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EBRD e-Learning Programme

ISP Master

ISP Master contains over 12 hours of online training and instruction in ISP98, the rules governing the operation of Standby LCs/independent undertakings. It is designed to ensure proficiency in this area of trade finance work.

Course Contents

The training is divided into 4 Modules: :

Module 1: Essentials Module

This module examines the use of assurances in commercial arrangements, the function of dependent and independent undertakings, the roles of the parties to standby credits and the key terms and conditions that are used in standby letters of credit.

Module 2: Rules Module

This module provides an article-by-article analysis of the ISP98 rules and also examines the comparable provisions of UCP 600.
Areas covered:           
- Scope of the rules
- Obligations of the parties
- Presentation
- Examination
- Disposal of documents       
- Transfer and assignment
- Cancellation of a standby
- Reimbursement obligations
- Expiry
- Syndication/participation

Module 3: Case Studies Module

This module covers key aspects of standby letter of credit work, including: applying for a standby credit; reviewing the terms and conditions of a standby credit for workability; examining a presentation of documents from the perspective of a nominated bank and issuing bank; and issuing a refusal notice.

Module 4: Assessment Module

This module provides provides a comprehensive assessment for trainees to test their knowledge of standby credit practice and ISP98.





EBRD e-Learning Team


Tel: +44 20 7338 6000
Email: eLearning@ebrd.com
Web: www.ebrd.com/tfp




European Bank for Reconstruction and Development

One Exchange Square
London EC2A 2JN, United Kingdom


Technical Support


Tel: +353 1 2352166
Email: ebrd@coastlinesolutions.com