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Bank Guarantees In International Trade

Author: Roeland I. V. F. Bertrams
Publisher: Kluwer Law International
ISBN: 9041122435
Size: 46.11 MB
Format: PDF, ePub
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For decades, this remarkable book - now in its updated fourth edition - has served practitioners in international trade and banking law as a thorough 'codification' of the law and practice of bank guarantees. The new edition has been thoroughly revised, updated, and amended in the light of new developments in the law and changing patterns in practice. Bertrams uses case law, arbitral decisions, and legal writing from five European jurisdictions - The Netherlands, Germany, France, Belgium, and England - to build an analysis of how the practical applications of bank guarantees have established a pattern of law. The new edition takes into account all legal and arbitral decisions and relevant legal writing through 2012 from these countries, as well from other European countries and the United States. Written from a transnational perspective, Bank Guarantees in International Trade can be used in both civil and common law jurisdictions and it has been cited as an authoritative source of case law in several jurisdictions from each system. With reference throughout to the effect and significance of the Uniform Rules for Demand Guarantees (URDG) of the International Chamber of Commerce, International Standby Practices (ISP), and the UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit, the author continuously elucidates the way guarantees function in actual practice and the numerous practical aspects and issues to which they give rise. The analysis covers the following subjects and much else: types of guarantee (tender, performance, maintenance, repayment, retention); payment mechanisms (first demand, third-party documents, arbitral or court decision); risks and negotiations, drafting and clauses; bank guarantees as a financial service, the bank's perspective; direct and indirect guarantees, counter-guarantees; formation, enforceability of expiry dates, assignment and transfer; demand for payment and the rule of strict compliance; fraud and restraining orders; applicable law and jurisdiction; reference to URDG 2010 revision and ISP98 throughout the text. In addition to his thorough coverage of law and legal writing, the author has drawn on intensive contacts with the banking community, construction firms, export credit insurance companies, and local lawyers. His insight into 'the daily life' of the world of independent (first demand) guarantees and the practices, difficulties, and peculiarities in a great number of countries and regions, including the Middle East and North Africa, cannot be matched in any other source. Bank guarantees can present major difficulties, and this book is the lawyer's best guide in any situation likely to arise. As a comprehensive study of the legal and practical aspects of bank guarantees and standby letters of credit, it offers practitioners in international trade law the most complete analysis of banking law in the field. In its wealth of practical detail, it is unlikely to be surpassed.

Standby Letters Of Credit In International Trade

Author: Ramandeep Kaur Chhina
Publisher:
ISBN: 9789041145604
Size: 21.59 MB
Format: PDF, Kindle
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This thesis puts forward two principal arguments. First, it argues that commercial letters of credit and standby letters of credit should not be treated on an equal footing. They are, and should be, treated as two separate undertakings with respect to the application of the fraud exception. Secondly, the thesis argues that there should be a 'wider' fraud exception for standby letters of credit; however, the need is to explore how wide that fraud exception should be. To support the arguments of this thesis, the study examines the application of the fraud exception in four major jurisdictions: the US, England, Canada and Australia. Out of these four jurisdictions, two - the US and Canada - have been expressly applying the wider fraud test to standby letters of credit and the other two have traditionally applied the more stringent fraud test to standby credits. The research will compare and critically examine these four jurisdictions' approaches to their different tests of the fraud rule to standby letters of credit, and argue that the fraud rule for standby letters of credit should neither be too narrow ('fraud in documents') nor should it be too wide (fraud in the inducement or unconscionable conduct or bad faith). It is argued that standby letters of credit are more abstract than commercial letters of credit; therefore, protecting the principle of the autonomy of these independent undertakings is of paramount importance. The study argues that even the wider fraud exception (the 'fraud in the transaction' defence) should be given a narrow meaning: in order to protect the independence of standby credits, it should be confined to cases in which the beneficiary had 'no bona fide belief in the validity of its claim. The thesis clearly shows that the wider 'fraud as no bona fide claim' is an appropriate fraud defence for standby letters of credit whereas for commercial letters of credit the fraud exception should be narrowly confined to 'fraud in documents', which is arguably an appropriate test for these undertakings.

Standby And Commercial Letters Of Credit

Author: Brooke Wunnicke
Publisher: Aspen Publishers Online
ISBN: 0735517339
Size: 11.90 MB
Format: PDF, ePub, Mobi
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Standby and Commercial Letters of Credit, Third Edition alerts you to current developments and discusses the recent UCP600, former UCP500, ISP98, UCC Article 5, and current trade practices and problems. The authors review letter of credit law and practices, helping to resolve concerns of applicants, beneficiaries, and issuers. This essential resource includes: Sample forms and clauses, procedures and checklists Current court cases and extensive Table of Cases What can happen to letters of credit in bankruptcy and insolvency proceedings Fraud and injunction nightmares Cross-reference table UCP600 and UCP500 Strategies for bank reimbursement agreements Standby and Commercial Letters of Credit, Third Edition gives you immediate guidance when you need it most. And it supplies real-world letters of credit situations, with analyses of what was done right and wrong.

International Lawyer S Deskbook

Author: Lucinda A. Low
Publisher: American Bar Association
ISBN: 9781590311448
Size: 58.49 MB
Format: PDF, ePub
View: 4645
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Areference tool for lawyers facing international legal problems outside their own areas of expertise.

Bank Guarantees In International Trade

Author: Roeland F. Bertrams
Publisher:
ISBN: 9789041122575
Size: 76.13 MB
Format: PDF, Kindle
View: 5008
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For decades, this remarkable book now in its updated fourth edition has served practitioners in international trade and banking law as a thorough codification of the law and practice of bank guarantees. The new edition has been thoroughly revised, updated, and amended in the light of new developments in the law and changing patterns in practice. Bertrams uses case law, arbitral decisions, and legal writing from five European jurisdictions The Netherlands, Germany, France, Belgium, and England to build an analysis of how the practical applications of bank guarantees have established a pattern of law. The new edition takes into account all legal and arbitral decisions and relevant legal writing through 2012 from these countries, as well from other European countries and the United States. Written from a transnational perspective, Bank Guarantees in International Trade can be used in both civil and common law jurisdictions and it has been cited as an authoritative source of case law in several jurisdictions from each system. With reference throughout to the effect and significance of the Uniform Rules for Demand Guarantees (URDG) of the International Chamber of Commerce, International Standby Practices (ISP), and the UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit, the author continuously elucidates the way guarantees function in actual practice and the numerous practical aspects and issues to which they give rise. The analysis covers the following subjects and much else: types of guarantee (tender, performance, maintenance, repayment, retention); payment mechanisms (first demand, third-party documents, arbitral or court decision); risks and negotiations, drafting and clauses; bank guarantees as a financial service, the bank s perspective; direct and indirect guarantees, counter-guarantees; formation, enforceability of expiry dates, assignment and transfer; demand for payment and the rule of strict compliance; fraud and restraining orders; applicable law and jurisdiction; reference to URDG 2010 revision and ISP98 throughout the text. In addition to his thorough coverage of law and legal writing, the author has drawn on intensive contacts with the banking community, construction firms, export credit insurance companies, and local lawyers. His insight into the daily life of the world of independent (first demand) guarantees and the practices, difficulties, and peculiarities in a great number of countries and regions, including the Middle East and North Africa, cannot be matched in any other source. Bank guarantees can present major difficulties, and this book is the lawyer s best guide in any situation likely to arise. As a comprehensive study of the legal and practical aspects of bank guarantees and standby letters of credit, it offers practitioners in international trade law the most complete analysis of banking law in the field. In its wealth of practical detail, it is unlikely to be surpassed."

International Trade Law

Author: Indira Carr
Publisher: Routledge
ISBN: 1317973976
Size: 51.16 MB
Format: PDF, ePub
View: 4088
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"International Trade Law offers comprehensive analysis of international sale transactions through case law, policy documents, legislation, international conventions and rules adopted by international organisations such as the ICC."--

The Handbook Of International Trade And Finance

Author: Anders Grath
Publisher: Kogan Page Publishers
ISBN: 0749463988
Size: 44.83 MB
Format: PDF, ePub, Mobi
View: 5002
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Designed for use by anyone involved in international sales, finance, shipping and administration, The Handbook of International Trade and Finance provides a full explanation of the key areas of international trade - including risk management, international payments and currency management. It is an essential reference source that will help to reduce risks and improve cashflow, identify the most competitive finance alternatives, structure the best payment terms, and minimize finance and transaction costs. Coverage includes: trade risks and risk assessment; methods of payment; currency risk; export credit insurance; trade finance; and terms of payment. Designed for all businesses, regardless of size and business sector, the book also describes the negotiating process from the perspectives of both the buyer and the seller - providing valuable insight into the complete financing process.