Minding the Details ... Drafting Standby Letters of Credit. Using the ISP98 Model Forms. Understanding the Rules.

October 11, 2013 at 8:30am12:00pm
Pennsylvania Bar Institute - Professional Development Conference Center
339 Sixth Avenue, Suite 760
Described as the most practical tool available for standby letter of credit practice, The ISP98 Model Forms were drafted so banks (and other businesses that rely on LCs) do not have to draft a new one for each situation.
The forms not only propose text, but in extensive endnotes: explain why, indicate alternatives and address collateral issues and problems that may sideline an agreement. An unfortunate reality is that many major corporations and government agencies use standby forms without understanding what they mean and the dangers they contain.

Join us for a FREE three-hour workshop covering all you need to know to make standbys work for you and your business in a manner that avoids unpleasant surprises, is clear to all parties and will be acceptable to all parties involved in the transaction. You will also understand the risks and advantages of certain clauses and alternatives that might resolve concerns.

We’ll cover: 
 • Whether presentation of the operative instrument should be required
 • Whether the standby should include a choice of law clause
 • The risks of using a counter standby
 • How a confirmation can lessen counter standby risks
 • Issues to be considered in drafting an automatic extension clause
You'll receive:
The ISP98 Model Forms on a USB, ISP98 and detailed handouts.


Jacob A. Manning | Partner, Dinsmore & Shohl LLP 
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Jacob advises businesses and individuals in a variety of business transactions, both domestic and cross-border, including those involving guarantees and letters of credit. He is an Associate Fellow of the Institute of International Banking Law & Practice, and he has served as a representative to the U.N. Commission on International Trade Law as well as a member of its Group of Experts on Commercial Fraud. He is an Adjunct Lecturer in Appellate Advocacy at the West Virginia University School of Law, and is a Contributing Editor to Documentary Credit World, a monthly journal of letter of credit law and practice. 

Prof. James E. ByrneDirector, Institute of International Banking Law & Practice, Inc.
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Professor Byrne is Editor of Documentary Credit World, and he has written and lectured extensively on LC law and practice, electronic commerce, international sales of goods, and commercial and financial fraud in more than 40 countries. He chaired and served as Reporter for the International Standby Practices (ISP98), and was a member of the ICC Banking Commission consulting group on the revision of UCP500 and its Working Group on Electronic Credits, which drafted the eUCP. He also worked with the ICC Banking Commission Task Force that drafted the 2004 version of the International Standard Banking Practice (ISBP 2004). He is also a member of the faculty of George Mason University School of Law. 

Questions about our event?

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