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Vol 21 No 11 Nov/Dec 2016

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Letters of Comfort: A Trans-Systemic Analysis


ISBN13: 9789041136008
Published: January 2012
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £112.00



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This book presents the first thoroughgoing analysis of the contractual effect of letters of comfort as it appears in both common law and civil law systems.

The commentary draws on cases from a wide variety of jurisdictions and on the full range of legal scholarship on the subject in several languages. Among the specific issues and topics raised along the way are the following:-

  • the typology of letters of comfort;
  • the legal nature of letters of comfort;
  • the use of letters of comfort in corporate group and banking practice;
  • the economic explanation for the use of letters of comfort;
  • the contractual effect of letters of comfort in French law;
  • ‘ten commandments’ of letters of comfort;
Clearly evoking the tension between business needs, the law, and judicial application, the book analyses what happens when the relationship between a lender and a creditor breaks down, or the latter becomes insolvent, and courts or arbitrators are asked to determine the legal status of a comfort letter.

This is an area of practice in which lawyers in any field of business activity are inevitably concerned, and in which useful guidance is scarce. For this reason this detailed analysis will be very welcome.

Subjects:
International Trade, Banking and Finance
Contents:
The Author. Preface.
Chapter 1 Introduction.
Chapter 2 The Concept of the Letter of Comfort and its Delineation.
Chapter 3 The Use of Letters of Comfort in Corporate Group and Banking Practice.
Chapter 4 The Contractual Effect of Letters of Comfort in the Anglo-Common Law.
Chapter 5 The Contractual Effect of Letters of Comfort: The Contractual Intention Approach.
Chapter 6 The Contractual Effect of Letters of Comfort:The Constructionist Approach.
Chapter 7 The Contractual Effect of Letters of Comfort:The Commercial Interpretation Approach.
Chapter 8 Elements of French Contract Law.
Chapter 9 Contractual Effect of Letters of Comfort in French Law.
Chapter 10 Conclusion. Bibliography. Table of Cases. Index.