GENERAL PRINCIPLE- NATURE OF STANDBYS

dinesh2476 · Post by **dinesh2476** » Mon Nov 14, 2022 3:15 pm

Hi Experts,

We seek your support.

b. because a standby is irrevocable, an issuer's obligations under a standby can not be amended or canceled by the issuer except as provided in the standby or as consented to by the person against whom the amendment or cancellations is asserted.

can you help me to understand the term WHOM is being referred to whom ---

any advisor or
any conformer or
any nominated person acting on its nomination
or the beneficiary?

Thanks & Regards
Dinesh Kumar

picant · Post by **picant** » Mon Nov 14, 2022 3:50 pm

Hi Pal,

under UCP 600, an amendment must be accepted by the beneficiary or the eventual confirming bank.IOther comments Other comments appreciated
Ciao

dinesh2476 · Post by **dinesh2476** » Mon Nov 14, 2022 6:11 pm

Hi Picant,

Thanks. UCP is very clear

However. ISP is not clear with regard to the cancellation proposed by the issuer. So for example, there is an involvement of the advisor, confirmer, and beneficiary. When the issuer request a cancellation, does the issuer need to seek consent from the advisor as well?

Thanks & Regards
Dinesh Kumar

picant · Post by **picant** » Mon Nov 14, 2022 8:27 pm

Hi Pal,

reading point 2.06, 7,01 IMHO it seems working the same as UCP 600, except in 7.02 where more actions are required.
I have little experience about ISP98 as opinions are not issued by ICC.
Other comments appreciatd
Ciao