 5 days thereafter. As such, they included a 5-day buffer period, and the confirmation commission was calculated accordingly on these additional days. In our view, the confirming bank could claim reimbursement at least 2 days prior to the maturity date to mitigate any settlement delays. Furthermore, if the reimbursing bank delays remittance of funds to the claiming bank, the applicant should ideally not be penalized by bearing the cost of the additional 5 days’ commission. We would appreciate your guidance on whether the above approach is considered acceptable market practice.