The Independence Principle of Letters of Credit and Demand Guarantees

Author: Nelson Enonchong
Publisher: Oxford University Press
ISBN: 9780199239719
Published In: April 2011
Format: Hardback , 384 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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The first work to focus on the important autonomy principle relating to both letters of credit and demand guarantees
Considers the extent to which exceptions to the principle are, and should be, permitted
Includes discussion of cases from Australia, Canada, USA and Singapore to illustrate further difficult points or provide further lines of argument
Combines an authoritative account of the rules with thought-provoking analysis
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.

Readership: This book is particularly suited to UK banking and financial law practitioners. It is also useful guide for foreign lawyers participating in international trade transactions with an interest in UK practice. The book is also relevant for academics and post-graduate students as it delves into theory and analysis where necessary.

1: Introduction
2: The Nature of Letters of Credit
3: The Nature of Demand Guarantees
4: The Independence Principle
5: The Fraud Exception
6: Nullity or Recklessness Exception?
7: Unconscionability Exception
8: The Illegality Exception
9: Demand in Breach of an Agreement with the Account Party
10: Injunctions
11: Claims Against the Beneficiary for a Wrongful Demand
12: Recovery of Overpayments
13: Conflict of Laws

Nelson Enonchong, Barber Professor of Law, University of Birmingham; Of the Inner Temple, Barrister

"Overall, the book provides readers with sound understanding and with a complete analysis of the independence principle of Letters of Credit and Demand Guarantees." - Gabriel Gómez Giglio, Journal of International Banking Law and Regulation