Byrne Involved in Effort to Develop Forms for Standbys and Guarantees
On 19 November 2010, Professor James E. Byrne attended a meeting intended to standardize forms for standby letters of credit and independent guarantees hosted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in New York City.
The goal of this effort is to provide standardized forms for telecommunication of these undertakings that amount to more than US$1.3 trillion per annum outstanding. SWIFT is a member-owned cooperative that connects more than 2,500 banks, securities institutions, and corporations throughout the world via electronic communications platforms.
SWIFT sought Byrne’s advice regarding accommodation of the International Standby Practices (ISP98), rules of practice that are widely used for standbys and demand guarantees. Byrne was the reporter and chairman of the group that drafted ISP98, which has been endorsed by the International Chamber of Commerce (ICC) and the United Nations Commission on International Trade Law (UNCITRAL).