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.

Presents a systematic study of the law of bankers' commercial credits. Bringing together materials which are to be found scattered throughout the various series of English law reports, this title presents a systematic study of the law relating to commercial credits as applied today. It also contains a detailed exposition of the ICC's Uniform Customs and Practice for Documentary Credits. Contents * Provides information on the mechanism, operation and types of credits * Analyses in detail the contractual relationships arising out of issue of credits; the law and practice in relation to transfer of credits; jurisdiction and conflict of laws, etc. * Details the ICC's Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits and the ICC's International Standby Practices, ISP98 * Assesses the impact of the Rome Convention and the Brussels and Lugano Conventions in relation to applicable law and jurisdiction.

An extremely straight forward and no nonsense approach to Documentary Credits - This Book should be on every L/C professional's shelves. Amazon Customer Review of previous edition This practical work offers a lucid and comprehensive account of the workings of documentary credits in the context of English law and under international banking practice as applied in England. Written from the perspective of banking practices as well as the law, the text fully considers the Uniform Customs and Practice for Documentary Credits 600, as well as a full review of the body of case law on the UCPDC 500.