국제상업회의소(ICC)는 유엔이 1995년말 국제거래법위원회(UNCITRAL)의 [독립보증서 및 보증신용장에 관한 국제협약](UN Convention on Independent Guarantees and Stand-by Letters of Credit; 일명 "국제보증협약")을 채택함에 따라 기존 신용장 통일규칙(UCP)을 어떠한 상황에서도 적용될 수 있는 중립적인 규정으로 고치고 보증 조건(standby terms)을 교섭하는 데 드는 시간과 비용을 절약할 수 있도록 표준화한 [보증신용장에 관한 새 규칙]을 1998년 10월 공표하고 1999년 1월 1일부터 시행중이다.
참고: 拙著 [국제거래법 II - 케이스와 서식] 33-34면. 다음은 1998.10.29자 ICC의 발표문 전문임.
First rules introduced on standby letters of credit
Five years in preparation, the first ever Rules on International Standby Practices (ISP98) come into effect on January 1, 1999. The Rules will make it possible to draft a standby letter of credit correctly, without being an expert.
Created by the Institute for Banking Law and Practice, revised and adopted by the ICC, and designed to be compatible with the UNCITRAL Convention on Independent Guarantees and Standby Letters of Credit, the ISP Rules are the product of an exhaustive consultation involving bankers, lawyers, merchants, corporate treasurers and credit managers, government agencies, regulators and distinguished academics.
The new Rules
- Contain precise definitions of key terms such as "original" and "automatic amendment"
- Cover in detail the standby process from "Obligations" to "Syndication"
- Provide neutral rules acceptable in most situations
- Save both time and expense in negotiating and drafting standby terms
- Help avoid litigation and unexpected loss
- Propose basic definitions should the standby involve presentation of documents by electronic means
- Set an international standard for the use of this fast-growing financial instrument.
First associated with the US market, the standby is now a truly international product. The amounts of standbys outstanding in value terms exceed those of commercial credits by a ratio of more than 5:1. In 1997, more than US$ 450 billion in standbys were held by non-US banks in the US market alone.
Implementing ISP98 in practice offers the seal of quality, reliability and integrity by which standbys will be measured. ISP98 will receive acceptance, not only from bankers and merchants, but also from lawyers, judges, rating agencies, corporate treasurers, credit managers, regulators and academics.
ICC endorsement of
the UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit
Commission on Banking Technique and Practice, 21 June 1999
On the unanimous consent of its Commission on Banking Technique and Practice, the International Chamber of Commerce endorses the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit.
Since its earliest years, ICC has provided important international leadership in the field of international banking operations, particularly as a forum for developing rules of practice. Since 1933, the Uniform Customs and Practice for Documentary Credits (UCP), in its various revisions, has become a universally recognized standard, stating and establishing custom and practice for letters of credit.
In this process, the United Nations Commission on International Trade Law (UNCITRAL), by its endorsement of the subsequent UCP versions, provided an important bridge to those countries who were at the time unable to participate directly in the work of ICC. Other ICC rules, such as Incoterms, have also been endorsed by UNCITRAL, which has contributed to their international acceptance.
ICC rules cannot be fully effective in all countries without their being recognized under local law. In this respect, the recent work of UNCITRAL on the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit provides an important impetus to attain this objective. The Convention sets forth the basic principles of law for independent undertakings in a manner which fully assures their independent nature, which guarantees widest possible party autonomy and which establishes a uniform international legal standard for limits to the exception for fraudulent or abusive drawings.
ICC appreciates that the Convention was drafted in full recognition of the role of the various ICC rules in this field, that the UNCITRAL Working Group was directly and indirectly influenced by, and in turn influenced, the revision of the UCP, ICC's Uniform Rules for Demand Guarantees (URDG) and its recently adopted rules on International Standby Practices (ISP98). ICC also notes that the UN Convention expressly defers to international banking practice as represented by ICC rules.