ISP98 - the power points 备用信用証.pptVIP

* INTERNATIONAL STANDBY PRACTICES (ISP98) IMPORTANT AND SALIENT FEATURES OF ISP 98 * ISP 98 Rule 1 Rule 1.05 ? ? Affirmatively states that ISP 98 does not provide for defenses to honour based on fraud or forgery or any reference to local law. Rule 1.08 (b) ? States that an issuer is not responsible for the “accuracy”, genuineness, or effect of any document presented under the Standby. * ISP 98 Rule 2 Rule 2.03 ? The credit is binding on the issuer when it leaves the issuer’s control unless it clearly specifies that it is not “ISSUED” or “ENFORCEABLE”. Rule 2.06 ? Amendment is binding on the issuer when it leaves the issuer’s control and the beneficiary is not bound by the amendment until it consents to it. * ISP 98 Rule 2 (Contd.) Rule 2.06(a) ? Clearly permit automatic amendments without the consent of the beneficiary, if the credit expressly permit such amendments. Rule 2.06 (c) ? The beneficiary is deemed to have accepted an amendment by making a presentation complying with the amendment only if the presentation as made would not have complied with the original standby. * ISP 98 Rule 3 Rule 3.03 ? A presentation that fails to identify the Standby which the presentation is made is not deemed presented until the date on which the issuer is able to match the presentation to the correct Standby, Rule 3.07 ? Wrongful dishonour of a complying presentation does not constitute dishonour of any other presentation. * ISP 98 Rule 3 (Contd..) Rule 3.08 ? Recognises that a Standby may provide for partial and multiple drawings and sets forth certain rules that should be consulted if the credit will permit partial or multiple drawings and will be subject to ISP 98. Rule 3.12? States that the issuer is under no obligation to replace a lost, stolen, mutilated or destroyed credit or to waive any requirement that the original of the credit be presented with any draw under the credit. * ISP 98 Rule 3 (Contd..) Rule 3.13 ? Provides that if the expiration date or the last day for