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In the course of the discussions surrounding the formulation of the UN Convention on Independent Guarantees and Standby Letters of Credit, it became apparent that there was a serious lack of understanding of standby practices and of the potential uses of standbys in many parts of the world.
While the requirement of UCP Article 21 states that documents be consistent with one another is sensible for commercial credits, it is not sensible under standbys where there is less reason to expect that documents will be consistent.
The attempt to allude to standbys in UCP Article 41 (Installment Shipments/Drawings) by adding the term drawings introduces difficulties since the failure to make one of a series of available drawings under a standby is not expected to result in the unavailability of future drawings.
Because there was no effort underway to formulate standby rules and the ICC Banking Commission had decided not to make any of the adjustments for standbys requested by the U.S.
Even where the ISP rule tracks the UCP, however, it is often drafted with more detail to address situations which have been problematic under standbys. Several examples will illustrate this point:
For similar reasons, confusing or incorrect terms often appear in standbys. For example, beneficiary attorneys often insist that the standby state is unconditional.
Storage Battery Systems said with the acquisition of Quality Standby Services, the company further increases geographic reach and customer base, and adds new products and expanded services.
Quality Standby Services offers quality standby power service and hardware in the industry with products and services that include a complete line of standby batteries, chargers, and DC power system components as well as battery system monitoring, testing hardware, uninterruptible power supplies, converters and inverters.