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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

According to sub-article 37 (c) : 'A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses ("charges") incurred by that bank in connection with its instructions. If a credit states that charges are for the account of the beneficiary and charges cannot be collected or deducted from proceeds, the issuing bank remains liable for payment of charges.' For cases where LCs have expired unutilised, can the instructed party unilaterally take a decision to debit the instructing party's account maintained with them (without the instructing party's authorisation) to recover those charges and advise the instructing party of the same? Would this be an acceptable practice?