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Vol 22 No 3 March/April 2017

Book of the Month

Cover of Company Directors: Duties, Liabilities and Remedies

Company Directors: Duties, Liabilities and Remedies

Edited by: Simon Mortimore
Price: £225.00

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International Letters of Credit: Resolving Conflict of Law Disputes 2nd ed

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ISBN13: 9789041107237
ISBN: 9041107231
Published: November 1999
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £114.00

This is a Print On Demand Title.
The publisher will print a copy to fulfill your order. Books can take between 1 to 3 weeks. Looseleaf titles between 1 to 2 weeks.

Examines the criteria used to determine the law relating to disputes over letters of credit, where several parties are involved and each is situated in a different jurisdiction with no choice of law specified. With letters of credit, there are usually at least four parties involved, namely the buyer-applicant, the bank issuing the letter of credit, the seller beneficiary, and the correspondent bank confirming and advising or negotiating the letter of credit.

These parties may often be situated in different jurisdictions, having different laws both in substance and procedure. Furthermore, when incorporated, the letters of credit are governed by the Uniform Customs and Practice for documentary credits (UCP). While the UCP is a set of rules and practices on the use of letters of credit, this particular codification does not offer solutions in the absence of a choice of law to the problem of conflict of laws over disputes involving letters of credit.

The book contains a particularly useful documents section, which includes the UCC rules and samples of letters of credit.

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International Trade
1: Relationships and Connecting Factors Related to a Letter of Credit Transaction.
1.1. Operation of the Letter of Credit.
1.2. Relationships Developed in a Letter of Credit Transaction.
1.3. Connecting Factors Relevant to Letter of Credit Transactions.
2: Conflict of Law Rules.
2.1. General Rules of Conflict of Laws in Contracts.
2.2. Conflict of Law Rules in Matters of Letters of Credit.
3: Specific Criteria as a Solution to Conflicts of Laws in Matters of Letters of Credit.
3.1. Application of the Law of the Site of Issue.
3.2. Application of the Law of the Site of Performance of Payment.
3.3. General Comments on Case Study: Applying the Law of the Site of Issue and the Site of Payment.
3.4. Proposed Method to Evaluate Specific Criteria.
Appendix 1: The Chuidian Judgment.
Appendix 2: Charts.
Appendix 3: Uniform Customs and Practices.
Appendix 4: UCC.
Appendix 5: Sample List of Credit Documents.
Appendix 6: Letter of Credit Checklists.