10、ISP98《备用信用证惯例（中英文）》

The International Standby Practices - ISP98 1998

备用信用证统一惯例

总则

范围、适用、定义和解释

1.01范围和适用

a.本规则旨在适用于备用信用证(包括履约、融资和直接付款备用信用证)。

b.备用信用证或其它类似承诺,无论如何命名和描述,用于国内或国际,都可通过明确的援引而使其受本规则约束。

c.适用于本规则的承诺,可以明确地变更或排除其条款的适用。 d.适用于本规则的承诺,在下文中简称\备用证\。 1.02与法律和其它规则的关系

a.本规则在不被法律禁止的范围内对适用的法律进行补充。

b.在备用证也受其它实务规则制约而其规定与本规则冲突时,以本规则为准。

1.03解释的原则

本规则在以下方面应作为商业用法进行解释: a.作为可信赖和有效的付款承诺的备用证的完善性; b.在日常业务中银行和商界的习惯做法和术语: c.全球银行运作和商业体系内的一致性;及 d.在解释和适用上的全球统一性。 1.04本规则的效力

除非文本另有要求,或明确地进行了对本规则的修改或排除,本规则作为被订人的条款,适用于备用证、保兑、通知、指定、修改、转让、开立申请或下述当事人同意的其它事项:

i.开证人;

ii.受益人(在其使用备用证的范围内); iii.通知人;

iv.保兑人;

V.在备用证中被指定并照其行事或同意照其行事的任何人;及 vi .授权开立备用证或同意适用本规则的申请人。

1.05有关开证权力和欺诈或滥用权利提款等事项的排除 本规则对下述事项不予界定或规定: a.开立备用证的权力或授权;

b.对签发备用证的形式要求(如:署名的书面形式);或 c.以欺诈、滥用权利或类似情况为根据对承付提出的抗辩。 这些事项留给适用的法律解决。

一般原则

1.06备用证的性质

a.备用证在开立后即是一个不可撤销的、独立的、跟单的及具有约束力的承诺,并且无需如此写明。

b.因为备用证是不可撤销的,除非在备用证中另有规定,或经对方当事人同意,开证人不得修改或撤销其在该备用证下之义务。

c.因为备用证是独立的,备用证下开证人义务的履行并不取决于: i.开证人从申请人那里获得偿付的权利和能力; ii.受益人从申请人那里获得付款的权利;

iii.在备用证中对任何偿付协议或基础交易的援引;或

iV.开证人对任何偿付协议或基础交易的履约或违约的了解与否。 d.因为备用证是跟单性的,开证人的义务要取决于单据的提示,以及对所要求单据的表面审查。

e.因为备用证和修改在开立后即具有约束力,无论申请人是否授权开立,开证人是否收取了费用,或受益人是否收到或因信赖备用证或修改而采取了行动,它对开证行都是有强制性的。 1.07开证人--受益人关系的独立性

开证人对受益人的义务,不受任何适用的协议、惯例和法律下开证人对申请人的权利和义务的影响。 1.08责任限制

开证人对以下事项不负责:

a.任何基础交易的履行或不履行;

b.备用证下提示的任何单据的准确性、真实性或有效性;

c.其它方的作为或不作为,尽管该人是由开证人或指定人选择的;或 d.除了备用证所选择的或开证地所适用的法律和惯例,对其它法律或惯例的遵守。

术语

1.09术语定义

除了在标准银行惯例和适用的法律中给出的含义外,以下术语具有或包括下面的含义: a.定义t

\申请人(Applicant)\是自己申请开立备用证的人或由他人代为申请开立备用证的本人,包括:(i)以自己的名义但是为他人申请的人;或(ii)为自己办理的开证人。

\受益人(Beneficiary)\是一个根据备用证有提款权利的具名的人,见规则1.11(c)(ii)。

\营业日(Business Day)\是指有关行为履行的营业地通常开业的一天。而\银行日(Banking Day)\是指在有关行为履行地有关银行通常开业的一天。

\保兑人(Confirmer)\是指经开证人指定在开证人的承诺上加上其自身保证承付该备用证的承诺的人,见规则1.11(c)(i)。

\索款要求(Demand)\依上下文而定,是指一个要求承付备用证的请求,或者是指提出这种请求的单掘。

\单据(Document)\是指提示(书面形式或是电子媒介形式)的汇票、索款要求、所有权凭证、投资担保、发票、违约证明,或其它事实九法律、权利或意见的陈述,凭以审核是否与备用证的条款一致。

\提款(Drawing)\依上下文而定,是指一个被提示或被承付的索款要求。 \到期日(Expiration Date)\是指备用证中规定的作出相符提示的最后日期。

\人(erson)\是指自然人、合伙组织、股份公司、有限责任公司、政府机构、银行、受托人、以及任何其它法律的或商业的社团或实体。

\提示(Presentation)\依上下文而定,是指交付备用证下的单据以备审核的行为,或者是指交付的单据。

\提示人(Presentation)\是指作为或代表受益人或指定人作出提示的人。

\签名(Signature)\包括为了证实某一单据,由某人签署或采用的任何符号。

b相互参照

\修改(Amendment)\规则2.06 \通知(Advice)\规则2.05

\大约(Approximately)\约(About)\或\近似(Circa)\规则3.08(f) \款项让渡(Assignment of Proceeds)\规则6.06 \自动修改(Automatic Amendment)\规则2.06(a) \副本(Copy)\规则4.15(d)

\面函指示(Cover Instructions)\规则5.08 \承付(Honour)\规则2.01 \开证人(Issuer)\规则2.01

\多次提示(Multiple Presentations)\规则3.08(b) \指定人(Nominated Person)\规则2.04

\非单据条件(Non--documentary Conditions)\规则4.11 \正本(Original)\规则4.15(b)(c) \部分提款(Partial Drawing)\规则3.08(a) \备用证(Standby)\规则1.01(d) \转让(Transfer)\规则6.01

\受让受益人(Transferee Beneficiary)\规则1.11(c)(ii) \因法律规定而转让(Transfer by Operation of Law)\规则6.11 c.电子提示

除非上下文另有要求,规定或允许电子提示的备用证中的下列术语,其含义如下:

\电子记录(Electronic Record)\是指:

i.一条记录(即记录于有形媒介上的信息,或储存在电子或其它媒介上而能以可感知方式读取的信息);

ii.通过电子方式发送到接受、储存、再传送,或以其它方式处理信息(数据、文本、图像、声音、代码、计算机程序、软件、数据库等)的系统中;并

iii.能够被证实,进而被审核是否与备用证的条款相符。

\证实(Authenticate)\是指通过商业实践中广泛接受的程序或方法来证明电子记录的:

i.发送人的身份或来源,及

ii.信息内容的完整或传输中的错误。

在电子记录中评估信息完整性的标准是看除附加的签注,以及在正常传递、储存和显示过程中出现的变化外,信息是否保持完整和未被改变。

\电子签名(Electronic signature)\是指由某一方签署或采用的、附加于电子记录或与之逻辑地联系在一起的电子形式的字母、文字、数字或其它符号,目的是证明电子记录的真实性。

\收到(Receipt)\发生在:

i.电子记录以一种由备用证指定的信息系统能够处理的形式进入时;或 ii.开证人提取一份发送给不是开证人指定的信息系统的电子记录时。

1.10多余的或不宣使用的术语 备用证不应该或不需要表明它是:

i.无条件的(unconditional)或抽象的(abstract)(如果这样做,只不过是表示该备用证下的付款完全取决于指定单据的提示);

ii.绝对的(absolute)(如果这样做,只不过是表示是不可撤销的); iii.第一性的(primary)(如果这样做,只不过是表示是开证人独立的义务);

iv.从开证人自己的资金中支付(payable from theissuer'S own funds)(如果这样做,只不过是表示备用证下的付款并不依靠获得申请人的资金,而是开证

人完成其自身独立的义务);

v.仅有索款要求的或见索即付(clean or payable ondemand)(如果这样做,只不过是表示根据书面请求或备用证要求的其它单据的提示,即可获得支付)。

b.备用证中不应该使用\和/或(and/or)\如果这样做,即意味着是任一或二者同时)。

c.以下术语没有单一的公认含义: i.应该不予理会的: --\可催交的(calliable)\-- \可分开的(divisible)\--\可分割的(fractionable)\--\不可分的(indivisible)\及 --\可转移的(transmissible)\。

ii.应不予理会,除非在文本中提供它们的意思: --\可让渡的(assignablie)\--\永久的(evergreen)\

--\使重新生效(reinstate)\及 --\循环的(revolving)\。.

1.11规则解释

a.本规则参照适用的标准惯例作出解释。

b.本规则中,\备用信用证\是指本规则试图加以适用的独立承诺,而\备用证\是指受本规则约束的一种承诺。

c.除非文本中有不同的要求,

i.\开证人\包括\保兑人\犹如保兑人是一个单独的开证人,其保兑是为开证人开立的一份单独的备用证;

ii.\受益人\包括具名的受益人把提取款项的权利有效地转让给的那个人(\受让受益人\

iii.\包括\意指\包括但不限于：

iv.\或B\意指\或B或两者同时\或A或B\意指\或B,但不是两者同时\和B\意指\与B同时\

V.单数形式的词包含复数,复数形式的词包括单数;和 vi .中性的词包括所有词性。

d.i.规则中使用\除非备用证另有说明\或类似语句,强调的是备用证的文本优先于本规则;

ii.没有上述语句的规则并不默示其规定优先于备用证文本条款; iii.在\除非备用证另有说明\或类似语句中加上\明确地\或\清楚地\等词,强调的是,该规则只有通过在J备用证中用清晰明白的文字才可以被排除或修改;

iv.所有这些规则的效力可以被备用证文本所改变,其中一些规则效力的变动可能否定备用证在适用法律下作为一项独立承诺的资格。

e.\在备用证中说(写)明的\或类似语句是指一份备用证的实际正文(或者是开立的或者是经有效修改的),而短语\在备用证中规定的\或类似语句则既指备用证的正文,也指被订人的本规则。

规则2:义务

2.01开证人和保兑人对受益人的承付承诺

a.开证人承担向受益人承付按本规则及标准备用证惯例表面上符合备用证条款的提示的义务。

b.开证人应按所要求的金额即期承付向其作出的提示,除非备用证规定通过以下方式承付:

i.承兑受益人开出的以开证人为付款人的汇票。在这种情况下,开证人的承付是通过:

(a)及时承兑汇票;以及

(b)随后,在承兑的汇票到期时或到期后提示时,付款给汇票的持有人。 ii.对受益人的索款要求承担延期付款。在这种情况下,开证人承付是通过:

(a)及时承担延期付款义务;及 (b)随后,在到期时付款。

iii.议付。在这种情况下,开证人无追索权地即期支付索款要求的金额。 c.开证人如果在被允许审核提示及发出拒付通知的期限内,即期付款、承兑汇票或承担延迟付款的义务(或者,发出拒付通知),即为以及时方式行事。

d.i.保兑人承担通过即期支付索款要求的金额,或者按备用证中的注明,以与开证人义务一致的其它付款方式承付相符提示的义务。

ii.如果保兑允许向开证人提示,则保兑人也承担在开证人错误拒付时承付的义务,犹如提示是向保兑人作出一样。

iii.如果备用证允许向保兑人提示,则开证人也承担在保兑人错误拒绝履行保兑时承付的义务,犹如提示是向开证人作出一样。

e.开证人承付时应以备用证中指定的币种支付可立即使用的资金,除非在备用证中注明通过以下方式付款:

i.以货币记账单位付款;在这种情况下,应支付该货币记账单位;或 ii.交付其它有价物。在这种情况下,应交付这些有价物。 2.02不同的分支机构、代理机构或其它办事处的义务

就本规则而言,开证人的分支机构、代理机构,或其它办事处,如果是以开证人以外的身份作出或承诺作出备用证下的行为.则仅负有该身份下的义务,并应视为不同的人。

2.03开证条件

一旦备用证脱离开证人控制,即为已开立;除非其中清楚注明该备用证那时尚未\开立\或不具有\可执行性\。声明备用证不是\可使用的\、\生效的\、

\有效的\或类似意思,并不影响在它脱离开证人控制后的不可撤销性和约束力。

2.04指定

a.备用证可以指定一个人进行通知、接受提示、执行转让、保兑、付款、议付、承担延期付款义务,或承兑汇票。

b.这种指定并不使被指定人负有如此行为的义务,除非被指定人承诺作出这种行为。

c.被指定的人并未被授权去约束作出指定的人。

2.05备用证或修改的通知

a.除非通知中另有声明,它表示:

i.通知人按照标准信用证惯例已经检查了所通知信息的表面真实性;及 ii.该通知准确地反映了其收到的内容。

b.被要求通知备用证的人,决定不通知时,应通知作出要求的一方。

2.06授权修改和具有约束力的时间

a.如果备用证明确表明该证可因使用金额的增减、到期日的展延等而\自动修改\则该修改自动生效,不需要任何进一步的通知或备用证明确规定以外的同意。(这种修改可被称为\未经修改\而生效。)

b.如果无自动修改的规定,一份修改应当约束: i.开证人,当修改脱离该开证人控制后;及

ii.保兑人,当修改脱离该保兑人控制后,除非该保兑人表示它不保兑该修改。

c.如果无自动修改的规定,

i.受益人必须同意该修改后,才受其约束。

ii.受益人的同意必须明确地通知给通知该修改的火,除非受益人提示的单据与修改后的备用证一致,而不是与修改前的备用证一致;及

iii.一份修改无需申请人的同意就能约束开证人、保兑人或受益人。 d.只同意部分修改视为拒绝整个修改。 2.07修改的传送

a.开证人如使用另一个人通知备用证,必须向该人通知所有的修改。

b.备用证的修改或撤销,并不影响开证人对指定人承担的义务,如该指定人在收到修改或撤销通知之前已在其受指定范围内有所行事。

c.可自动展期(更新)的备用证如因故未展期,并不影响开证村人对指定人承担的义务,如该指定人在收到不展期通知之前已在其受指定范围内有所行事。

规则3:提示

3.01备用证下的相符提示

备用证应该说明提示的时间、地点及在该地点范围以内的场所、接受提示的人和提示的载体。如有这样规定,提示必须如此作出。如备用证并未说明,则提示应与本规则→致,以使其相符。

3.02提示的构成

收到备用证要求的并在该证下提示的单据即构成了提示,应审核它是否与备用证的条款相符,即使并非所有要求的单据都已被提示。

3.03备用证的标明

a.提示必须标明凭以提示的备用证。

b.提示可以通过以下方式标明备用证:注明备用证的完整号码,以及开证人名称和地点或附以备用证正本或副本。

c.如开证人不能从收到单据的表面上判定是否根据某一备用证来处理该份单据,或不能确定与该单据有关的备用证,该提示就柿认为县在吉普认帘的那一天性出的。

3.04作出相符提示的地点和对象

a.为使提示相符,提示必须在备用证中注明的或本规则规定的地点或场所作出。

b.如果备用证没有注明向开证人提示的地点,则提示必须在备用证开立的营业处所作出。

c.如果备用证是保兑的,但在保兑书中没有注明提示地点,向保兑人(和开证人)的索款提示必须在保兑人开出保兑书的营业处所或向开证人作出。

d.如果没有注明提示地点的具体场所(如:部门、楼层、房间、邮递站、信箱或其它场所),提示可以向以下场所或人作出:

i.备用证中注明的一般邮政地址;

ii.指定接受信函或单据的地点的任一场所;或

iii.在提示地点实际上或表面看来被授权为接受提示的任何人。

3.05何为及时提示

a.如果提示是在开立备用证后、到期日之前作出,该提示即为及时的。 b.如果提示是在提示地营业结束后作出的,应视为是在下一个营业日作出的。

3.06相符的提示载体

a.为了相符,单据必须以备用证中注明的载体作出提示。

b.如果没有注明载体,为了相符,单据必须以纸化单据的形式提示,除非只要求提交索款要求。在后种情况下:

i.属于SWIFT成员的受益人或银行,通过SWIFT、加押电传或其它类似经证实的方式提出的索款要求,即为相符;否则

ii.如该索款要求非以纸化单据的形式提出,则为不符,除非开证人自主决定允许使用该种形式。

c.如果单据是通过电子方式传送的,则不能被视为是以纸化单据的形式提示的,尽管开证人或指定人从中可以产生一份纸化单据。

d.如果注明以电子载体的方式提示,单据必须以电子记录的方式提示,并能为接收提示的开证人或指定人证实。 3.07每次提示的单独性

a.无论备用证是否禁止部分或多次提款或提示。作出一次不符提示、收回一次提示、或未完成预定的或允许的多次提示中的任何一次,都不影响或损害作出另一次及时提示或再提示的权利。

b.对一次相符提示的错误拒付,并不构成对该备用证下其它提示的拒付或对该备用证的否定。

c.对一次不符提示的承付,不论有无不符点通知,并不意味着放弃该备用证对其它提示的要求。

3.08部分提款和多次提示;提款金额

a.提示可以少于可使用的全部金额(\部分提款\。 b.可以作出一次以上的提示(\多次提示\。

c.\禁止部分提款\或类似表述表示提示必须是可使用的全部金额。

d.\禁止多次提款\或类似表述表示只能作出及承付一次提示,但是提示金额可以少于可使用的总金额。

e.如果索款要求超过了备用证可使用的总金额,该项提款要求构成不符;其它单据写明的金额如超出索款要求的金额不构成不符。

f.使用\大约\、\约\、\近似\或相似意义的词,允许这些词所指的金额可以上下增减10%。 3.09展期或付款

如受益人要求延展备用证的到期日,否则支付备用证下可使用的金额,则: a.它属于在备用证下要求付款的提示,应按本规则对其进行审核;及 b.默示受益人:

i.同意修改以展延到期日至所要求的日期;

ii.要求开证人自主决定去征求申请人的同意,并开立这种修改; iii.在这种修改开立后将收回其索款要求:及

iv.同意本规则规定的审核单据和发出拒付通知的最长时限。

3.10无需通知收到提示

并不要求开证人通知申请人收到了备用证下的提示。

3.11开证人放弃和申请人同意放弃提示规则

除了备用证或本规则中的其它自主条款以外,开证人可以在没有通知申请人或获得申请人同意且不影响申请人对开证人的义务的情况下,依其独立判断,放弃:

a.下列规则,以及备用证中注明的主要是为了开证人的利益或操作便利而设的任何类似条款:

i.应提示人要求将收到的单据当作如同在较晚日期收到一样对待(规则3.02);

ii.在提示中标明与其对应的备用证(规则3.03(a));

iii.除了备用证中注明的提示行为所在国家外,对应在何地和向谁提示的要求(规则3.04(b),(c)和(d));

iv.将营业结束后作出的提示如同该提示是在下一个营业日作出的一样对待(规则3.05(b))。

b.下列规则,但不包括备用证中写明的相似条款:

i.一份要求的单据,其签发日期在写明的提示日之后(规则4.06),或

ii.受益人出具的单据与备用证语言一致的要求(规则4.04)。

c.下列与备用证操作的完整性有关的规则,但前提是银行实际上是与真实的受益人打交道:接受使用电子载体的索款要求(规则3.06(b))。

保兑人放弃本条(b)项和(c)项所列要求时,须征得开证人同意。

3.12备用证正本丢失、遭窃、受损或毁坏

a.如果一份备用证正本丢失、遭窃、受损或毁坏,开证人元需将其替换或放弃提示备用证正本的要求。

b.如果开证人同意替换一份备用证正本或放弃提示正本的要求,它可以向受益人提供一份替本或副本,而不影响申请人向开证人偿付的义务;但是,如果开证人如此做,则它必须在该替本或副本上注明\替本\或\副本\字样。开证人可以自主地决定从受益人处要求其认为足够的担保,以及从指定人处获得关于付款尚未作出的确认。

到期不营业

3.13到期日是非营业日

a.如果备用证注明的提示的最后一天(无论注明的是到期日,还是必须收到单据的日期),不是开证人或提示地点的指定人的营业日,那么,在随后第一个营业日作出的提示将被认为是及时的。

b.收到提示的指定人,必须将此情况通知开证人。 3.14在营业日的停业及授权在另一个合理地点作出提示

a.如果在允许提示的最后一个营业日,备用证中注明的提示地点由于任何原因停业,因此没有及时地作出提示,那么,除非备用证另有规定,允许提示的最后一天,自动延期到提示地点重新开业后的第30个日历日。

b.在提示地点停业或预计到停业时,开证人可以在备用证中或受益人收到的通知中授权在另一个合理地点提示。如果开证人如此行事,则:

i.提示必须在该合理地点作出;以及

ii.如果通知是在提示最后一天之前不足30个日历日收到的,并且由于该原因而无法作出及时提示,那么提示的最后一天自动延展到原提示期限后的第30

个日历日。

规则4:审核

4.01对相符的审核

a.备用证的索款要求必须与备用证的条款相符。

b.提示是否相符,应通过结合标准备用证惯例的内容,按照本规则解释和补充的备用证中的条款,审核提示是否表面上符合备用证而确定n

4.02多余单据的不审核

非备用证要求提示的单据元需审核,并可在审核提示是否相符时不予考虑。它们可被退还提示人或随着其它提示的单据一起转交,开证人无需负任何责任。

4.03是否一致的审核

开证人或指定人只需在备用证的规定范围内审核单据之间是否一致n

4.04单据的语言

受益人出具的所有单据的语言应是备用证中使用的语言

4.05单据的出具者

所有备用证要求的单据必须由受益人出具,除非备用证中注明单据由第三方出具,或按标准备用证惯例该单据属由第三方出具的类型n

4.06单据日期

所要求单据的出具日期可以早于但不得迟于提示日期。

4.07单据上要求的签名

a.要求的单据无需签名,除非备用证注明该单据必须签名,或按标准备用证惯例属需要签名的类型。

b.所要求的签名可以任何方式为之,只要它适合用于该单据的载体。 c.除非备用证中规定:

i.必须签名的人之姓名,否则任何签名或证实都将被认为相符。 ii.必须签名的人之身份,否则不一定注明签名人身份。 d.如果在备用证中指明,签名必须由:

i.一个具名的自然人为之,但不要求指明签名人身份,则一个看起来是具名人的签名即为相符。

ii.一个具名的法人或政府机构为之,但没有指明由谁代表其签署或该人身份,则任何看来是代表具名的法人或政府机构的签名都是相符的;或者

iii.一位具名的自然人、法人或政府机构为之,并要求注明签名人身份,则一个注明身份并看起来是该具名的自然人、法人或政府机构的签名是相符的。

4.08默示要求的索款单据

如果一份备用证没有注明任何要求提交的单据,仍认为需要提交一份做成单据的索款要求。

4.09同一的措词及引号如果备用证要求:

a.一份没有指定精确措词的声明,那么在提示的单据中的措词必须看起来与备用证中要求的措词表达的是同一意思。

b.使用通过引号、大写、附样或格式指定的措词,那么,并不要求重复在拼写、标点、空格或其它在上下文中读起来明显的打印错误;为数据而留的空行和空格,可以通过不与备用证矛盾的任何形式加以完整;或

c.使用通过引号、大写、附样或格式指定的措词并规定单据应包含\完全一样\或\同一\的措词,那么,提示的单据必须重复指定的措词,包括拼写、标点、间隔等打印错误,以及为数据而留的空行和空格。 4.10申请人的批准

备用证中不应该规定要求的单据须由申请人出具、签署或会签。然而,如果在备用证中包含了这种规定,开证人不可以放弃这种要求,也不对申请人扣留单据或拒不签署负责。 4.11非单据条件

a.备用证中的非单据条件必须不予考虑,不管其是否会影响开证人接受相符提示或承认备用证已开立、已修改或已终止的义务。

b.如果备用证条款不要求提示单据证明其条款被履行,并且开证人根据其自己的记录或在其自己正常业务范围内不能确定该条款被履行,则该条款为非单据条款。

c.从开证人自己的记录或在其正常业务范围内的审查,包括确定以下内容:

i.何时、何地、如何向开证人提示或以其它方式交付单据;

ii.何时、何地、如何由开证人、受益人或任何指定人发送或接收有关备用证的文讯;

iii.向开证人处开立的账户里转进或从其转出的金额;及iv.根据一个公布的指数可以确定的金额(例如:如果一份备用证规定根据公布的利率来确定产生的利息金额)。

d.开证人无需根据备用证中注明或引用的公式,重新计算受益人的计算结果,除非备用证要求这样做。 4.12单据中的声明应履行的手续

a.所要求的声明无需采用庄重式、正式或任何其它专门形式作出。 b.如果备用证规定要求的声明由声明人以某种形式作出,但没有指明何种形式或内容,则如果注明该声明是经证实的、经宣誓的、经确认的、经证明的,或类似情况,该声明即为相符。

c.如果备用证要求一份由另外一个人作见证的声明,但没有指定形式或内容,则若该份被见证的声明看起来有一个不是受益人的签名,并注明该人系作为见证人行事,该证明即为相符。

d.如果备用证要求一个受益人之外的第三人以政府、司法、公司或其他的代表身份对声明给予会签、履行法律手续、签证或类似的行为，但没有规定形式和内容，则若该声明包含有一个非受益人的签名,并且注明该人的代表身份ι

代表的组织,该声明即为相符。 4.13无验明受益人身份的责任 除备用证要求提示电子记录外,

a.承付提示的人,对申请人没有义务去查明作出提示的任何人或任何款项受让渡人的身份;

b.向具名的受益人、受让人、被确认的受让渡人、依法产生的承继人付款,或向备用证写明或受益人或指定人发出的面函指示中注明的账户或账号付款,即构成备用证下付款义务的完成。

4.14被购并或合并的开证人或保兑人的名称

如果开证人或保兑人被重组、合并,或更换名称,在提示的单据中要求提到开证人或保兑人名称时,可以援引其原名或承继人名称。

4.15正本、副本及一式多份的单据

a.提示的单据必须是正本。

b.在允许或要求电子提示的情况下,提示的电子记录即被认为是\正本\。 c. i.除非在表面上看起来是从正本复印的，则被提示的单据被认为是\正本\。

ii.如果签名或证实看起来是原始的,则看起来是从正本复制的单据被认为是正本。

d.备用证要求提示一\份(∞py)\单据的,可以或提示正本或提示副本,除非在备用证中注明只应提示副本或注明全部正本的其它去向。

e.果要求多份的时据,忏份必须是正本,除非规定

i.要求\两份正本\或\多份正本\则全部都必须是正本;或

ii.要求\两份(2 copies)\两张的(two fold)\或类似的情况下,则可以根据要求或都提示正本或都提示副本。

备用证单据类型

4.16索款要求

索款要求无需与受益人的声明或其它要求的单据分离开来。 a.如果要求单独的索款要求,它必须含有: i.受益人向开证人或指定人的索款要求; ii.提出该要求的日期; iii.索款金额;及 iv.受益人的签名。

c.这种索款要求可以是汇票或其它指示、命令或付款请求。如果备用证要求提示\汇票\该汇票无需是可流通的形式,除非备用证这样写明。

4.17违约或其它提款事由的声明

如果备用证要求一份关于违约或其它提款事由的声明、证明或其它陈述,但没有指明内容,则如果单据中包含以下内容,该单据就是相符的:

a.陈述:由于备用证中规定的提款事由已经发生,应该付款。 b.单据出具日期;及 c.受益人的签名。

4.18可流通的单据

如果备用证要求提示一份通过背书和交付即可转让的单据,但未注明是否、如何或必须向谁作出背书,则该单据可以不加背书,或如果作了背书,可以是空白背书。无论如何,该单据都可在有或没有追索权下开立或流通。 4.19法律或司法文件

如果备用证要求提示政府出具的文件、法院命令、仲裁裁决书或类似的文件,则一份文件或其副本被认为是相符的,如果它看起来是:

i.由政府机构、法院、仲裁庭或类似机构出具的; ii.有适当的称号或名称; iii.经过签署的; iv.注明日期;及

v.经政府机构、法院、仲裁庭,或类似机构的官员对该单据作出了原始证明或证实。

4.20其他单据

a.如果备用证要求本规则中未规定的单据，而没有指明其出单人、数据内容或措词，则如果该单据看起来有合适的名称，或起到了标准备用证惯例下该种单据的功能，该单据即为相符。

b.备用证下提示的单据,应该根据本规则下备用证惯例进行审核,尽管该单据类型(例如商业发票、运输单据、保险单据,或类似的单据)在〈跟单信用证统一惯例〉中有详细规定。

的单独承诺(无论是否在备用证中叙述了该承诺的内容),受益人仅取得备用证下的提款权利,即使开证人向受益人

4.21开立单独承诺的要求

如果备用证中要求该备用证的受益人向另一人开立其自身的单独承诺(无论是否在备用证中叙述了该承诺的内容),

a.受益人仅取得备用证下的提款权利,即使开证人向受益人为开立这种单独的承诺支付了费用；

b.既不需要向开证人提示该单独承诺,也不需要提示该承诺下的任何单据;并且

c.如果开证人收到该单独承诺或其下单据的正本或副本(尽管没有要求将其作为备用证承付的条件而提示),

i.开证人无需审核并在任何情况下都无需考虑它们是否与备用证、备用证下受益人的索款要求,或受益人的单独承诺相符合或一致;及

ii.开证人可以把它们退还给提示人,或与提示一起转交给申请人,并不承担责任。

规则5:单据的通知、排除和处理

5.01及时的拒付通知

拒付通知,必须在单据提示以后一段并非不合理的时间内发出。 i.在三个营业日内发出的通知被视为不是不合理的,超过七个营业日被认为是不合理的。

ii.发出通知的时间是否不合理,并非取决于提示的最后期限是否临近。 iii.计算必须发出拒付通知的时间,是始于提示日后的下一个营业日。 iv.除非在备用证中明确规定将发出拒付通知的时间缩短,开证人没有义务加速审核提示。

b.i.如果有电讯手段,发出拒付通知的方式应通过电讯手段;女日果没有,可以通过达到迅捷通知目的的其它合理方式。

ii..如果在允许发出通知的期限内收到拒付通知,即认为该通知是通过迅捷的方式发出的。

c.拒付通知必须发送给从其收到单据的人(不管是受益人、指定人,还是送交人以外的其他人),除非提示人有不同的要求。

5.02拒付理由的声明

拒付通知应注明凭以拒付的全部不符点。 5.03没有及时发出拒付通知

a.如果没有按照备用证或本规则指明的时间和方式,在拒付通知中列明不符点,就不能再对包含该不符点的该单据(包括重新提交的同一单据)提出该不符点,但是并不影响针对同一份或其它备用证下的不同提示提出该不符点。

b.如果没有通知拒付或承兑或承认延迟付款责任,则开证人在到期时有义务付款。

5.04逾效期的通知

没有发出关于提示是在到期日以后作出的通知,并不影响因此而拒付。

5.05开证人未经提示人要求而请求申请人放弃不符点

如果开证人认为提示不符,并且提示人没有不同的指示,开证人可以自主决定请求申请人放弃该不符点,或者授权承付,但必须在本应发出拒付通知的合理时间内,并且不延长该期限。获得了申请人的放弃声明,并不使开证人也有义务放弃该不符点。

5.06经提示人要求,开证人请求申请人放弃不符点

如果在收到拒付通知后,提示人要求将提示的单据转交给开证人,或请求开证人向申请人寻求放弃不符点:

a.有关人员并无义务转交该不符的单据,或寻求申请人放弃不符; b.向开证人的提示仍然受本规则约束,除非提示人明确同意可以离开本规则;及

c.如果单据被转交,或向申请人提出了放弃不符点的请求,则: i.提示人就不能拒绝开证人通知他的不符点; ii.开证人没有被解除根据本规则审核提示的义务; iii.开证人没有义务放弃不符点.尽管申请人做了放弃；及

iv.开证人必须持有单据,直至收到申请人的答复,或应提示人要求归还单据。如果开证人在其拒付通知后的10个营业日内没有收到这种答复或要求,可以把单据退还提示人。

5.07单据的处置

被拒付的单据必须按提示人的合理指示加以退还、持有或处置。在拒付通知中没有表明单据处置情况,并不排除开证人用任何本可以主张的抗辩权来拒绝承付。

5.08面函指示/发件函

a.伴随备用证下提示的指示,在不与备用证条款、索款要求或本规则相抵触时可以作为依据。

b.伴随提示的由指定人作出的陈述,在不与备用证条款或本规则相抵触时可以作为依据。

c.尽管收到了指示,开证人或指定人仍可以直接向提示人付款、发出通知、归还单据或进行其它事务。

d.面函中对单据不符的声明,不能解除开证人审核单证是否相符的责任。 5.09申请人的异议通知

a.申请人应通过迅捷的方式及时向开证人提出对承付不符提示的异议。 b.如果申请人在收到单据后一段合理的时间内向开证人发出通知,说明其拒绝的不符点,则认为申请人行为为及时。

c.如没有通过迅捷的方式及时发出异议通知,申请人就不能再对开证人就其收到的该单据提出任何不符点或其它单据表面可见之缺点,但不影响其对同一或不同备用证下的其它提示提出该不符点。

规则6:转让、让渡及因法律规定的转让

提款权利的转让

6.0l请求转让提款权利

当受益人请求开证人或指定人向另外一个人承付,犹如该人是受益人时,适用本部分关于提款权利转让(简称\转让\的规则。

6.02提款权利何时可转让

a.除非明确注明,否则备用证不可转让。

b.如一份备用证注明为可转让备用证,但未作进一步规定,则提款权利: i.其全部金额可以不止一次被转让; ii.不可以部分转让;及

iii.不可以转让,除非开证人(包括保兑人)或在备用证中具体指定的人,同意并办理受益人所要求的转让。

6.03转让条件

可转让备用证的开证人或指定人无需履行转让,除非 a.它确信备用证正本的存在及其真实性;及 b.受益人提交或履行:

and

b. the name of the transferee beneficiary may be used in place of the name of the transferor beneficiary in any other required document. 6.05 Reimbursement for Payment Based on a Transfer

An issuer or nominated person paying under a transfer pursuant to Rule 6.03(a), (b)(i), and (b)(ii) is entitled to reimbursement as if it had made payment to the beneficiary. 6.06 Assignment of Proceeds

Where an issuer or nominated person is asked to acknowledge a beneficiary's request to pay an assignee all or part of any proceeds of the beneficiary's drawing under the standby, these Rules on acknowledgment of an assignment of proceeds apply except where applicable law otherwise requires.

6.07 Request for Acknowledgment

a. Unless applicable law otherwise requires, an issuer or nominated person

i. is not obligated to give effect to an assignment of proceeds which it has not acknowledged; and

ii. is not obligated to acknowledge the assignment. b. If an assignment is acknowledged:

i. the acknowledgment confers no rights with respect to the standby to the assignee who is only entitled to the proceeds assigned, if any, and whose rights may be affected by amendment or cancellation; and

ii. the rights of the assignee are subject to:

(a) the existence of any net proceeds payable to the beneficiary by the person making the acknowledgment; (b) rights of nominated persons and transferee beneficiaries; (c) rights of other acknowledged assignees; and

(d) any other rights or interests that may have priority under applicable law. 6.08 Conditions to Acknowledgment of Assignment of Proceeds

An issuer or nominated person may condition its acknowledgment on receipt of: a. the original standby for examination or notation;

b. verification of the signature of the person signing for the beneficiary; c. verification of the authority of the person signing for the beneficiary;

d. an irrevocable request signed by the beneficiary for acknowledgment of the assignment that includes statements, covenants, indemnities, and other provisions which may be contained in the issuer's or nominated person's required form requesting acknowledgment of assignment, such as:

i. the identity of the affected drawings if the standby permits multiple drawings;

ii. the full name, legal form, location, and mailing address of the beneficiary and the assignee; iii. details of any request affecting the method of payment or delivery of the standby proceeds; iv. limitation on partial assignments and prohibition of successive assignments; v. statements regarding the legality and relative priority of the assignment; or

vi. right of recovery by the issuer or nominated person of any proceeds received by the assignee that are recoverable from the beneficiary; e. payment of a fee for the acknowledgment; and f. fulfillment of other reasonable requirements. 6.09 Conflicting Claims to Proceeds

If there are conflicting claims to proceeds, then payment to an acknowledged assignee may be suspended pending resolution of the conflict. 6.10 Reimbursement for Payment Based on an Assignment

An issuer or nominated person paying under an acknowledged assignment pursuant to Rule 6.08(a) and (b) is entitled to reimbursement as if it had made payment to the beneficiary. If the beneficiary is a bank, the acknowledgment may be based solely upon an authenticated communication.

6.11 Transferee by Operation of Law

Where an heir, personal representative, liquidator, trustee, receiver, successor corporation, or similar person who claims to be designated by law to succeed to the interests of a beneficiary presents documents in its own name as if it were the authorized transferee of the beneficiary, these Rules on transfer by operation of law apply. 6.12 Additional Document in Event of Drawing in Successor's Name

A claimed successor may be treated as if it were an authorized transferee of a beneficiary's drawing rights in their entirety if it presents an additional document or documents which appear to be issued by a public official or representative (including a judicial officer) and indicate:

a. that the claimed successor is the survivor of a merger, consolidation, or similar action of a corporation, limited liability company, or other similar organization;

b. that the claimed successor is authorized or appointed to act on behalf of the named beneficiary or its estate because of an insolvency proceeding;

c. that the claimed successor is authorized or appointed to act on behalf of the named beneficiary because of death or incapacity; or

d. that the name of the named beneficiary has been changed to that of the claimed successor. 6.13 Suspension of Obligations upon Presentation by Successor

An issuer or nominated person which receives a presentation from a claimed successor which complies in all respects except for the name of the beneficiary:

a. may request in a manner satisfactory as to form and substance: i. a legal opinion;

ii. an additional document referred to in Rule 6.12 (Additional Document in Event of Drawing in Successor's Name) from a public official; iii. statements, covenants, and indemnities regarding the status of the claimed successor as successor by operation of law; iv. payment of fees reasonably related to these determinations; and

v. anything which may be required for a transfer under Rule 6.03 (Conditions to Transfer) or an acknowledgment of assignment of proceeds under Rule 6.08 (Conditions to Acknowledgment of Assignment of Proceeds);

but such documentation shall not constitute a required document for purposes of expiry of the standby.

b. Until the issuer or nominated person receives the requested documentation, its obligation to honour or give notice of dishonour is suspended, but any deadline for presentation of required documents is not thereby extended. 6.14 Reimbursement for Payment Based on a Transfer by Operation of Law

An issuer or nominated person paying under a transfer by operation of law pursuant to Rule 6.12 (Additional Document in Event of Drawing in Successor's Name) is entitled to reimbursement as if it had made payment to the beneficiary.

ISP98 7

7.01 When an Irrevocable Standby is Cancelled or Terminated

A beneficiary's rights under a standby may not be cancelled without its consent. Consent may be evidenced in writing or by an action such as return of the original standby in a manner which implies that the beneficiary consents to cancellation. A beneficiary's consent to cancellation is irrevocable when communicated to the issuer. 7.02 Issuer's Discretion Regarding a Decision to Cancel

Before acceding to a beneficiary's authorization to cancel and treating the standby as cancelled for all purposes, an issuer may require in a manner satisfactory as to form and substance: a. the original standby;

b. verification of the signature of the person signing for the beneficiary; c. verification of the authorization of the person signing for the beneficiary; d. a legal opinion;

e. an irrevocable authority signed by the beneficiary for cancellation that includes statements, covenants, indemnities, and similar provisions contained in a required form;

f. satisfaction that the obligation of any confirmer has been cancelled; h. any other reasonable measure. and

g. satisfaction that there has not been a transfer or payment by any nominated person;

ISP 98 8

From Section: REIMBURSEMENT OBLIGATIONS

8.01 Right to Reimbursement

a. Where payment is made against a complying presentation in accordance with these Rules, reimbursement must be made by: i. an applicant to an issuer requested to issue a standby; and

ii. an issuer to a person nominated to honour or otherwise give value.

b. An applicant must indemnify the issuer against all claims, obligations, and responsibilities (including attorney's fees) arising out of: i. the imposition of law or practice other than that chosen in the standby or applicable at the place of issuance; ii. the fraud, forgery, or illegal action of others; or

iii. the issuer's performance of the obligations of a confirmer that wrongfully dishonours a confirmation.

c. This Rule supplements any applicable agreement, course of dealing, practice, custom or usage providing for reimbursement or indemnification on lesser or other grounds.

8.02 Charges for Fees and Costs

a. An applicant must pay the issuer's charges and reimburse the issuer for any charges that the issuer is obligated to pay to persons nominated with the applicant's consent to advise, confirm, honour, negotiate, transfer, or to issue a separate undertaking. b. An issuer is obligated to pay the charges of other persons: i. if they are payable in accordance with the terms of the standby; or

ii. if they are the reasonable and customary fees and expenses of a person requested by the issuer to advise, honour, negotiate, transfer, or to issue a separate undertaking, and they are unrecovered and unrecoverable from the beneficiary or other presenter because no demand is made under the standby. 8.03 Refund of Reimbursement

A nominated person that obtains reimbursement before the issuer timely dishonours the presentation must refund the reimbursement with interest if the issuer dishonours. The refund does not preclude the nominated person's wrongful dishonour claims. 8.04 Bank-to-Bank Reimbursement

Any instruction or authorization to obtain reimbursement from another bank is subject to the International Chamber of Commerce standard rules for bank-to-bank reimbursements.

ISP 98 9

From Section: TIMING 9.01 Duration of Standby A standby must: a. contain an expiry date; or

b. permit the issuer to terminate the standby upon reasonable prior notice or payment. 9.02 Effect of Expiration on Nominated Person

The rights of a nominated person that acts within the scope of its nomination are not affected by the subsequent expiry of the standby. 9.03 Calculation of Time

a. A period of time within which an action must be taken under these Rules begins to run on the first business day following the business day when the action could have been undertaken at the place where the action should have been under-taken.

b. An extension period starts on the calendar day following the stated expiry date even if either day falls on a day when the issuer is closed. 9.04 Time of Day of Expiration

If no time of day is stated for expiration, it occurs at the close of business at the place of presentation.

9.05 Retention of Standby

Retention of the original standby does not preserve any rights under the standby after the right to demand payment ceases.

ISP 98 10

From Section: SYNDICATION, PARTICIPATION 10.01 Syndication

If a standby with more than one issuer does not state to whom presentation may be made, presentation may be made to any issuer with binding effect on all issuers. 10.02 Participation

a. Unless otherwise agreed between an applicant and an issuer, the issuer may sell participations in the issuer's rights against the applicant and any presenter and may disclose relevant applicant information in confidence to potential participants.

b. An issuer's sale of participations does not affect the obligations of the issuer under the standby or create any rights or obligations between the beneficiary and any participant.

i.按开证人或指定人可接受的形式提出的请求,包括转让的有效日期,及受让人的名称和地址:

ii.备用证正本;

iii.代受益人签署的人的签名证实; iv.代受益人签署的人的授权证实: V.支付转让费用;及 vi .任何其它的合理要求。

6.04转让对要求提交的单据的影晌 如为全部提款权利的转让,

a.汇票或索款要求必须由受让受益人签署;以及

b.在任何其它要求的单据中,受让受益人的名称可以代替转让受益人的名称。

6.05转让付款的偿付

根据规则6.03(a),(b)(i)和(b)(ii),进行转让付款后的开证人或指定人,有权获得偿付,犹如已向受益人作出了付款。

款项让渡的确认

6.06款项让渡

若开证人或指定人被要求确认受益人关于将在备用证下受益人获得的全部或部分款项支付给受让渡人的请求,适用本部分关于款项让渡的规则,除非适用的法律另有要求。

6.07请求确认

a.除非适用的法律另有要求,开证人或指定人:

i.在没有对让渡请求予以确认的情况下,没有义务执行款项让渡;及 ii.没有义务确认该让渡请求。 b.如果让渡得到确认:

i.该确认没有赋予受让渡人有关备用证的权利,该人只是对让渡的款项享有权利,并且其权利可以由于备用证修改或取消而受到影响;及

ii.受让渡人的权利受制于:

A.确认人确有应当付予受益人的净款;

B.指定人和受让受益人的权利; C.其它被确认的受让渡人的权利;及

D.根据适用的法律享有优先权的其它任何权益。

6.08确认款项让渡的条件

开证人或指定人可以规定其确认以收到下述文件为条件: a.备用证正本以备审核或批注; b.代受益人签署的人的签名证实; c.代受益人签署的人的授权证实;

d.受益人签署的不可撤销的关于确认款项让渡的请求,包括声明、约定、认赔书,以及开证人或指定人制订的请求格式中可能包含的其它条款,如:

i.如果备用证允许多次提款,所涉及的提款是哪一笔; ii.受益人和受让渡人的全名、法律形式、地点及通讯地址; iii.影响备回证款项支付和交付的任何要求的细节; iv.部分让渡的限制和连续让渡的禁止; V.有关让渡的合法性和相对优先权的声明;或

vi .如果开证人或指定人原本享有对受益人的追回全部或部分款项的权利,则对受让渡人以其收到的款项为限仍然享有的对应的追回权利。

e.支付确认费用;及 f.履行其它合理要求。

6.09对款项相互冲突的数项请求

如果对款项有相互冲突的数项要求，则对被确认的受让渡人的付款可以暂停,直至冲突解决。

6.10对让渡付款的偿付

根据规则6.08(a)和(b)对确认的让渡请求进行付款的开证人或指定人,有权得到偿付,犹如它已向受益人付款。如果受益人是银行,这种确认可以仅仅基于经证实的函电。

因法律规定而转让

6.11法律规定的受让人

当那些声明根据法律规定继受受益人利益的继承人、遗产代理人、清算人、受托人、破产财产管理人、承继的公司或类似的人,以其自身名义提示单据,犹如是受益人授权的受让人时,适用本部分规则。 6.12以承继人的名义提款需提交的额外单据

对声称的承继人,应犹如它是受益人授权的有全部提款权利的受让人一样对待,只要它额外提示了看起来是由公职官员或代表(包括司法官员)签发的文件,注明:

a.该声称为承继人的是由股份有限公司、有限责任公司或其它相似组织,经合并、联合或其它类似行为而产生的续存者;

b.该声称的承继人系在破产程序中,被授权或任命为代表指定的受益人或其财产行事的人;

c.该声称的承继人系由于受益人的死亡或丧失行为能力而被授权或被任命代表指定的受益人行事的人;

d.受益人的名称已被更换为该声称为承继人的名称。

6.13在承继人提示时义务的暂停履行

开证人或指定人在从声称的承继人处收到提示后,如果该提示除了受益人的名称外都是相符的,则

a.可以要求再提交形式和内容令其满意的下述文件: i.法律意见:

ii.规则6.12(以承继人名义提款的额外单据)中提及的

由公职官员签发的额外单据;

iii.有关该声称的承继人因法律规定而成为承继人的声明、约定及认赔书;

iv.支付这些审核涉及的合理费用;及

v.规则6.03(转让条件)或规则6.08(款项让渡确认的条件)可能要求的任何事项。

但是,这些文件不应如同备用证本来要求的单据→样适用备用证的效期规定。

b.开证人或指定人在收到所要求的上述文件前,其承付或发出拒付通知的义务暂停履行,但是备用证要求的单据的最后提示期限并不因此而延长。

6.14对因法律规定而转让的付款的偿付

在因法律规定而转让的情况下,根据规则6.12(以承继人名义提款的额外单据)付款的开证人或指定人,有权得到偿付,犹如它已向受益人付款。

规则7：撤销

7.01不可撤销的备用证被撤销或终止的时间

备用证下受益人的权利未经其同意不可撤销。这种同意可以以书面形式,或通过一个行为证明,比如通过归还备用证正本暗示受益人同意取消。受益人对撤销的同意一经传达给开证人即不可撤销。

7.02开证人有关撤销决定的自主权

在接受受益人授权撤销并把备用证完全撤销之前,开证人可以要求以形式和内容令其满意的方式提供以下文件:

a.备用证正本;

b.代受益人签署的人的签名证实; c.代受益人签署的人的授权证实; d.法律意见;

e.受益人为撤销备用证而签署的不可撤销的授权书,包括:声明、约定、认赔书,以及要求格式中包含的其它内容;

f.令其确信所有保兑人的义务已被撤销的证据;

g.令其确信没有转让并且任何指定人都未辑进行付款的证据;及 h.任何其它合理措施。

规则8:偿付义务

8.01获得偿付的权利

a.若根据本规则对相符提示给予了付款,就必须由以下的人给予偿付: i.要求开立备用证的申请人向开证人偿付;及

ii.开证人向其指定作出付款或以其它方式作出给付的指定人偿付。 b.申请人必须对由下述事由而产生的请求、义务和责任(包括支付律师费用)向开证人负赔偿责任:

i.除在开证地所适用的或备用证所选择的法律和惯例以外的法律和惯例的规定;

ii.其他人的欺诈、伪造或其它非法行为;或

iii.由于保兑人错误地拒绝履行其保兑,开证人代为履行保兑人的义务。

c.本规则对其它适用的规定偿付或赔偿可以基于更少或其它理由的协议、交易程式、惯例、习惯或用法进行补充。 8.02费用和成本的支付

a.申请人必须支付开证人收取的费用,并偿付开证人在申请人同意下指定进行通知、保兑、付款、议付、转让或开立单独承诺的指定人向开证人收取的任何费用。

b.开证人有义务支付其他人的以下费用: i.根据备用证条款应支付的费用;或

ii.指定人通知、付款、议付、转让或开立单独承诺所惯常发生的、而由于该备用证下未作索款要求致使未曾或无法从受益人或其他提示人处收取的合理费用和花费。

8.03偿付的退还

如果开证人拒付,在开证人及时拒付提示之前获得偿付的指定人必须退还偿付和利息,这种退还并不影响该指定人指控错误拒付并请求偿付。

8.04银行间偿付

从另一家银行获取偿付的任何指示或授权,适用国际商会银行间偿付的标准规则。

规则9：时间安排

9.01备用证持续的时间 备用证必须: i.含有到期日;或

ii.允许开证人经合理的事先通知或付款而终止备用证。

9.02到期日对指定的影响

在其指定范围内行事的指定人的权利,并不受随后的备用证到期的影响。

9.03时间的计算

a.在本规则下必须作出某一行为的时间期限,是从该行为应开始的地点的营业日后的第一个营业日开始计算。

b.延展的期限开始于所注明的到期日后的第一个日历日,即使该日或到期日可能是开证人停业的一天。

9.04到期日的时间

如果没有注明到期日的具体到期时间,它应当在提示地该日营业结束时。

9.05备用证的保留

在要求付款的权利终止以后,保留备用证正本并不使备用证下的任何权利得以保留。

规则10:联合开证/权益份额

10.01联合开证

如果备用证有一个以上的开证人,而没有注明应向谁作出提示,则可以向任何开证人作出提示,并对所有开证人具有约束力。

10.02权益份额

a.除非申请人和开证人有其它约定,开证人可以出卖其对申请人和任何提示人的权益份额,并可不公开地向潜在购买人透露有关申请人的资料。

b.开证人对其权利的出卖,并不影响备用证下开证人的义务或在受益人和任何购买权利人之间创立任何权利和义务。

The International Standby Practices - ISP98 1998

Foreword PROLOGUE

by Dr. Gerold Herrmann, Secretary, United Nations Commission on International Trade Law (UNCITRAL)

It was an extremely interesting and enriching experience for me to assist in drafting ISP98. This participation allowed me to witness (and now bear witness to) the very thorough and pragmatic drafting process in a superbly selected group, with representatives of all interested sectors actively involved in standby letter of credit practice such as: bankers,

especially those responsible for letter of credit operations and global trade transactions, bank counsel, attorneys, academics, regulators, government officials, corporate treasurers, and likely influential beneficiaries. The treasure trove of experience and expertise and the diversity of interests and perspectives proved invaluable in determining- as was continuously done by examining concrete practical examples- whether on a given issue an operational rule would be desirable and useful and, if so, which solution would work best and reflect good practice.

Continued participation in the preparatory work has also convinced me- as, I am sure, it would have anyone else- of the special characteristics of standbys at the operational level of practical detail and usage. Their special features, in my view, not only justify but also necessitate special contractual rules designed for standbys. As the constant comparison with the UCP clearly revealed, quite a few UCP Articles are inappro-priate for standbys and quite a few issues of paramount importance in standby practice are not addressed at all in the UCP. While a similar disparity in practice exists between the standby and the independent guarantee (the bank or demand guarantee European style), this seems particularly, if not exclusively, true for those types of actual use (e.g. financial standby, direct-pay standby) hitherto found only extremely rarely in guarantee practice. For this and other reasons, including firmness of the undertaking, I would not be surprised to see not only standbys but also some demand guarantees issued subject to ISP98.

For a professional unifier of law, participation in the preparatory work was particularly satisfying because of its interconnection with other harmonisation and reform efforts. In addition to the concordance with revised Article 5 UCC (the letter-of-credit law of the homeland of the standby) and the similarly close contact (and personal overlap) with the 1993 UCP revision task force, I am referring in particular to UNCITRAL's work which culminated in the adoption in 1995 by the General Assembly of the \of Credit.\The idea of preparing special operational rules for standbys was born during the extensive debates comparing national laws as well as the two instruments to be married by that Convention. Since bride and groom were presented there in all facets and critically scrutinized by their future in-laws, UNCITRAL's travaux preparatoires make for highly informative reading (as will future abstracts of court decisions to be published in UNCITRAL's case collection system called CLOUT; homepage: www.un.or.at/uncitral). It was gratifying to see the group preparing ISP98 refer continuously to the UNCITRAL Convention in order to ensure complete consistency. I must admit to special gratification by overhearing one of the world's leading letter of credit expert's remark to his banking colleague: \look at this UN Convention, the more I really like it.\

The above coordination or cooperation in the universal harmonisation and modernization efforts is welcome and in fact crucial because of the (often neglected or ignored) interdependence between the two very different levels of legal norms: the contractual level, where such sets of rules like ISP98, UCP 500, or URDG become effective by agreement of the individual parties, and the statutory level, where internationally elaborated law like the UN Convention or domestic law (e.g. Art. 5 UCC) recognise and give full effect to the exercise of that party autonomy and regulate certain issues that can effectively be settled only at that level (e.g. standards of fraud exception, injunctive relief and other court matters). Therefore, ISP98 and the Convention supplement each other in an ideal manner and together lay the necessary basis for a smooth functioning of standby practice worldwide. Preface Preface

The International Standby Practices (ISP98) reflects generally accepted practice, custom, and usage of standby letters of credit. It provides separate rules for standby letters of credit in the same sense that the Uniform Customs and Practice for Documentary Credits (UCP) and the Uniform Rules for Demand Guarantees (URDG) do for commercial letters of credit and inde-pendent bank guarantees.

The formulation of standby letter of credit practices in separate rules evidences the maturity and importance of this financial product. The amounts outstanding of standbys greatly exceed the outstanding amounts of commercial letters of credit. While the standby is associated with the United States where it originated and where it is most widely used, it is truly an international product. Non-U.S. bank outstandings have exceeded those of U.S. banks in the United States alone. Moreover, the standby is used increasingly throughout the world.

For convenience, standbys are commonly classified descriptively (and without operative significance in the application of these Rules) based on their function in the underlying transaction or other factors not necessarily related to the terms and conditions of the standby itself. For example:

ll A \covering losses arising from a default of the applicant in completion of the underlying transactions.

l An \the applicant.

l A \is awarded a bid.

l A \counter standby.

l A \repay borrowed money.

l A \a financial standby without regard to a default.

l An \

l A \non-payment by other methods.

In the past, many standbys have been issued subject to the UCP even though it was intended for commercial letters of credit. The UCP reinforced the independence and documentary character of the standby. It also provided standards for examination and notice of dishonor and a basis to resist market pressures to embrace troublesome practices such as the issuance of standbys without expiration dates.

Despite these important contributions, it has long been apparent that the UCP was not fully applicable nor appropriate for standbys, as is recognized in UCP 500 Article 1 which provides that it applies to the extent to which they may be applicable. Even the least complex standbys (those calling for presentation of a draft only) pose problems not addressed by the UCP. More complex standbys (those involving longer terms or automatic extensions, transfer on demand, requests that the beneficiary issue its own undertaking to another, and the like) require more specialized rules of practice. The ISP fills these needs.

The ISP differs from the 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 treasurers and credit managers, 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 insolvency, their texts are subject to a degree of scrutiny not encountered in the commercial letter of credit context. As a result, the ISP is also written to provide guidance to lawyers and judges in the interpretation of standby practice.

Differences in substance result either from different practices, different problems, or the need for more precision. In addition, the ISP proposes basic definitions should the standby permit or require presentation of documents by electronic means. Since standbys infrequently require presentation of negotiable docu-ments, standby practice is currently more conducive to electronic presentations, and the ISP provides definitions and rules encouraging such presentations. The development of S.W.I.F.T. message types for the ISP is anticipated.

The ISP, like the UCP for commercial letters of credit, simplifies, standardizes, and streamlines the drafting of standbys, and provides clear and widely accepted answers to common problems. There are basic simi-larities with the UCP because standby and commercial practices are fundamentally the same. Even where the rules overlap, however, the ISP is more precise, stating the intent implied in the UCP rule, in order to make the standby more dependable when a drawing or honor is questioned.

Like the UCP and the URDG, the ISP will apply to any independent undertaking issued subject to it. This approach avoids the impractical and often impossible task of identifying and distinguishing standbys from independent guarantees and, in many cases, commercial letters of credit. The choice of which set of rules to select is, therefore, left to the parties as it should be. One may well choose to use the ISP for certain types of standbys, the UCP for others, and the URDG for still others. While the ISP is not intended to be used for dependent undertakings such as accessory guarantees and insurance contracts, it may be useful in some situations in indicating that a particular undertaking which might otherwise be treated as dependent under local law is intended to be independent. For the ISP to apply to a standby, an undertaking should be made subject to these Rules by including language such as (but not limited to):

l This undertaking is issued subject to the International Standby Practices 1998. or

l Subject to ISP98.

Although the ISP can be varied by the text of a standby, it provides neutral rules acceptable in the majority of situations and a useful starting point for negotiations in other situations. It will save parties (including banks that issue, confirm, or are beneficiaries of standbys) considerable time and expense in negotiating and drafting standby terms.

The ISP is designed to be compatible with the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit (which represents a useful and practical formulation of basic standby and inde-pendent guarantee law) and also with local law, whether statutory or judicial, and to embody standby letter of credit practice under that law. If these rules conflict with mandatory law on issues such as assignment of proceeds or transfer by operation of law, applicable law will, of course, control. Nonetheless, most of these issues are rarely addressed by local law and progressive commercial law will often look to the practice as recorded in the ISP for guidance in such situations, especially with respect to cross border under-takings. As a result, it is expected that the ISP will complement local law rather than conflict with it.

The ISP is intended to be used also in arbitration as well as judicial proceedings (such as the expert based letter of credit arbitration system developed by the International Center for Letter of Credit Arbitration (ICLOCA) Rules or general commercial ICC arbitration) or with alternative methods of dispute resolution. Such a choice should be made expressly and with appropriate detail. At a minimum, it can be made in connection with the clause relating to ISP98 - e.g. This undertaking is issued subject to ISP98, and all disputes arising out of it or related to it are subject to arbitration under ICLOCA Rules (1996).

Although translations of the ISP into other languages are envisioned and will be monitored for integrity, the English text is the official text of the ISP in the event of disputes.

The ISP is the product of the work of the ISP Working Group under the auspices of the Institute of International Banking Law and Practice, Inc. which interacted with hundreds of persons over a five year period, and has benefitted from comments received from individuals, banks, and national and international associations. In particular, the participation of the International Financial Services Association (formerly the USCIB) and the Ad Hoc Working Group under the chairmanship of Gary Collyer (which led to its endorsement by the ICC Banking Commission) is gratefully recognized. In addition, the sponsorship and support of Citibank N.A., The Chase Manhattan Bank, ABN-AMRO, Baker and McKenzie, and the National Law Center for Inter-American Free Trade is acknowledged. Perhaps the greatest significance of the ISP is that its creation marks a new chapter in the collaboration between the international banking operations community and the legal community at an international level. In this respect, the active role played in this process by the Secretariat of the United Nations Commission on International Trade Law has been invaluable. The ISP is drafted as a set of rules intended for use in daily practice. It is not intended to provide introductory information on standbys and their uses. While it is recognized that specific rules would benefit from explanatory comments, such comments are not appended to the ISP because the resulting work would be too cumbersome for daily use. Instead, introductory materials and Official Comments are available in the Official Commentary on the

International Standby Practices (ISP98). For further information on support materials and developments on the ISP and to pose queries, consult the ISP98 website: www.ISP98.com. Professor James E. Byrne

Director, Institute of International Banking Law and Practice, Inc.;hair and Reporter, P Working Group James G. Barnes

Baker and McKenzie; Vice Chair, ISP Working Group Gary W. Collyer

Vice President, Citibank, N.A;Chair, ICC Ad Hoc Working Group andbTechnical Adviser to the ICC Banking Commission

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Copyright

Copyright ?998

The Institute of International Banking Law and Practice, Inc.

All rights reserved. No part of this work may be reproduced or copied, in any form or by any means - graphic, electronic or mechanical, including recording taping or information retrieval systems - without the written permission of ICC Publishing SA, or ICC Publishing, Inc. for the USA, or of the Institute of International Banking Law and Practice, Inc.

ICC Publication N?590

ISP 98 1

From Section: GENERAL PROVISIONS Scope, Application, Definitions, and Interpretation of These Rules 1.01 Scope and Application

a. These Rules are intended to be applied to standby letters of credit (including performance, financial, and direct pay standby letters of credit).

b. A standby letter of credit or other similar under-taking, however named or described, whether for domestic or international use, may be made subject to these Rules by express reference to them.

c. An undertaking subject to these Rules may expressly modify or exclude their application. d. An undertaking subject to these Rules is here-inafter referred to as a \ 1.02 Relationship to Law and Other Rules

a. These Rules supplement the applicable law to the extent not prohibited by that law.

b. These Rules supersede conflicting provisions in any other rules of practice to which a standby letter of credit is also made subject. 1.03 Interpretative Principles

These Rules shall be interpreted as mercantile usage with regard for: a. integrity of standbys as reliable and efficient undertakings to pay; b. practice and terminology of banks and businesses in day-to-day transactions; c. consistency within the worldwide system of banking operations and commerce; and d. worldwide uniformity in their interpretation and application 1.04 Effect of the Rules

Unless the context otherwise requires, or unless expressly modified or excluded, these Rules apply as terms and conditions incorporated into i. the issuer;

ii. the beneficiary to the extent it uses the standby; ii. the beneficiary to the extent it uses the standby; iii. any advisor; iv. any confirmer;

v. any person nominated in the standby who acts or agrees to act; and

vi. the applicant who authorises issuance of the standby or otherwise agrees to the application of these Rules. 1.05 Exclusion of Matters Related to Due Issuance and Fraudulent or Abusive Drawing These Rules do not define or otherwise provide for: a. power or authority to issue a standby;

b. formal requirements for execution of a standby (e.g. a signed writing); or c. defenses to honour based on fraud, abuse, or similar matters. These matters are left to applicable law. 1.06 Nature of Standbys

a. A standby is an irrevocable, independent, docu-mentary, and binding undertaking when issued and need not so state.

b. Because a standby is irrevocable, an issuer's obligations under a standby cannot be amended or cancelled by the issuer except as provided in the standby or as consented to by the person against whom the amendment or cancellation is asserted. c. Because a standby is independent, the enforce-ability of an issuer's obligations under a standby does not depend on: i. the issuer's right or ability to obtain reimburse-ment from the applicant; ii. the beneficiary's right to obtain payment from the applicant;

iii. a reference in the standby to any reimburse-ment agreement or underlying transaction; or

iv. the issuer's knowledge of performance or breach of any reimbursement agreement or underlying transaction.

d. Because a standby is documentary, an issuer's obligations depend on the presentation of documents and an examination of required documents on their face.

e. Because a standby or amendment is binding when issued, it is enforceable against an issuer whether or not the applicant authorised its issuance, the issuer received a fee, or the ben-eficiary received or relied on the standby or the amendment. 1.07 Independence of the Issuer-Beneficiary Relationship

An issuer's obligations toward the beneficiary are not affected by the issuer's rights and obligations toward the applicant under any applicable agreement, practice, or law. 1.08 Limits to Responsibilities An issuer is not responsible for:

a. performance or breach of any underlying trans-action;

b. accuracy, genuineness, or effect of any document presented under the standby;

c. action or omission of others even if the other person is chosen by the issuer or nominated person; or

d. observance of law or practice other than that chosen in the standby or applicable at the place of issuance. 1.09 Defined Terms

In addition to the meanings given in standard banking practice and applicable law, the following terms have or include the meanings indicated below: a. Definitions

\own name but for the account of another person or (ii) an issuer acting for its own account.

\

\Day\

\See Rule 1.11(c)(i).

\

\fact, law, right, or opinion, that upon presentation (whether in a paper or electronic medium), is capable of being examined for compliance with the terms and conditions of a standby.

\ \

\legal or commercial association or entity.

\so delivered.

\ \b. Cross References \ \

\ \ \ \ \ \ \

\ \ \ \ \ \ \

\ \

c. Electronic Presentations

The following terms in a standby providing for or permitting electronic presentation shall have the following meanings unless the context otherwise requires: \

i. a record (information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form);

ii. communicated by electronic means to a system for receiving, storing, re-transmitting, or otherwise processing information (data, text, images, sounds, codes, computer pro-grams, software, databases, and the like); and

iii. capable of being authenticated and then examined for compliance with the terms and conditions of the standby.

\ i. the identity of a sender or source, and

ii. the integrity of or errors in the transmission of information content.

The criteria for assessing the integrity of inform-ation in an electronic record is whether the information has remained complete and

un-altered, apart from the addition of any endorse-ment and any change which arises in the normal course of communication, storage, and display.

\electronic record that are executed or adopted by a party with present intent to authenticate an electronic record. \

i. an electronic record enters in a form capable of being processed by the information system designated in the standby, or ii. an issuer retrieves an electronic record sent 1.10 Redundant or Otherwise Undesirable Terms a. A standby should not or need not state that it is:

i. unconditional or abstract (if it does, it signifies merely that payment under it is conditioned solely on presentation of specified documents);

ii. absolute (if it does, it signifies merely that it is irrevocable);

iii. primary (if it does, it signifies merely that it is the independent obligation of the issuer);

iv. payable from the issuer's own funds (if it does, it signifies merely that payment under it does not depend on the availability of applicant funds and is made to satisfy the issuer's own independent obligation);

v. clean or payable on demand (if it does, it signifies merely that it is payable upon presentation of a written demand or other documents specified in the standby).

b. A standby should not use the term \ c. The following terms have no single accepted meaning:

i. and shall be disregarded:\ ii. and shall be disregarded unless their context gives them meaning: 1.11 Interpretation of These Rules

a. These Rules, are to be interpreted in the context of applicable standard practice.

b. In these Rules, \\ c. Unless the context otherwise requires:

i. \account of the issuer;

ii. \ iii. \

iv. \ v. Words in the singular number include the plural, and in the plural include the singular; and vi. Words of the neuter gender include any gender.

d. i. Use of the phrase \ii. Absence of such a phrase in other rules does not imply that other rules have priority over the text of the standby;

iii. Addition of the term \be excluded or modified only by wording in the standby that is specific and unambiguous; and

iv. While the effect of all of these Rules may be varied by the text of the standby, variations of the effect of some of these Rules may disqualify the standby as an independent undertaking under applicable law.

e. The phrase \phrase \

ISP 98 2

From Section: OBLIGATIONS

2.01 Undertaking to Honour by Issuer and Any Confirmer to Beneficiary

a. An issuer undertakes to the beneficiary to honour a presentation that appears on its face to comply with the terms and conditions of the standby in accordance with these Rules supplemented by standard standby practice.

b. An issuer honours a complying presentation made to it by paying the amount demanded of it at sight, unless the standby provides for honour:

i. by acceptance of a draft drawn by the benefi-ciary on the issuer, in which case the issuer honours by: (a) timely accepting the draft; and

(b) thereafter paying the holder of the draft on presentation of the accepted draft on or after its maturity.

ii. by deferred payment of a demand made by the beneficiary on the issuer, in which case the issuer honours by: (a) timely incurring a deferred payment obligation; and

(b) thereafter paying at maturity.

iii. by negotiation, in which case the issuer honours by paying the amount demanded at sight without recourse.

c. An issuer acts in a timely manner if it pays at sight, accepts a draft, or undertakes a deferred pay-ment obligation (or if it gives notice of dishonour) within the time permitted for examining the presentation and giving notice of dishonour.

d. i. A confirmer undertakes to honour a complying presentation made to it by paying the amount demanded of it at sight or, if the standby so states, by another method of honour con-sistent with the issuer's undertaking.

ii. If the confirmation permits presentation to the issuer, then the confirmer undertakes also to honour upon the issuer's wrongful dishonour by performing as if the presentation had been made to the confirmer.

iii. If the standby permits presentation to the confirmer, then the issuer undertakes also to honour upon the confirmer's wrongful dis-honour by performing as if the presentation had been made to the issuer.

e. An issuer honours by paying in immediately available funds in the currency designated in the standby unless the standby states it is payable by:

i. payment of a monetary unit of account, in which case the undertaking is to pay in that unit of account; or

ii. delivery of other items of value, in which case the undertaking is to deliver those items. 2.02 Obligation of Different Branches, Agencies, or Other Offices

For the purposes of these Rules, an issuer's branch, agency, or other office acting or undertaking to act under a standby in a capacity other than as issuer is obligated in that capacity only and shall be treated as a different person. 2.03 Conditions to Issuance

A standby is issued when it leaves an issuer's control unless it clearly specifies that it is not then \a standby is not \issuer's control. 2.04 Nomination

a. A standby may nominate a person to advise, receive a presentation, effect a transfer, confirm, pay, negotiate, incur a deferred payment obli-gation, or accept a draft.

b. Nomination does not obligate the nominated person to act except to the extent that the nominated person undertakes to act. c. A nominated person is not authorised to bind the person making the nomination. 2.05 Advice of Standby or Amendment

a. Unless an advice states otherwise, it signifies that:

i. the advisor has checked the apparent authen-ticity of the advised message in accordance with standard letter of credit practice; and

ii. the advice accurately reflects what has been received.

b. A person who is requested to advise a standby and decides not to do so should notify the requesting party. 2.06 When an Amendment is Authorised and Binding a. If a standby expressly states that it is subject

b. If there is no provision for automatic amendment, an amendment binds: and

ii. the confirmer when it leaves the confirmer's control, unless the confirmer indicates that it does not confirm the amendment. c. If there is no provision for automatic amendment:

ii. when, where, and how communications affecting the standby are sent or received by the issuer, beneficiary, or any nominated person; iii. amounts transferred into or out of accounts with the issuer; and

iv. amounts determinable from a published index (e.g., if a standby provides for determining amounts of interest accruing according to published interest rates).

d. An issuer need not re-compute a beneficiary's computations under a formula stated or referenced in a standby except to the extent that the standby so provides.

4.12 Formality of Statements in Documents

a. A required statement need not be accompanied by a solemnity, officialization, or any other formality.

b. If a standby provides for the addition of a formality to a required statement by the person making it without specifying form or content, the statement complies if it indicates that it was declared, averred, warranted, attested, sworn under oath, affirmed, certified, or the like. c. If a standby provides for a statement to be witnessed by another person without specifying form or content, the witnessed statement

complies if it appears to contain a signature of a person other than the beneficiary with an indication that the person is acting as a witness. d. If a standby provides for a statement to be counter-signed, legalized, visaed, or the like by a person other than the beneficiary acting in a governmental, judicial, corporate, or other representative capacity without specifying form or content, the statement complies if it contains the signature of a person other than the beneficiary and includes an indication of that person's representative capacity and the organization on whose behalf the person has acted.

4.13 No Responsibility to Identify Beneficiary

Except to the extent that a standby requires presentation of an electronic record:

a. a person honouring a presentation has no obligation to the applicant to ascertain the identity of any person making a presentation or any assignee of proceeds;

b. payment to a named beneficiary, transferee, an acknowledged assignee, successor by operation of law, to an account or account number stated in the standby or in a cover instruction from the beneficiary or nominated person fulfills the obligation under the standby to effect payment.

4.14 Name of Acquired or Merged Issuer or Confirmer

If the issuer or confirmer is reorganized, merged, or changes its name, any required reference by name to the issuer or confirmer in the documents presented may be to it or its successor. 4.15 Original, Copy, and Multiple Documents a. A presented document must be an original.

b. Presentation of an electronic record, where an electronic presentation is permitted or required is deemed to be an \ c. i. A presented document is deemed to be an \ ii. A document which appears to have been reproduced from an original is deemed to be an original if the signature or authentication appears to be original.

d. A standby that requires presentation of a \copy be presented or otherwise addresses the disposition of all originals.

e. If multiples of the same document are requested, only one must be an original unless: i. \

or

ii. \4.16 Demand for Payment

a. A demand for payment need not be separate from the beneficiary's statement or other required document. b. If a separate demand is required, it must contain:

i. a demand for payment from the beneficiary directed to the issuer or nominated person; ii. a date indicating when the demand was issued; iii. the amount demanded; and

iv. the beneficiary's signature.

c. A demand may be in the form of a draft or other instruction, order, or request to pay. If a standby requires presentation of a \\ 4.17 Statement of Default or Other Drawing Event

If a standby requires a statement, certificate, or other recital of a default or other drawing event and does not specify content, the document complies if it contains:

a. a representation to the effect that payment is due because a drawing event described in the standby has occurred; b. a date indicating when it was issued; and c. the beneficiary's signature. 4.18 Negotiable Documents

If a standby requires presentation of a document that is transferable by endorsement and delivery without stating whether, how, or to whom endorsement must be made, then the document may be presented without endorsement, or, if endorsed, the endorsement may be in blank and, in any event, the document may be issued or negotiated with or without recourse. 4.19 Legal or Judicial Documents

If a standby requires presentation of a government-issued document, a court order, an arbitration award, or the like, a document or a copy is deemed to comply if it appears to be:

i. issued by a government agency, court, tribunal, or the like; ii. suitably titled or named; iii. signed; iv. dated; and

v. originally certified or authenticated by an official of a government agency, court, tribunal, or the like. 4.20 Other Documents

a. If a standby requires a document other than one whose content is specified in these Rules without specifying the issuer, data content, or wording, a document complies if it appears to be appropriately titled or to serve the function of that type of document under standard standby practice.

b. A document presented under a standby is to be examined in the context of standby practice under these Rules even if the document is of a type (such as a commercial invoice, transport documents, insurance documents or the like) for which the Uniform Customs and Practice for Documentary Credits contains detailed rules. 4.21 Request to Issue Separate Undertaking

If a standby requests that the beneficiary of the standby issue its own separate undertaking to another (whether or not the standby recites the text of that undertaking):

a. the beneficiary receives no rights other than its rights to draw under the standby even if the issuer pays a fee to the beneficiary for issuing the separate undertaking;

b. neither the separate undertaking nor any documents presented under it need be presented to the issuer; and

c. if originals or copies of the separate undertaking or documents presented under it are received by the issuer although not required to be presented as a condition to honour of the standby:

i. the issuer need not examine, and, in any event, shall disregard their compliance or consistency with the standby, with the beneficiary's demand under the standby, or with the beneficiary's separate undertaking; and

ii. the issuer may without responsibility return them to the presenter or forward them to the applicant with the presentation.

ISP 98 5

From Section: NOTICE, PRECLUSION, AND DISPOSITION OF DOCUMENTS 5.01 Timely Notice of Dishonour

a. Notice of dishonour must be given within a time after presentation of documents which is not unreasonable.

i. Notice given within three business days is deemed to be not unreasonable and beyond seven business days is deemed to be un-reasonable.

ii. Whether the time within which notice is given is unreasonable does not depend upon an imminent deadline for presentation. iii. The time for calculating when notice of dis-honour must be given begins on the business day following the business day of presentation. iv. Unless a standby otherwise expressly states a shortened time within which notice of dishonour must be given, the issuer has no obligation to accelerate its examination of a presentation.

b. i. The means by which a notice of dishonour is to be given is by telecommunication, if available, and, if not, by another available means which allows for prompt notice.

ii. If notice of dishonour is received within the time permitted for giving the notice, then it is deemed to have been given by prompt means. c. Notice of dishonour must be given to the person from whom the documents were received (whether the beneficiary, nominated person, or person other than a delivery person) except as otherwise requested by the presenter. 5.02 Statement of Grounds for Dishonour

A notice of dishonour shall state all discrepancies upon which dishonour is based. 5.03 Failure to Give Timely Notice of Dishonour

a. Failure to give notice of a discrepancy in a notice of dishonour within the time and by the means specified in the standby or these rules precludes assertion of that discrepancy in any document containing the discrepancy that is retained or re-presented, but does not preclude assertion of that discrepancy in any different presentation under the same or a separate standby.

b. Failure to give notice of dishonour or acceptance or acknowledgment that a deferred payment undertaking has been incurred obligates the issuer to pay at maturity. 5.04 Notice of Expiry

Failure to give notice that a presentation was made after the expiration date does not preclude dishonour for that reason. 5.05 Issuer Request for Applicant Waiver without Request by Presenter

If the issuer decides that a presentation does not comply and if the presenter does not otherwise instruct, the issuer may, in its sole

discretion, request the applicant to waive non-compliance or otherwise to authorize honour within the time available for giving notice of dishonour but without extending it. Obtaining the applicant's waiver does not obligate the issuer to waive non-compliance. 5.06 Issuer Request for Applicant Waiver upon Request of Presenter

If, after receipt of notice of dishonour, a presenter requests that the presented documents be forwarded to the issuer or that the issuer seek the applicant's waiver:

a. no person is obligated to forward the discrepant documents or seek the applicant's waiver;

b. the presentation to the issuer remains subject to these Rules unless departure from them is expressly consented to by the presenter; and

c. if the documents are forwarded or if a waiver is sought:

i. the presenter is precluded from objecting to the discrepancies notified to it by the issuer; ii. the issuer is not relieved from examining the presentation under these Rules; iii. the issuer is not obligated to waive the discrepancy even if the applicant waives it; and

iv. the issuer must hold the documents until it receives a response from the applicant or is requested by the presenter to return the documents, and if the issuer receives no such response or request within ten business days of its notice of dishonour, it may return the documents to the presenter. 5.07 Disposition of Documents

Dishonoured documents must be returned, held, or disposed of as reasonably instructed by the presenter. Failure to give notice of the

disposition of documents in the notice of dishonour does not preclude the issuer from asserting any defense otherwise available to it against honour.

5.08 Cover Instructions/Transmittal Letter

a. Instructions accompanying a presentation made under a standby may be relied on to the extent that they are not contrary to the terms or conditions of the standby, the demand, or these Rules.

b. Representations made by a nominated person accompanying a presentation may be relied upon to the extent that they are not contrary to the terms or conditions of a standby or these Rules.

c. Notwithstanding receipt of instructions, an issuer or nominated person may pay, give notice, return the documents, or otherwise deal directly with the presenter.

d. A statement in the cover letter that the documents are discrepant does not relieve the issuer from examining the presentation for compliance.

5.09 Applicant Notice of Objection

a. An applicant must timely object to an issuer's honour of a noncomplying presentation by giving timely notice by prompt means.

b. An applicant acts timely if it objects to discrepancies by sending a notice to the issuer stating the discrepancies on which the objection is based within a time after the applicant's receipt of the documents which is not unreasonable.

c. Failure to give a timely notice of objection by prompt means precludes assertion by the applicant against the issuer of any discrepancy or other matter apparent on the face of the documents received by the applicant, but does not preclude assertion of that objection to any different presentation under the same or a different standby.

ISP 98 6

From Section: TRANSFER, ASSIGNMENT, AND TRANSFER BY OPERATION OF LAW 6.01 Request to Transfer Drawing Rights

Where a beneficiary requests that an issuer or nominated person honour a drawing from another person as if that person were the beneficiary, these Rules on transfer of drawing rights (\ 6.02 When Drawing Rights are Transferable a. A standby is not transferable unless it so states.

b. A standby that states that it is transferable without further provision means that drawing rights: i. may be transferred in their entirety more than once; ii. may not be partially transferred; and

iii. may not be transferred unless the issuer (including the confirmer) or another person specifically nominated in the standby agrees to and effects the transfer requested by the beneficiary. 6.03 Conditions to Transfer

An issuer of a transferable standby or a nominated person need not effect a transfer unless: a. it is satisfied as to the existence and authenticity of the original standby; and b. the beneficiary submits or fulfills:

i. a request in a form acceptable to the issuer or nominated person including the effective date of the transfer and the name and address of the transferee; ii. the original standby;

iii. verification of the signature of the person signing for the beneficiary; iv. verification of the authority of the person signing for the beneficiary; v. payment of the transfer fee; and

vi. any other reasonable requirements.

6.04 Effect of Transfer on Required Documents

Where there has been a transfer of drawing rights in their entirety:

a. a draft or demand must be signed by the transferee beneficiary;

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