Part I Legal and Practical Challenges to Traditional Trade Finance, 5 Determining a Complying Presentation in Letter of Credit Transactions: A Principled Appraisal of Current Requirements and Challenges

2021 ◽  
Author(s):  
Adodo Ebenezer
Keyword(s):  
Trade Finance ◽  
Letter Of Credit ◽  
Print Material ◽  
Legal Effect ◽  
American Law ◽  
Anglo American ◽  
Vexed Question ◽  
Legal Meaning

This chapter explores frequently neglected aspects of the vexed question of complying presentation in letter of credits operations from the perspective of Anglo-American law and a pragmatic appreciation of the International Chamber of Commerce’s codes of banking practice. In particular, it considers the existence and extent of the classes of ICC print material permissible as an aid in ascertaining the proper legal meaning and effect of a clause in the UCP 600 that lacks sufficient clarity, or even worse, if the UCP clause in dispute makes no express provision on the point at issue. The discussion then evaluates the nature of a clause in a credit calling for a draft drawn on the applicant; the legal effect of an unstipulated document in a presentation under the credit; and the rights of the beneficiary when determining the bank to which to tender documents for payment.

The Doctrine of the Renvoi in Anglo-American Law

1918 ◽  
Vol 31 (4) ◽  
pp. 523
Author(s):  
Ernst Otto Schreiber
Keyword(s):  
American Law ◽  
Anglo American

The Historians of Anglo-American Law

1928 ◽  
Vol 28 (5) ◽  
pp. 676
Author(s):  
Theodore F. T. Plucknett ◽  
W. S. Holdsworth
Keyword(s):  
American Law ◽  
Anglo American

scholarly journals The Law of Obligations

2018 ◽  
Author(s):  
Michael Lobban
Keyword(s):  
United States ◽  
Tort Law ◽  
The United States ◽  
Contract Law ◽  
Public Law ◽  
The Other ◽  
Economic Changes ◽  
American Law ◽  
Anglo American ◽  
Unifying Principles

The Anglo-American law of obligations was profoundly reshaped in the two centuries after 1800, driven by social and economic changes, and changes in legal institutions and doctrines. In contract law, nineteenth-century jurists increasingly sought to put the rules of law into a coherent rational framework (inspired by continental models resting on will theory), though they soon found that this theory could not explain many contractual doctrines. In tort law, jurists were also divided over whether unifying principles underlying tort could be uncovered, with formalist efforts to find such principles being challenged by Realists who argued that tort was in effect ‘public law in disguise’. The quest for underlying principles was also pursued by scholars of unjust enrichment, first in the United States and subsequently in England; though as in the other areas of obligations, by the end of the twentieth century, there was no consensus on whether this was possible.

Part III Innovation and Trade-Finance Challengers, 16 Countertrade as Finance

2021 ◽  
Author(s):  
Hare Christopher
Keyword(s):  
Financial Stability ◽  
Institutional Framework ◽  
Financial Instability ◽  
Trade Finance ◽  
Letter Of Credit ◽  
Financial Products ◽  
Legal Difficulties

Whilst the letter of credit has been the dominant force in the trade-finance area, its utility has increasingly been challenged by technology, regulation, and competition from other financial products. Additionally, there are some circumstances where economic, political, or financial instability makes the letter of credit inapt. This is because the letter of credit requires a certain level of financial stability and an appropriate institutional framework to function properly. In such circumstances, the parties may resort to trade finance mechanisms that can withstand such instability. The prime example is countertrade, whereby goods or services are used to ‘pay’ for goods or services. Whilst this form of transacting is not without its legal difficulties, countertrade may provide a useful trade-finance device in times of crisis, such as the global coronavirus pandemic.

Part I Legal and Practical Challenges to Traditional Trade Finance, 3 Soft Clauses in Letters of Credit

2021 ◽  
Author(s):  
Davies Martin
Keyword(s):  
Trade Finance ◽  
Letter Of Credit ◽  
Exchange Time ◽  
The Past ◽  
Blockchain Technology ◽  
The Future ◽  
Letters Of Credit

Soft clauses in letters of credit make the issuing bank’s obligation conditional upon some event or certification that is in the control either of the applicant, or some agent, entity, or organisation in the applicant’s country. Such clauses make an apparently irrevocable letter of credit into what is, in essence, a conditional undertaking dependent on the applicant’s approval. Soft clauses are not always a vehicle for fraud—there may be genuine reasons for their inclusion—but they certainly make it easy for an applicant to ensure that the issuing bank does not pay the beneficiary. This chapter will consider the problems caused by the use of soft clauses, some possible solutions, and it will suggest alternatives, some of which look to the past (bills of exchange/time drafts), some to the present (open account and standby letters of credit), and some to the future (the advent of blockchain technology).

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