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Letters of credit and bank guarantees are the most important financial instruments in international exchange. Matti S. Kurkela, a leading expert in the field, presents an advanced, extensive study and guide to letters of credit. The author analyzes the material rules and principles applicable to them; conflict of laws as well as law merchant applied regardless of place of operation or nationality of the parties involved.
Letters of Credit and Bank Guarantees under International Trade Law is the only true guide whose focus is on international law and choice of applicable law, with comparisons of the UCP, the UCC and selected national laws. Bank attorneys, international bankers, commercial bankers, international trade and finance attorneys in law firms, in-house counsel, financial institutions, and academia will find this a clearly written, invaluable guide to the latest rules, case law and practice relating to these financial instruments.
The new, expanded Second Edition includes:-
- Analysis and comparison of commercial and standby credits, bank guarantees and bonds in use in international exchange
- Introduction to the various sets of rules in use in international operations and banking
- Changes made to the UCC Article 5 and UCP 600 · New development and landmark decisions and case law since the publishing of the first edition
- Guidance to and analysis of inter bank relationship, indemnity agreements and reference to sample documentation, and numerous sample clauses
- Reference to statutory laws of lcs in various countries
Chapter 1: Introduction
Chapter 2: Interplay of Lex Mercatoria, Private International Law, and National Law
Chapter 3: The Instrubments and "Contractual" Patterms
Chapter 4: Choice of Law
Chapter 5: Lex Mercatoria and Landmark Case Law
Chapter 6: Issues Beyond the Scope of Lex Mercatoria
Chapter 7: Rights to Reimbursement Doctrine
Chapter 8: Jurisdictional Issues
Chapter 9: Choice of Law in Light of Case Law
Matti S. Kurkela, Attorney at Law, Senior Partner, Hannes Snellman (Helsinki); Docent, University of Helsinki Law School. He is a prolific author and has written several reference works and journal articles covering international commercial contracts, banking and finance, antitrust, construction, insurance, securities, and arbitration.
"Letters of credit and bank guarantees are useful as payment mechanisms and financial security in international trade. Kurkela in his book has achieved a very useful and analytical study of these various arrangements and their legal surrounding. This study provides the reader with thorough knowledge of the different arrangements and how they have been treated in different jurisdictions mainly English and American but based on the Practices and Rules which have evolved in international trade law.
- Lars Gorton, Professor of International Business Law, Stockholm School of Economics, Department of Law
"Matti Kurkela has given practitioners, courts, and scholars a fine comparative study. Its heavy annotation of world-wide letter of credit and guarantee law sources with special emphasis on European and U.S. commercial law make it a genuinely unique offering. In this second edition, Kurkela once again emphasizes the law merchant dimensions of these commercial facilities that he calls 'independent offerings'. The scope is broad, the treatment deep. For those serious about letters of credit and bank guarantees, this treatise is a rich resource. -- John F. Dolan, Distinguished Professor of Law, Wayne State University
