ISP98의 특성과 UCP600과의 비교연구

The characteristics of the ISP 98 and the comparison of the ISP 98 and the UCP 600

The ISP 98 is developed by the American Institute of International Banking Law & Practice in 1998. The ISP98 are also published as ICC Publication No. 590. A detailed commentary on the rules("The Official Commentary on the International Standby Practice") has been written by Professor James E. Byrnes. Presently there is no compelling reason to revise the rules themselves even if ten years is passed since the issuance of ISP98. Insteadthe American Institute of International Banking Law & Practice will provide Model Forms in the early 2009. Special features of the ISP 98 are as the following. Firstly, the ISP 98 is copyrighted by the Institute of International Banking Law and Practice, Inc., and published by the International Chamber of Commerce. Secondly, the ISP 98 differs from UCP in style and approach because it must receive acceptance not only from bankers and merchants, but also from a broader range of those actively involved in standby law and practice corporate treasurees and credit manager, rating agencies, government agencies and regulators, and indenture trustees as well as their counsel. Because standbys are often intended to be available in the event of disputes or applicant insovency, their texts are subject to a degree of scrutiny not encountered in the commercial letter of credit context. Thirdly, the ISP 98 supplement the UCP if the UCP dose not have the relative rule. Lastly, the ISP 98 has the official commentary. In addition, several provision of the ISP 98 would surprise the commercial parties and/or are rather peculiar, while some of them display a certain bias in favor of the banks.