ISP98하 보증신용장의 정체성에 관한 연구

A Study on the Identity of Standbys under ISP98- with a special reference to UCP 600 compared -

On January in 1999, the ISP98 came into force as the ICC publication no. 590, for which the American Institute of International Banking Law & Practice participated in drafting the groundwork for these Rules in accordance with UCC Article 5 and the UN Convention on Independent Guarantees and Stand-by L/C. Even though German delegates were against the new guidelines, these were passed by the vote at ICC Banking Commission with 32 votes for, 9 against and 46 abstentions. There were, however, much doubts whether these new rules were necessary or correct to approve the American standby practice at the ICC standpoint. Supporters of these rules referred to the situation in which the outstanding values of standby are well over any other commercial L/C. But as a result of American legal parlance contained with excessive and unnecessary details, it could be generally realized that most of these rules are of inappropriate character to internationally acceptable general practices accomplished by the ICC in formulating international rules. This paper is to research on the ISP98 Rules for standbys to find out the way to improve its acceptability in the international commercial community by the merchant and banking practitioner with in-depth knowledge.