Download Bills of Lading and Bankers' Documentary Credits by Paul Todd PDF

By Paul Todd

Debts of Lading and Bankers’ Documentary credit offers a simple consultant to the nuances and complexities of offers performed below the documentary credits approach. The publication describes intimately the legislation appropriate to and the sensible workings of bankers' documentary credit as they're utilized in foreign revenues and carriage of products contracts in a fashion that's obtainable to either legal professionals and to businessmen who've to exploit those contracts on a day by day foundation. In its fourth variation, accounts of Lading and Bankers’ Documentary credit has been thoroughly up-to-date to take account of modern case legislation and advancements together with the UCP six hundred in addition to growth in digital and different documentation because the final version.

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Sample text

86. This is identical to Art. 3(b) of UCP 500, and Art. 6 of UCP 400 (the 1983 Revision). See further para. 2ff. 87. 5ff. , and the autonomy principle is further elaborated in chapter 9. 88. C. 168, 184–185. 61 I N T RO D U C T I O N TO B I L L S O F L A D I N G ‘‘It would be strange from the commercial point of view, although not theoretically impossible in law, if the contractual duty owed by confirming and issuing banks to the buyer to honour the credit on presentation . . were not matched by a corresponding contractual liability of the confirming bank to the seller/beneficiary .

443, 456 (col. 1). See further on this case para. 27ff. 90. See further chapter 9. 91. See further para. 38ff. The connection between the sale contract and the other contracts making up the credit is the subject of the beginning of chapter 4, up to para. 67. 92. Para. 119ff. 71 contracts involving the banks). Clearly also, the same must be true of the relationship between issuing bank and beneficiary, where the credit is unconfirmed. 68 In the past, the nature of these relationships has been the subject of hot debate, partly in an attempt to resolve the issues considered here.

69. Such disputes are by no means rare. The evidence in Bankers Trust Co. v. State Bank of India [1991] 2 Lloyd’s Rep. 443 (on which see further para. ) was that discrepancies are found in nearly half of all credits. 70. See further para. 36ff. 71. See further the discussion of the nature of irrevocable credits in para. 24ff. 72 Furthermore, each re-sale may itself be financed by documentary credit. A logical extension of this is the back-to-back credit described in the next chapter. 51 The House of Lords decision in United City Merchants v.

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