ISP98
International
An international set of rules governing the rights and obligations of parties under standby letters of credit produced by the International Chamber of Commerce. The current version is ISP98, ICC Publication No. 590.
For information on ISP98 and standby letters of credit, see Practice note, Bonds, guarantees and standby credits: overview: Standby letters of credit (www.practicallaw.com/4-107-3649).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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