This training on Letters of Credit will walk you through the ISP98 Model Forms, explain variations and show how you can adapt them to structure standby letters of credit that comply with the provisions of the ISP98.
Why Should You Attend:
A majority of standby letters of credit are subject, by their terms, to the International Standby Practices (ISP98), body of rules and practices designed for making standby letters of credit dependable instruments for the purposes they serve. Yet, this is an area that is poorly understood by the companies using these instruments and the lawyers who represent them, leading to the use of unnecessarily complicated and sometimes unworkable language rather than relying on ISP98 provisions.
In June 2013, the Institute for International Banking Law and Practice, the group that created the ISP98, released set of eight model forms for use in drafting letters of credit that are subject to the ISP98. The model forms, together with annexes and end-notes explaining their use, elegantly demonstrate how various, common situations can be dealt with.
This webinar will acquaint participants with the ISP98 Model Forms and thereby prepare them to structure letters of credit that comply with the provisions of the ISP98. The program will focus on how and when to use the model forms to accomplish such objectives as automatic extensions, automatic reductions, transfer of drawing rights, confirmation, and arranging local guarantees.
How do standby letters of credit work?
What is the ISP98?
What is the purpose of the ISP98 Model Forms?
A walk through the Model Forms
Variations and pointers described in the end-notes