Standby Letters of Credit (SBLCs) are powerful tools—but only when they’re issued under the right legal framework. That’s where ISP98 comes in. If you're dealing with an SBLC and don’t see ISP98 mentioned, stop and ask questions.
ISP98 stands for International Standby Practices, established by the International Chamber of Commerce (ICC). It sets out the rules and guidelines that govern how SBLCs are issued, called, and honored across borders. It ensures clarity, consistency, and enforceability in what would otherwise be a very grey space.
Both are ICC rulebooks. Both are valid. The key is knowing which one fits your use case—and making sure it’s explicitly mentioned in the SBLC language.
You’re relying on local contract law or custom practice—which varies wildly. Without ISP98, interpretation becomes subjective, timelines blur, and enforcement becomes a mess.
If you’re dealing with a real SBLC, issued through SWIFT (MT760), it should clearly state the applicable rulebook: “This standby letter of credit is subject to ISP98” or URDG 758.
Every SBLC we help structure is issued under ISP98 or URDG—never outside of internationally recognized rulebooks. Whether you're securing a grid connection, bidding on a tender, or structuring a credit-backed trade, we ensure your instrument is not just valid—but enforceable.
We issue SBLCs that are fully SWIFT-verified and governed by ISP98 or URDG. No fluff. Just clean, enforceable guarantees issued by real institutions.
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