Letters of credit : the law and practice of compliance / Ebenezer Adodo.

I.SETTING UP A LETTER OF CREDIT TRANSACTION
Introduction to Part I
1.Business Framework of the Credit Device
A.Essential Purpose of Credit Vis-a-Vis Other Means of Payment
B.Legal Status of the UCP in Credits
C.Credit Terminologies and Certain of Their Functions
D.Conclusion
2.Parties' Roles in the Credit Opening Process
A.General
B.Completing an Application for a Credit
C.Assessing the Completed Application for Credit
D.Issuance of Credit to Beneficiary on an Accepted Application
E.Advising of Credit
F.Effect of an Issued and Duly Advised Credit
3.Consequences of Failure to Issue a Conforming Credit
A.Beneficiary's Duty upon Receipt of a Non-conforming Credit
B.Liability for the Non-issuance of a Conforming Credit
C.Conclusion
II.PROPER PERFORMANCE UNDER THE OPERATIVE CREDIT
Introduction to Part II
4.Presenting Documents to Draw on the Credit
A.An Overview of the Process
B.Who is to Present Documents for Honour or Negotiation?
C.The Bank to Which Documents are To Be Presented
D.Medium of Delivering Documents
E.Timeliness of Presentation
F.Presentation Documents Missing or Delayed in Transit
G.Conclusion
5.Presentee Bank's Document Examination Duties
A.Preliminary Matters of Concern to a Reasonably Prudent Presentee Bank
B.Sources of Banking Practice Involved in Document Examination
C.Standard of Care and Diligence Required of the Presentee Bank
D.Examining Issuing Bank's Right to Consult the Applicant
E.The Timescale for Completing Examination of the Documents
F.Conclusion
6.Conceptual Criteria for Identifying Conforming Documents
A.Introduction
B.Rationale Behind Strict Documentary Compliance Doctrine
C.Business Common Sense Underpinnings of the Doctrine
D.Credit Agreement Clauses Allegedly Entitling Issuer to Reimbursement Despite Discrepancies in Documents
7.Requirements for Specific Modes of Documentation
A.Date of Issuance of Document
B.Inclusion of the Particulars of the Applicant and Beneficiary in Documents
C.Constituents of Original Documents and Copies
D.Particular Types of Documents
E.Conclusion
8.Unavailable Stipulated Document
A.Supervening Events Rendering a Document Unobtainable
B.Draft Drawn on Credit Applicant
C.Certificate from a Named Party
D.Non-presentation of a Document Evidencing Fulfilment of a Non-documentary Term
9.Procedures for Handling a Non-complying Presentation
A.Introduction
B.Bank's Task upon Verifying that a Presentation is in Good Order
C.Courses of Action Open to the Presentee Bank if the Tender is Faulty
D.Requisites for an Effective Rejection Notice
E.Effect of the Disposal Statement in a Rejection Notice
F.Conclusion
III.CONTRACT CHOICE OF LAW ISSUES
Introduction to Part III
Contents note continued: 10.The Law Applicable to Beneficiary's Presentation for Payment
A.Prevailing Approaches in the United States
B.The Position at Common Law and under the Rome I Regulation
C.Conclusion
11.Nominated Bank's Right of Reimbursement
A.Some Background
B.Advising Bank that has Honoured Documents on Issuing Bank's Behalf
C.Confirming Bank's Claim for Reimbursement under a US Jurisdiction
D.Confirming Bank's Claim at Common Law or under Rome I Regulation
E.Non-obligated Nominated Bank that has Purchased Documents in Its Own Right
F.Lex situs of a Debt Arising Out of the Letter of Credit
G.Conclusion.