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Documentary Credits, 4th Edition

Documentary Credits, 4th Edition

Author: Justice Jack; Ali Malek QC; David Quest
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781845923471
Published In: February 2009
Format: Hardback , 600 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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"This excellent book provides a detailed and lucid account of how documentary credit transactions work and explain the rights and liabilities of each of the parties in the chain of complex relationships involved" Lloyd's Maritime and Commercial Law Quarterly, 2010

"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.

Book Reviews:

This excellent book provides a detailed and lucid account of how documentary credit transactions work and explains the rights and liabilities of each of the parties in the chain of complex relationships involved.

This fourth edition maintains the clear and accessible structure of the third edition. It begins with an introduction to documentary credits and an explanation of the different types of documentary credit. There is then a thorough and careful analysis of the various relationships in a documentary credit transaction, including: the relationship between the parties to the underlying contract (usually a contract for the international sale of goods); those between the applicant (the buyer) and the issuing bank, the issuing bank and the beneficiary (the seller), the confirming bank and the beneficiary; the role of the correspondent bank; and the relationship between the collecting bank and the negotiation bank. There is also a discussion of: the duties of the parties in relation to documents and their examination by the banks; the use of injunctions as a legal response to the problem of fraud; the related instruments of standby credits and demand guarantees. Issues of conflict of laws issues (jurisdiction and choice of law) are examined in a chapter which also deals with illegality, exchange control and, very briefly, sovereign immunity. The work closes with a very short chapter on electronic credits.

This fourth edition is justified by developments in the case law and the publication by the International Chamber of Commerce (ICC) of a number of uniform rules in this field. The ICC Uniform Customs and Practice for Documentary Credits, 2007 Revision (UCP 600) together with the Supplement to the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) entered into force in July 2007. In 2003 the ICC published the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP) (ICC Publication 645) and in 2007 a new version was issued following publication of UCP 600...

--- Lloyd’s Maritime and Commercial Law Quarterly 2010

Chapter 1: Introduction to Documentary Credits and to the Uniforms Customs
Chapter 2: Types or Categorisations of Documentary Credits
Chapter 3: Buyer and Seller (Applicant and Beneficiary
Chapter 4: The Applicant and the Issuing Bank
Chapter 5: The Contracts of the Issuing Bank and the Confirming Bank with the Seller
Chapter 6: The Correspondent Bank
Chapter 7: The Collecting Bank and the Negotiation Bank
Chapter 8: The Documents and their Examination
Chapter 9: Fraud and Injunctions
Chapter 10: Transfer and Assignment
Chapter 11: The Bank’s Security
Chapter 12: Standby Credits, and Demand Guarantees and Bonds
Chapter 13: Conflict of Law, Illegality and Exchange Control, Sovereign Immunity
Chapter 14: Electronic Credits

Appendix 1: ICC Uniform Customs and Practice for Documentary Credits 600
Appendix 2: ICC Uniform Customs and Practice for Documentary Credits 500
Appendix 3: International Standard Banking Practice 681
Appendix 4: The International Standby Practices - ISP98
Appendix 5: Issue of documentary credit on SWIFT form MT700