For over 25 years, ISP98—also known as the International Standby Practices—has set the standard for standby letters of credit, shaping how applicants, beneficiaries, banks, and other financial institutions handle billions in transactions globally. Drafted with the expertise of Moses Singer's Michael Evan Avidon and others, ISP98 provides essential practice rules for standby letters of credit, ensuring clarity, uniformity, predictability, and security in the world of finance. In our video, Avidon, alongside Paul Roder, co-chair of Moses Singer's Banking & Finance Group, dives into the origins and ongoing importance of ISP98 in modern financial transactions. Discover why ISP98 remains the preferred choice for practice rules governing standby letters of credit worldwide.
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