xvi, 501 pages : illustrations ; 27 cm
Formatted Contents Note
Introduction The instruments The "mechanics" and the simple legal structure of the instruments Comfort letters Bonds Traditional guarantees and sureties The function of bank guarantees On-demand guarantees Letters of credit Confirmed letters of credit The three main functions of commercial credits The function of standby credit "Blended" facilities Amendments of the instrument The right and remedy of set-off Security interest in the documents or goods Disclaimers Transerability No "bearer" rights Assignability Subrogation Indemnity agreements Reimbursement, and an introduction to indemnity agreements ("services agreements") "Good faith" and representations and warranties made by the beneficiary Features of the agreement and sample clauses Doctrine of (substantive) independence (autonomy) Bank-to-bank indemnity General The role of the underlying agreement and the balance Honour and the "moment of death" of the instrument Strict compliance doctrine The requirement of consistency The "as tendered" or è contrario rule Interviews with experts The liability of the banks Fraud Fraud ("abuse") or "fraus omnia corrumpit", generally Establishing that fraud exists the necessary sequence Duty (right) to refrain from paying Fraud and good faith Clear proof Whose fraud is relevant? Links required and risks assumed Who bears the loss? Nullity exception Illegality Observation and remarks Interpretation of instruments General Waiver doctrine : express and implied waivers Conditions subsequent "Pay or extend" claims Contractual patterns Sample of use of credits and guarantees in a construction contract Refusal, dishonour, and remedies What constitutes refusal? teachings from Bank of China Dishonor Remedies a substantive or procedural issue? Duty to mitigate and contributory negligence What remains or may remain to be governed by national laws De lege ferenda Jurisdiction and choice of law Interplay of lex mercatoria, conflict of laws and national law Applicable law A preference for English law Jurisdiction.
Rev. ed. of: Letters of credit under international trade law. c1985.
Bibliography, etc. Note
Includes bibliographical references (pages 473-487) and index.
K7384.L48 K87 2008
9780195323160 cloth alkaline paper 0195323165 cloth alkaline paper