Home >
Law >
Banking / Finance >
Letters of Credit and Demand Guarantees

Letters of Credit and Demand Guarantees Defences to Payment

Author: Deborah Horowitz
Publisher: Oxford University Press
ISBN: 9780199588534
Published In: June 2010
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

Description
Contents
Author
Reviews

Details

The only book to focus on the six defences to payment regarding their scope, definition and application.
Offers clear practical guidance on which defences are most suitable for each payment instrument.
In-depth analysis of relevant judicial decisions and maps the relationship between the defences.
Includes coverage of cases from Australia, Singapore and the USA.
This book is the first to provide an extensive analysis of the range of defences to payment under letters of credit and demand guarantees.

It considers the extent to which different defences undermine the abstraction of these instruments. This is a fundamental issue, since letters of credit and demand guarantees are designed to be abstract, or autonomous, from the underlying contract that called for their use. The purpose of that abstraction is to provide certainty of payment, but the various defences diminish that certainty. The book examines the spectrum of defences that are frequently litigated and debated in international practice: fraud in the documents, nullity, fraud affecting deferred payment letters of credit, fraud as no honest belief, unconscionable conduct and illegality. Vitally, the book provides analysis of the relevant judicial decisions and offers clear practical guidance on which defences are most suitable for each instrument.

As the instruments are heavily used in international trade, this work is particularly suited to financial and commercial law practitioners who draft agreements, as well as those who advise on disputes concerning these instruments. Accessible and engaging, the book is also relevant for academics and students.

Readership: This book is particularly suited to financial and commercial law practitioners drafting agreements and those advising on disputes concerning these instruments. The book is also relevant for academics and students.

1: INTRODUCTION: INTERNATIONAL PAYMENT INSTRUMENTS AND DEFENCES

2: FRAUD IN THE DOCUMENTS

3: THE NULLITY DEFENCE AND NON-COMPLYING DOCUMENTS

4: FRAUD, DEFERRED PAYMENT CREDITS AND THE UCP 600

5: FRAUD AS NO HONEST BELIEF

6: UNCONSCIONABLE CONDUCT

7: ILLEGALITY

8: CONCLUSION: A SPECTRUM OF DEFENCES.

Deborah Horowitz, Barrister and Solicitor, Supreme Court of Victoria and High Court of Australia; Associate, Freshfields Bruckhaus Deringer

"Horowitz's work is an invaluable contribution to the law governing letters of credit and bank guarantees. It should greatly assist all those involved in international exchange and dealing with commercial and stand-by letters of credit and bank guarantees" - Professor Matti Kurkela, Journal of Business Law