Standby LC Pro Bundle

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Book
March 2023
Institute of International Banking Law & Practice
ID: 5780844

This bundle includes three core books for users of standby letters of credit (SBLC).

1. LC Rules & Laws: Critical Texts for Independent Undertakings

All the rules and laws that today's Letter of Credit and Guarantee specialist need are here under one book cover. Tired of dealing with multiple pamphlets of all different sizes? This is the answer for you.

Preceding each item, an overview provides brief background on the history and significance of each set of rules or laws. The popular “blue book” returns with even more useful features. All the rules in one book at a fraction of the price!

2. Standby & Demand Guarantee Practice: Understanding ISP98, UCP600, and URDG 758

The only available comparison of the three practice rules for standby letters of credit and demand guarantees. It provides a detailed step-by-step comparison of the differences and similarities resulting from the application of the three rules to the problems arising from issuing, preparing and presenting documents, examining them, and giving notice of dishonor. Enables bankers, lawyers, and corporates to assess associated risks.

3. The Official Commentary on ISP98

The Official Commentary on The International Standby Practices is the authoritative rule-by-rule analysis of ISP98, authored by the drafters.

A must for those who work with standby letters of credit on a regular basis, The Official Commentary of The International Standby Practices is the first source that bankers, lawyers, corporates, consultants, academics, and other LC professionals turn to for guidance and explanation regarding ISP98.

LC Rules & Laws: Critical Texts for Independent Undertakings

What is Included

Rules of Practice

UCP600
eUCP 2.0
ISP98
ISP Model Forms
INCOTERMS 2020
URDG 758
URDTT
URF 1.0
URC 522
eURC 1.0
URR 725
URBPO

Standards of Practice

ISBP 745
ISDGP
ICC Opinion: Non Bank Issuance
ICC Paper on On Board Notations
ICC Paper on the Strict Compliance
ICC Guidance paper on COVID
ICC Guidance Paper on UCP600 Art. 35
Summary of Risk-Based Capital Adequacy: Basel I, II, & III

Compliance Resources

Sanctions Resources
ICC Guidance Sanction Clauses
U.S. OFAC - Framework for Compliance Commitments
U.S. OFAC - Vessel and Shipping Advisory
U.S. Office of Anti-Boycott Compliance - Provisions & Examples
Dual Use Goods

Laws

UNCITRAL omn SBLCs
Explanatory Note of Secretariat (UNCITRAL)
MLETR - UNCITRAL Model Law
Explanatory Note to MLETR
U.S. Revised UCC Article 5 - Letters of Credit
U.S. Revised UCC Article 5 - Table of Adoption
U.S. UCC Article 1: General Provisions
U.S. UCC Article 2 - Section 2-325
U.S. Revised UCC Article 9: Secured Transactions
LC Rules of PRC
PRC Guarantee Rules

Government Regulations

Mexico's Law of Credit Institutions: Article 71 (LCs)
Bangladesh Open Account Rules
Persian Gulf State Regulations
Bahrain - Letter of Guarantee
Kuwait - Letter of Guarantee
Oman - Letter of Guarantee
Qatari Law No. 27 (2006) - viii: Letter of Guarantee
SAMA Rules on Trade Documents
Tunisian Commercial Code, Articles Related to Documentary Credits,
Articles 720 to 727, Law No 129 (5 October 1959)
U.S. OCC Interpretive Rulings (12 CFR § 7.1016 and § 7.1017)
U.S. OCC Lending Limits for Standbys (12 CFR 32)
U.S. Federal Reserve Definitions (12 CFR 208.24; 337.2)
U.S. FFIEC Instructions for Preparation of Call Reports by U.S. Banks
and U.S. Branches & Agencies of Foreign Banks
Vietnam's State Bank Regulation on the Opening of Letter of Credit

Standby & Demand Guarantee Practice: Understanding ISP98, UCP600, and URDG 758

Chapter One: Independent Undertakings
Chapter Two: Obligations of Parties to an Independent Undertaking
Chapter Three: Timely Presentation of Documents
Chapter Four: Examination and Compliance of Documents Presented
Chapter Five: Honour and Dishonour

The Official Commentary on ISP98

Preface-Dieter Kiefer
Preface-Dan Taylor
Preface-Gary Collyer
Foreword-James G. Barnes
Introduction

Rule 1: General Provisions

1.01 Scope And Application
1.02 Relationship To Law And Other Rules
1.03 Interpretative Principles
1.04 Effect Of The Rules
1.05 Exclusion Of Matters Related To Due Issuance And Fraudulent Or Abusive Drawing
1.06 Nature Of Standbys
1.07 Independence Of The Issuer-Beneficiary Relationship
1.08 Limits To Responsibilities
1.09 Defined Terms
1.10 Redundant Or Otherwise Undesirable Terms
1.11 Interpretation Of These Rules

Rule 2: Obligations

2.01 Undertaking To Honour By Issuer And Any Confirmer To Beneficiary
2.02 Obligation Of Different Branches, Agencies, Or Other Offices
2.03 Conditions To Issuance
2.04 Nomination
2.05 Advice Of Standby Or Amendment
2.06 When An Amendment Is Authorised And Binding
2.07 Routing Of Amendments

Rule 3: Presentation

3.01 Complying Presentation Under A Standby
3.02 What Constitutes A Presentation
3.03 Identification Of Standby
3.04 Where And To Whom Complying Presentation Made
3.05 When Timely Presentation Made
3.06 Complying Medium Of Presentation
3.07 Separateness Of Each Presentation
3.08 Partial Drawing And Multiple Presentations; Amount Of Drawings
3.09 Extend Or Pay
3.10 No Notice Of Receipt Of Presentation
3.11 Issuer Waiver And Applicant Consent To Waiver
Of Presentation Rules
3.12 Original Standby Lost, Stolen, Mutilated, Or Destroyed
3.13 Expiration Date On A Non-Business Day
3.14 Closure On A Business Day And Authorization Of Another Reasonable Place For Presentation

Rule 4: Examination

4.01 Examination For Compliance
4.02 Non-Examination Of Extraneous Documents
4.03 Examination For Inconsistency
4.04 Language Of Documents
4.05 Issuer Of Documents
4.06 Date Of Documents
4.07 Required Signature On A Document
4.08 Demand Document Implied
4.09 Identical Wording And Quotation Marks
4.10 Applicant Approval
4.11 Non-Documentary Terms Or Conditions
4.12 Formality Of Statements In Documents
4.13 No Responsibility To Identify Beneficiary
4.14 Name Of Acquired Or Merged Issuer Or Confirmer
4.15 Original, Copy, And Multiple Documents
4.16 Demand For Payment
4.17 Statement Of Default Or Other Drawing Event
4.18 Negotiable Documents
4.19 Legal Or Judicial Documents
4.20 Other Documents
4.21 Request To Issue Separate Undertaking

Rule 5: Notice, Preclusion, And Disposition Of Documents

5.01 Timely Notice Of Dishonour
5.02 Statement Of Grounds For Dishonour
5.03 Failure To Give Timely Notice Of Dishonour
5.04 Notice Of Expiry
5.05 Issuer Request For Applicant Waiver Without Request By Presenter
5.06 Issuer Request For Applicant Waiver Upon Request Of Presenter
5.07 Disposition Of Documents
5.08 Cover Instructions/Transmittal Letter
5.09 Applicant Notice Of Objection

Rule 6:Transfer, Assignment, And Transfer By Operation Of Law

6.01 Request To Transfer Drawing Rights
6.02 When Drawing Rights Are Transferable
6.03 Conditions To Transfer
6.04 Effect Of Transfer On Required Documents
6.05 Reimbursement For Payment Based On A Transfer
6.06 Assignment Of Proceeds
6.07 Request For Acknowledgment
6.08 Conditions To Acknowledgment Of Assignment Of Proceeds
6.09 Conflicting Claims To Proceeds
6.10 Reimbursement For Payment Based On An Assignment
6.11 Transferee By Operation Of Law
6.12 Additional Document In Event Of Drawing In Successor'S Name
6.13 Suspension Of Obligations Upon Presentation By Successor
6.14 Reimbursement For Payment Based On A Transfer By Operation Of Law

Rule 7: Cancellation

7.01 When An Irrevocable Standby Is Cancelled Or Terminated
7.02 Issuer'S Discretion Regarding A Decision To Cancel

Rule 8: Reimbursement Obligations

8.01 Right To Reimbursement
8.02 Charges For Fees And Costs
8.03 Refund Of Reimbursement
8.04 Bank-To-Bank Reimbursement

Rule 9: Timing

9.01 Duration Of Standby
9.02 Effect Of Expiration On Nominated Person
9.03 Calculation Of Time
9.04 Time Of Day Of Expiration
9.05 Retention Of Standby

Rule 10: Syndication/Participation

10.01 Syndication
10.02 Participation
Appendix: International Standby Practices - Full Text
Acknowledgments
Selected Bibliography
Index

1. LC Rules & Laws: Critical Texts for Independent Undertakings

2. Standby & Demand Guarantee Practice: Understanding ISP98, UCP600, and URDG 758

3. The Official Commentary on ISP98

Table of Contents

LC Rules & Laws: Critical Texts for Independent Undertakings

The Official Commentary on ISP98

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