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A set of rules published by the International Chamber of Commerce (ICC), ICC Publication No. 590 (Rules). The Rules are to be applied to standby letters of credit (including performance, financial, and direct pay standby letters of credit).

ISP98 became effective on 1 January 1999. Its official language is English, but ISP98 has been translated into Bulgarian, Chinese, Chinese (Taiwan), French, Greek, Hebrew, Italian, Japanese, Korean, Portugese, Russian, Spanish, and Turkish.

The only difference is that UCP600 makes it clear that its provisions do not apply to copies of transport documents. ISP98 has 89 rules specifically drafted to reflect current standby practice.

There are two main types of standby letters of credit: A financial SLOC guarantees payment for goods or services as specified by an agreement. An oil refining company, for example, might arrange for such a letter to reassure a seller of crude oil that it can pay for a huge delivery of crude oil.

Duration - A letter of credit is a short-term instrument that usually expires within 90 days while a Standby documentary credit letter is a long-term instrument with the validity of one year.

A set of rules published by the International Chamber of Commerce (ICC), ICC Publication No. 590 (Rules). The Rules are to be applied to standby letters of credit (including performance, financial, and direct pay standby letters of credit).

The 98 Rules in International Standby Practices (ISP98) offer a precise and detailed framework for practitioners dealing with standby letters of credit.

The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which is issued by the International Chamber of Commerce (ICC). It is a set of 39 articles on issuing and using Letters of Credit, which applies to 175 countries around the world, constituting some $1tn USD of trade per year.