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Author: Deborah Horowitz
Publisher: Oxford University Press
ISBN: 0199588538
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
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.
Author: Deborah Horowitz
Publisher: Oxford University Press
ISBN: 0199588538
Category : Business & Economics
Languages : en
Pages : 273
Get Book Here
Book Description
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.
Author: Yann Aubin
Publisher: Kluwer Law International B.V.
ISBN: 9041141294
Category : Law
Languages : en
Pages : 1024
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Book Description
Familiarity with guarantees and how they function under various national jurisdictions are essential for principals, guarantors, and beneficiaries of international contracts. This enormously useful handbook provides a practical overview of the guarantee regimes in twenty-eight European countries, with country-by-country contributions from regional expert practitioners and academics. For easy comparison, each country report follows the same structure, from preliminary discussion on the provisions of a guarantee to its negotiation, drafting, and enforcement. Focusing on specific issues to consider at every stage, each chapter provides detailed information and guidance on such aspects as the following: . who can issue guarantees; . limitations as to the type of obligations which may be subject to a guarantee; . issues relating to the protection of the contracting parties; . formal requirements which need to be complied with; . stamp duties or other tax payable; . presence of implied terms; . legal framework applicable to joint and several obligations; . modification of the situation; . conditions for release and actions to be taken to ensure a valid release; . opening of bankruptcy proceedings against the principal; . court enforcement; and . incorporation of uniform rules. Each chapter includes references and model guarantee forms that readers can use to draft their own documents. Invaluable to corporate counsel and law firms with an international practice, this peerless handbook will prove the first order of business in trade negotiations across Europe, among European nations themselves as well as with their global partners.
Author: Roeland F. Bertrams
Publisher: Kluwer Law International B.V.
ISBN: 9041141308
Category : Law
Languages : en
Pages : 585
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Book Description
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.
Author: Andrew Haynes
Publisher: Bloomsbury Publishing
ISBN: 152650880X
Category : Law
Languages : en
Pages : 693
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Book Description
The Law Relating to International Banking (Second Edition) addresses the key legal issues associated with international banking and capital markets. Covering choice of law, jurisdiction, sovereign risk, contractual remedies, exchange controls and legal opinions, this new edition provides a detailed analysis of the legal issues relating to the lending of money, whether by way of: - Term loans - Syndicated lending - The transferring of a bank's interest in a loan - Bond issues - Asset backed securitisation In addition, the title also considers Islamic securitisation as well as whole of business securitisation. It also examines derivative contracts along with the contractual issues arising with consideration being given to how to complete the Schedules to the ISDA Master Agreement. Contract guarantees and standby letters of credit are also analysed. The Law Relating to International Banking is essential reading for anyone wishing to gain a perspective on these transactions, including banking lawyers, bankers, academics and post graduate students.
Author: Rupnarayan Bose
Publisher: Notion Press
ISBN: 1648508774
Category : Business & Economics
Languages : en
Pages : 486
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Book Description
Letters of Credit: Theory and Practice explains in simple English all the important information you’ll ever need on letters of credit (LC). This book provides extensive, easy-to-understand, practical and useful suggestions to help during negotiations, in selecting the right terms of payment, improving operations, reducing errors and risks, facilitating trade and final settlement, and much more. It is extensively researched, delving deep into the subject of international trade, presenting current issues and solutions related to LCs that the reader may not otherwise come across easily. A gold mine of information on payment risk management, it’s the last word on documentary credits. “This book is a great read for knowledge and practical information on letters of credit. It succinctly takes the reader through the concepts of risk management, explains the fundamentals of global trade finance issues, the dilemmas plaguing international sellers and buyers, and standardised ways for the buyer and the seller to secure goods and make payments, respectively. This is a must-read book for academicians, exporters, importers and bankers looking for complete, authentic information on international trade finance and global business.” - Dr. Deepankar Sinha, Professor; Head - Research Division, Kolkata Campus; Programme Director - Centre for Trade and Logistics (CFTL), Kolkata Campus, Indian Institute of Foreign Trade (IIFT)
Author: Charles Chatterjee
Publisher: Routledge
ISBN: 1317481429
Category : Law
Languages : en
Pages : 229
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Book Description
Trade finance is of great importance in the commercial world, for both students (undergraduate and postgraduate) and practitioners. The choice of countries in export trade is often perception-based: trade with government departments or public institutions is seen as much safer than with private entities and the choice of countries is often based on that perception of risk. This book: addresses issues and topics which are relevant to all jurisdictions in the world explains the various types of trade finance, how they may be raised and the legal issues pertaining to them Value for those wanting to understand the legal issues of sources of trade finance in both the developed and developing countries, this book will interest students studying the interaction between law and commerce.
Author: Iain Goldrein
Publisher: Taylor & Francis
ISBN: 0429751303
Category : Law
Languages : en
Pages : 426
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Book Description
Ship Sale and Purchase is the essential working guide for anyone involved in the business of making ship sale and purchase agreements and also in the resolution of disputes arising out of such agreements. The seventh edition of Ship Sale and Purchase contains a detailed clause-by-clause analysis of SHIPSALE 22, the new standard form Memorandum of Agreement for ship sales and purchases published by BIMCO in 2022. This clause-by-clause analysis is supplemented by commentary on the corresponding provisions of the other leading standard forms used in the global shipping markets - SALEFORM 2012 (the latest version of the longstanding standard form produced by the Norwegian Shipbrokers' Association), SINGAPORE SHIP SALE FORM 2011 and NIPPONSALE 1999 - and the main differences between these forms and SHIPSALE 22. This edition of Ship Sale and Purchase also contains a comprehensive description of the many ways in which standard form agreements may be modified, through amendments to the printed terms and the use of additional clauses, to suit the particular requirements of the parties to individual transactions. In addition, it analyses relevant decisions of the English courts and arbitration tribunals and explains the implications of these decisions for ship sale and purchase transactions. The seventh edition also includes commentary on changes in working practices such as the use of electronic signatures, the practice of "remote" closings, payment mechanisms and the impact of sanctions and anti-corruption legislation. As with previous editions, the seventh edition of Ship Sale and Purchase seeks to provide legal analysis, market insight and practical guidance for all those involved in the business of buying and selling second-hand ships.
Author: MacRoberts
Publisher: John Wiley & Sons
ISBN: 1118273435
Category : Law
Languages : en
Pages : 576
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Book Description
Provides a guide to the general principles of Scottish law relevant to construction contracts and the main provisions of the standard forms of construction contract used in Scotland including: the obligations of employers and contractors certification payment ending a construction contract remedies subcontracts collateral warranties insurance dispute resolution regulatory matters The new edition has been substantially updated and expanded to take account of the latest editions of the Scottish Standard Building Contracts and recent case law. Specific updates have been driven by the following changes to legislation and standard contracts Local Democracy Economic Development and Construction Act 2009 and the relative Scheme for Construction Contracts Arbitration (Scotland) Act 2010 Recognising the significant increase in use of NEC3 standard forms of contract, references to NEC3 provisions have been introduced throughout the relevant chapters so that each now covers the common law, the SBCC provisions and the NEC3 provisions. It also features new chapters on: litigation; competition; the Bribery Act 2010; and guarantees and bonds. From reviews of previous editions: ‘very approachable and readable... I would particularly recommend this book to non-legal construction professionals’ – Construction & Engineering Law ‘an informative textbook for the practitioner... [a] significant contribution to knowledge’ – Arbitration ‘a highly competent... textbook which would be of value for industry professionals with no legal background’ – Construction Law
Author: Stuart Beadnall
Publisher: Taylor & Francis
ISBN: 1000489442
Category : Law
Languages : en
Pages : 439
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Book Description
This updated book provides practical guidance on avoiding and resolving disputes in the construction of offshore units and vessels, including FPSOs, drilling units, OSVs, FLNG, FSRU and fixed platforms. Written by a leading team at Stephenson Harwood, it covers the entire construction process from initial concept right through to installation, at each stage commenting on typical contract terms and offering expert advice based on real-life examples. With 30 per cent of the world’s oil and gas production coming from offshore areas, the construction of specialist vessels to perform offshore operations is a crucial part of the industry. However, with exploration and production being performed in increasingly exacting locations, the scope for disputes arising from cost overruns, scheduling delays and technical difficulties is immense. This second edition has been updated to include new case law as well as a new chapter on financing. The existing chapters will feature more information on payment mechanisms and on transportation and installation. This unique text will be of enormous assistance both to legal practitioners and offshore construction professionals including project managers, financiers, insurers and subcontractors.
Author: Mark Davis
Publisher: CRC Press
ISBN: 131774618X
Category : Law
Languages : en
Pages : 224
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Book Description
A refund guarantee is an essential component of almost every shipbuilding project, without which the buyer will be unwilling or unable to proceed. There is no standard form of refund guarantee in universal usage, and both the form and substance of refund guarantee instruments vary widely from case to case. The ambiguity or uncertainty of the meaning of refund guarantee instruments, against a backdrop of a sharp downturn in the shipping markets, has led to numerous disputes in recent years concerning refund guarantees, which have been the subject of a number of important decisions of the English Courts. This is the first English law text book dedicated to the subject of refund guarantees. It provides essential guidance as to the issues arising and the pitfalls to be avoided. It analyses the specimen form of guarantee annexed to Bimco’s NEWBUILDCON form, and covers topics such as the circumstances in which the liability of the guarantor may be discharged, and when a builder may be entitled to obtain an injunction to restrain payment under a refund guarantee. It will be an essential and practical guide for those engaged in the shipbuilding industry, including shipbuilders, shipowners, banks and insurance companies, P&I clubs, and those advising them.
