The Independence Principle of Letters of Credit and Demand Guarantees
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Product details:
- Publisher OUP Oxford
- Date of Publication 7 April 2011
- ISBN 9780199239719
- Binding Hardback
- No. of pages386 pages
- Size 254x181x26 mm
- Weight 804 g
- Language English 0
Categories
Short description:
The Independence Principle of Letters of Credit and Demand Guarantees offers a comprehensive and authoritative analysis of the principle of independence, a fundamental element of Letters of Credit and Demand Guarantees. It explores the parameters of this principle and the increasing exceptions to it.
MoreLong description:
The Independence Principle of Letters of Credit and Demand Guarantees offers a comprehensive and authoritative analysis of the principle of independence, a fundamental element of Letters of Credit and Demand Guarantees. It examines the key issues involved in the practical application of this principle and the increasing exceptions to it, including a detailed account of the rules in this area.
Beginning with an elementary account of the law of Letters of Credit and Demand Guarantees, the following chapters guide practitioners on the parameters of the Independence Principle. It will discuss the limitations of the principle, and assess whether new exceptions should be introduced.
With English law and practice as the main focus of the work, comparisons to other major common law jurisdictions (including Australia, Canada, USA and Singapore) will be made where relevant and instructive.
The landscape of the law in this area has changed markedly as a result of judicial decisions within the last five years,and revisions of the ICC Uniform Customs and Practice for Documentary Credits (2007) and ICC Uniform Rules for Demand Guarantees (2010). The fully updated analysis takes into account all the important developments that have taken place in this field in recent years and will prove a valuable reference tool to practitioners and academics alike.
What sets this book apart though is how it relates the principle to the question of remedies and claims. This is context which is not always properly developed in other texts on the subject.
Table of Contents:
Introduction
The Nature of Letters of Credit
The Nature of Demand Guarantees
The Independence Principle
The Fraud Exception
Nullity or Recklessness Exception?
Unconscionability Exception
The Illegality Exception
Demand in Breach of an Agreement with the Account Party
Injunctions
Claims Against the Beneficiary for a Wrongful Demand
Recovery of Overpayments
Conflict of Laws
