Read more
Informationen zum Autor Peter Ellinger is Emeritus Professor of Law at the National University of Singapore, and a world-renowned expert on banking and financial law. He published his first book on the subject in 1974 and has since been the editor of the relevant chapter (No 23) in Benjamin's Sale of Goods. He has substantial experience with the drafting of bank documents respecting international trade, in the writing of opinions on issues arising in commerce and as an expert witness. Dora Neo is an Associate Professor at the National University of Singapore. She obtained her law degrees from Oxford and Harvard Universities. She has been teaching courses on letters of credit and has published on the subject. Klappentext Letters of credit have retained their role as an instrumentality for the financing of foreign trade. An understanding of the law and practice in point is imperative for lawyers advising business people and bank clients, as well as for the banking and trading communities. The book examines the topic on the basis of the common law system, primarily UK law, and adopts an approach that is analytical and not merely descriptive. Letter of credit transactions are, by their nature, international and most nations have adopted the Uniform Customs and Practices ("UCP") originally promulgated by the International Chamber of Commerce (ICC) in 1933 and updated from time to time. Today, the UCP constitutes a code of internationally accepted rules governing letter of credit transactions. The authors have therefore selectively incorporated some comparative discussion, for instance, of the position in the USA and Europe. The book will be an essential work of reference for commercial lawyers in all the major financial centres of Europe, America and Asia. Zusammenfassung The book examines letter of credit on the basis of the common law system, and adopts an approach that is analytical and not merely descriptive. Inhaltsverzeichnis 1. Documentary Credits in Practice I. Background II. Documentary Credits Distinguished from Similar Facilities A. Documentary Credits and Open Credits B. Letters of Credit with a 'Red Clause' C. Standby Credits and Performance Bonds III. Documentary Credits Classified A. Need for Classification B. Revocable and Irrevocable Credits C. Confirmed and Unconfirmed Credits D. Straight and Negotiation Credits E. Transferable and Non-Transferable Credits F. Revolving (Evergreen) Credits IV. Use of Bills of Exchange V. Review of a Transaction 2. The Uniform Customs and Other Sources of Law I. Applicable Sources II. The Uniform Customs and Practice for Documentary Credits (UCP): Their Development A. Their Background and History up to 1993 B. UCP 500 and Related Guidelines C. UCP 600 III. Legal Nature of the UCP A. The Legal Effect of the UCP B. Construction of the UCP C. Application of the UCP in Borderline Cases IV. Usages and Banking Practice A. Basic Principles B. Effect of Trade Usages on Documentary Credit Transactions C. Role of Banking Practice V. Statutes and Laws A. Scope B. Article 5 of the Uniform Commercial Code (USA) C. Statutory Provisions in Other Jurisdictions 3. The Documentary Credit Clause of the Underlying Contract I. Nature of Clause II. Time at which Credit must be Furnished III. Type of Credit to be Furnished IV. Waiver of Documentary Credit Clause V. Effect of Opening of Credit and its Dishonour 4. Contract between Applicant and Issuing Bank I. General Aspects of Legal Relationship A. Opening the Credit B. Vicarious Performance-Use of Correspondent Banks C. Nature of Relationship II. Issuing Bank's Obligations A. Issue and Honour Credit B. The Issuing Bank's Mandate C. Autonomy of Credits D. Non-Conforming Presentation: Duty Not to Honour E. I...
