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Vol 21 No 11 Nov/Dec 2016

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Letters of Credit: Law and Practice of Compliance


ISBN13: 9780199674077
Published: February 2014
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £165.00



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This book examines the legal nature and requirements of compliance in letter of credit transactions in Anglo-American jurisdictions, as well as the associated contract choice of law issues.

It gives an authoritative exposition of the mechanics of the law on the problem of compliance in the field, and is the first to afford a comprehensive, highly analytical critique of the topic from the point of view of modern international banking practice. In a user-friendly style, it provides an in-depth elucidation of the context of the key roles of individual parties during the course of the transactions, aiding a thorough understanding of the legal problems covered.

Structured in four parts, it covers the opening of a complying letter of credit; the regularity of performance under a properly opened letter of credit; ways in which an unreimbursed bank may recover money it mistakenly paid against a faulty presentation; and the conflict of laws problems involved in the context of a beneficiary claiming entitlement to the sum on the credit against an allegedly complying tender of documents.

In the conflict of laws section substantial attention is given to the many difficult hurdles that the potential claimant often confronts, and explores the various methods and techniques available. An important aspect of the analysis in this part is ascertainment of the legal system which the courts at common law and under Rome I Regulation would apply to resolve a claim.

Subjects:
International Trade, Banking and Finance
Contents:
PART I - SETTING UP A LETTER OF CREDIT TRANSACTION
INTRODUCTION TO PART I
1. Business framework of the credit device
2. Parties' roles in the credit opening process
3. Consequences of failure to issue a conforming credit

PART II - PROPER PERFORMANCE UNDER THE OPERATIVE CREDIT
INTRODUCTION TO PART II
4. Presenting documents to draw on the credit
5. Presentee bank's document examination duties
6. Conceptual criteria for identifying conforming documents
7. Requirements for specific modes of documentation
8. Unavailable stipulated document
9. Procedures for handling a non-complying presentation

PART III - CONTRACT CHOICE OF LAW ISSUES
INTRODUCTION TO PART III
10. The law applicable to beneficiary's presentation for payment
11. Nominated Bank's Right of Reimbursement