Earn 12 CPD's

12 Hours
Online Training
ISP Master

ISP Master


This training course provides comprehensive training and instruction in ISP98, the rules governing the operation of Standby LCs/independent undertakings. The course is designed to ensure proficiency in this area of trade finance work. This course will cover the following:

  • Overview of assurances with an emphasis on dependent and independent undertakings.
  • Examination of the content and role of the parties to standby credits and independent guarantees.
  • An article-by-article review of all key aspects of the ISP98 rules complete with a review of the comparable provisions of UCP 600.

ICC Approved online training in International Standby Practices (ISP98).

Earn 12 CPDs for CDCS®, CSDG® and CSCF® recertification.

The Course Content is written by Professor James Byrne of the Institute of International Banking Law & Practice (IIBLP) in conjunction with Gary Collyer Technical Adviser to the ICC Banking.

Course Overview

Module 1


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.

Lesson 1 - An introduction to assurances and independent undertakings

Lesson 2 - Parties and content of standby credits

Lesson 3 - Categories of standby credits/independent undertakings

Module 2


This module provides an article-by-article analysis of the ISP98 rules and also examines the comparable provisions of UCP 600.

Rule 1 - General Provisions

Rule 2 - Obligations (Part 1)

Rule 2 - Obligations (Part 2) and Rule 7 - Cancellation

Rule 3 - Presentation

Rule 4 - Examination

Rule 5 - Notice, Preclusion and Disposal of Documents

Rule 6 - Transfer, Assignment and Transfer by Operation of Law

Rule 8 - Reimbursement Obligations

Rule 9 - Timing

Rule 10 - Syndication/Participation

Module 3

Case Studies

This module covers key aspects of standby letter of credit work

Case Study 1 - Terms of a Standby Credit/Independent Undertaking

Case Study 2 - Issuing a Standby Credit

Case Study 3 - Document checking - Confirming bank

Case Study 4 - Document checking - Issuing bank

Module 4


This module provides a comprehensive assessment for trainees to test their knowledge on International Standby Practices (ISP98).

Successfully complete the Assessment to receive an “ICC Certificate of Achievement” and qualify for 12 CPD's towards CDCS ®, CSDG ® and CSCF ® recertification.

Module 5


UCP 600


UN Convention

UCC Article 5


1 to 9 trainees

€300 .00
  • per trainee

10 to 49 trainees

€250 .00
  • per trainee

50+ trainees

€200 .00
  • per trainee


ISP Master

Thank you for putting together such an excellent training. I can honestly say that after completing each module, I immediately started to see the results of the new knowledge I had acquired. The materials, examples were the best reference we had the chance to read and use in our daily job.

Merita Hysaj, TEB SH.A., Kosovo

ISP Master

Excellent training for understanding and implementation of Standby LCs/independent undertakings, fun and interactive mode of learning. Recommend to everyone!!!

Risto Djaganoski, Stopanska Banka AD Skopje, NBG Group, Macedonia

ISP Master

The knowledge obtained in ISP Master will help a lot in issuing SBLCs and trade finance in whole. The course will help a lot in further work experience.

Jargalmaa Altansukh, Khan Bank LLC, Mongolia



Our online training courses are developed in collaboration with internationally renowned experts from around the world. Truly International – designed to be relevant for staff worldwide.


As the training is delivered online, each member of your staff can be trained to an approved standard regardless of location.


Trainees have access to the course material for 1 year as a reference tool. Using our learning management system (LMS), organisations can easily manage their staff training and keep track of trainees' progress and results.

Value for money

Save time and money by taking our courses online – discounts for volume orders – our courses are a very cost-effective way to train your staff.