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Index to Jack Documentary Credits, 4th Edition

Resource type: Chapter

Status: Law stated as at 01-Jan-2009

Jurisdiction: United Kingdom

This is the index to the Bloomsbury Professional book Jack: Documentary Credits, 4th Edition. Chapter 2 and the table of contents are also available free of charge as a sample of the book's contents.

Mr Justice Jack, Ali Malek Q.C., David Quest

Index

All references are to paragraph numbers

Acceptance credit 2.18, 2.19
Acts of God, riots, etc. 4.19
Advising bank, 6.3–615, 7.1
(see also See also correspondent bank)
agency 6.6, 6.7
authenticity of credit 6.12, 6.13
binding issuing bank as to terms of credit 6.8
corresponding bank as 6.3–6.15
functions may assume meaning 1.7
liability 6.12, 6.13
no undertaking without confirmation 6.5
wrongly advising credit claim by beneficiary, and 6.9–6.11
Agency
correspondent bank, and , 6.6, 6.7
Air transport
consideration, and 5.15
documents 8.112
house air waybills, and 8.115
Ambiguity
documentary credits, of 8.30
Amendment of credit 3.36–3.43, 6.35
advising bank, position of 3.41, 6.35
and transfer 3.43
beneficiary silent following receipt of 3.40
confirming bank, and 3.41
generally 3.36
legal position 3.37
problems in practice 3.39
several amendments in one advice 3.42
transfer and 3.43
Uniform Customs and 3.78
Anticipatory credit, meaning and operation 2.33–2.35
'Applicant', meaning 1.6
Applicant and beneficiary
(see see buyer and seller)
Applicant, the, and Issuing Bank Chapter 4
application to open credit 4.2–4.4
buyers' duty 4.32 et seq
charges and costs 4.34
contract, the 4.1
exclusions of liability
(see see under this heading, issuing bank's duties, liabilities, exclusion of)
instructions 4.5–4.9
ambiguous 4.5, 4.9
clarification after issue 4.6–4.8
issuing bank's duties 4.10–4.31, 8.2
buyer, general duty of care to 4.32– 4.33
duty under credit, the 4.11
Equitable Trust Co of NY v Dawson Partners Ltd 4.12
failure to meet duty, consequences 4.14
liability, exclusions of 4.15–4.19
Acts of God, riots etc. 4.19
advising bank's acts and omissions 4.20, 4.21
bank's own terms 4.15
transmissions 4.16
Unfair Contract Terms Act 1977 4.15
waiver of terms by banks 4.26
security against buyer 4.33
(see also see also Chapter 11)
Application to open credit 4.2–4.9
application 4.2–4.4
bank acting on ambiguous instructions4.9
bank and its instructions 4.5
clarification after issue of credit 4.6–4.8
incomplete instructions 4.5
unclear instructions 4.5
Assignment 10.36–10.45
Art 39 and 10.37
'assignment of the credit' 10.45
credits payable to order of beneficiary 10.44
English law, under 10.38
equitable 10.38
function 10.36, 10.37
irrevocable mandates or instructions 10.43
legal 10.38
notice of 10.39
presentation of documents, after 10.40
presentation of documents, before 10.39
proceeds, of 10.37
set-off 10.41
subject to equities 10.40
to support second credit , 10.42
Autonomy of the credit, meaning and principles 1.101.34–1.36
restraining payment 1.34, 4.29 and Chapter 9
Autonomy of documentary creditors 1.34–1.36
contract, and 1.35
disclaimer on effectiveness of documents 1.36
documents v goods, services or performances 1.36
judicial definition 1.34
meaning 1.34
Uniform Customs, and 1.36
credits v contracts 1.36
Back-to-back credits 2.28–2.31
quasi back-to-back situation 2.31
Bank charges See charges and costs
Banking hours 5.32
Banking practice 1.17, 1.18, 8.11
Banks' security See security
Beneficiary
contract with confirming bank See confirming bank
contract with issuing bank See issuing bank
meaning 1.34
Bills of exchange 1.4, 1.19, 2.18, 8.153
acceptance and negotiation credits , 2.18
correct time for payment 8.154
drafts , 8.153–8.156
drawn against goods 11.16
drawn on applicant , 5.22–5.23
electronic See Electronic bills of exchange
marking as drawn under credit 8.155
recourse by negotiating banks, and 7.10
recourse rights arising under 5.94–5.97
rights arising in connection with 5.94–5.97
utilisation of, in credits and payment against documents1.4
undertakings as to, under Uniform Customs 5.17
Bills of lading 8.84–8.109
Article 23 8.85
authentication 8.89
carrier, name8.88
charterparty bills 8.99, 8.108–8.109
clean bills 8.124
clean bills given against indemnity 8.126
clean transport document 8.124
consignor, the 8.123
date of shipment 8.96
deck stowage 8.120
definition of 8.84
electronic See Electronic bill of lading
FIATA combined transport bill of lading 8.86
freight 8.127
freight forwarder bills 8.118
full set of originals 8.97
goods, description and identification 8.133
intended vessels 8.93, 8.95
issue of 'on shipment' 8.103, 8.104
loaded on board a named vessel 8.90
notations 8.92
order, blank endorsed 8.105
partial shipments 8.130
port of loading and discharge 8.95
shipped 8.91
short form , 8.98
signature 8.89
through bills 8.101, 8.102
transhipment 8.100
Bolero 14.27
Bonds
(see see demand guarantees)
Bretton Woods Agreement 13.99
Buyer, duty of 4.32–4.34
bank's security against buyer 4.33
charges 4.34
costs 4.34
Buyer and seller, relations between 3.1–3.67
amendment of credit See amendment of credit
buyer's claims against seller 3.66
confirmation of credit, terms as to 3.8–3.10
correcting defects in the credit 3.13
credit to be opened, the 3.3
documents to be required under the credit 3.11
duty to open in time is absolute 3.29
enforceability of contract3.14
failure to open credit in time, seller may terminate 3.27
failure to open credit, seller's remedies 3.30
failure to provide payment See payment
finalising terms, no duty to co-operate 3.15
non-conforming credit, but seller proceeding 3.31–3.35
waiver3.32–3.35
obligation to open credit, origin 3.1
opening of credit, a condition precedent 3.26
opening of credit, act by seller a condition precedent 3.28
opening of credit, time for See time for opening of credit
operation of credit 3.44.3.45
co-operation of buyer required, where 3.45
credit requiring further advice or amendment 3.45
generally 3.44
revocability of credit, terms as to 3.8–3.10
terms of credit determining requirements 3.3–3.9
time for opening credit 3.16–3.25
(see also see also time for opening credit)
waiver of 3.25
Buyer's claims against seller 3.66
restraining seller from operating credit , 3.67
(see also see also Chapter 9)
Buyer's duty to issuing bank 4.32
Categorization of creditors by payment obligation 2.15–2.19
acceptance credit 2.18, 2.19
bills of exchange with 2.18, 2.19
deferred payment credit 2.16–2.17
no bill of exchange, where 2.16, 2.17
obligations 2.15–2.19
payment available by negotiation 2.18, 2.19
sight credit 2.16–2.17
with bills of exchange 2.18, 2.19
Certificates 8.146–8.152
buyer's co-operation, requiring 8.151
certificate of inspection, meaning 8.148
generally 8.146
instructions by seller 8.147, 8.148
liability of certifier 8.152
relation to goods 8.149
several 8.150
Charterparty bills of lading 8.108, 8.109
Charges and costs 4.34
correspondent bank 6.54, 6.55
transfer 10.35
Choice of law before English courts 13.22–13.44
authorities at common law 13.6–13.7
authorities under Rome Convention 13.28, 13.29
bills of exchange 13.75, 13.76
contract, law governing 13.27
contracts between applicant and issuing bank 13.65
general principles 13.22–13.25
implied 13.30
independent guarantees 13.77–13.81
negotiation credits 13.69–13.72
proof of foreign law 13.82
relations between banks 13.67
tort, law governing 13.37–13.45
transferable credits 13.73–13.74
Uniform Customs, role of 13.26
CIF contracts 1.4
duty of seller as to documents 5.31
time for opening of credit 3.16
Clean transport documents 8.124, 8.125
indemnity, given against 8.126
Collecting bank, the 7.2–7.4
as agent 7.3
generally 7.2
recourse and fraud 7.4
Collection, documents presented for 5.86
Commercial invoice See invoice
Confirmations See confirmed credit and confirming bank
silent, 6.25
Confirmed credit
meaning 2.14
Confirming bank 6.22–6.26
agent of issuing bank 6.6, 6.7
meaning 1.8
permission to confirm on request 6.26
'silent' confirmations 6.25
Confirming bank, contract with seller (beneficiary) Chapter 5, 6.15
amendment , 3.41
confirmation on request 6.26
consideration 5.8, 5.15
contract, the 5.2
defaulting bank, seller's rights against 5.87–5.92
delayed payment 5.91
documents, examination, acceptance or rejection See documents
irrevocable credits 5.3, 5.4
issuing/confirming bank parallel 5.1
partial drawings 5.40
revocable credits 5.7
set-off by bank 5.102
time for presentation of documents 5.27–5.37
banking hours 5.36
expiry date 5.28–5.30
extension under Article 29 5.32
instalments 5.38
no time stipulated where 5.37
shipment period 5.34
transport documents, from issuance of 5.31
Uniform Customs, undertakings under 5.17–5.23
Conflict of laws 13.1–13.82
applicant and issuing bank 13.65. 13.66
bills of exchange 13.75, 13.76
common law 13.6, 13.7
contracts with beneficiary 13.46
exchange control See illegality
governing law
between banks 13.67, 13.68
negotiation credits 13.69–13.72
transferable credits , 13.73–13.74
independent guarantees 13.77–13.81
introduction 13.1
jurisdiction of English courts 13.2–13.21
negotiation credits 13.69–13.72
proof of foreign law 13.82
Rome Convention 13.28
(see also see also illegality, sovereign immunity)
Consideration5.8–5.16
agency, and 5.15
attempts to find 5.12–5.16
Contracts (Rights of Third Parties Act 1999) 5.16
for banks' obligations under credit 5.8–5.16
for performance bonds 12.62–12.67
mercantile usage, and 5.11
offer and acceptance theory 5.14
Consistency 8.42,8.43
Construction
bonds and guarantees 12.54–12.61
credits 1.17
banking practice 1.18
Contract 4.1
involved in credits 1.15
no enforceable, possibility of 3.14
underlying, terms of 3.1, 3.2
Contracts between applicant and issuing bank. See applicant
buyer and seller See buyer and seller
confirming bank and seller See confirming bank
issuing bank and correspondent bank See correspondent bank
issuing bank and seller (or beneficiary) See issuing bank
Contracts of issuing bank and confirming bank with seller 5.1–5.102
amendment 5.6
consideration 5.8–5.16
(see also See also Consideration)
contracts 5.2–5.16
drafts drawn on applicant 5.22. 5.23
irrevocable credits 5.1–5.4
parallel between issuing bank and confirming bank 5.1
pre-advice 5.5
preliminary advice 5.5
revocable credits 5.7
undertakings under Uniform Customs 5.17–5.23
bills to be drawn by beneficiary on issuing bank 5.20
confirmed credit providing for sight payment 5.17
deferred payment 5.19
liability of issuing and confirming banks 5.17
Conversion, claims in 3.65, 11.8
Correction of defects in credit 3.11
Correspondent bank, the 1.7, 6.1–6.55
advice of credit to, and amendments 6.34, 6.35
advising bank 6.3–6.15
(see also See also Advising bank)
applicant or buyer, no contract with 6.53
bank 'nominated' under Article 2 6.16
charges of 6.54, 6.55
collecting bank 6.27
confirming bank and silent confirmation 6.25
correspondent issuer 6.33
failure to observe documentary discrepancy 6.29
functions which may assume 6.2–6.33
advising bank, as 6.15
agency 6.6, 6.7
authenticity of credit 6.12,6.13
binding issuing bank as to credit terms 6.9–6.11
credit wrongly advised, beneficiary's claim 6.9–6.11
no undertaking without confirmation 6.5
ICCR URR 725 6.37–6.42
issuing bank, relations with See issuing bank
meaning 1.7, 6.1
negotiation bank 6.28–6.31
nominated bank 6.16–6.21
recourse against beneficiary 6.43–6.52
credit available by negotiation by advising bank 6.52
credit not confirmed 6.46–6.52
credit provides for immediate payment and bank not in funds 6.47
deferred payment credit 6.50
time drafts, documents do not conform but are accepted and then rejected by buyer or applicant 6.50
recourse between correspondent bank and beneficiary 6.45–6.52
recourse, by issuing bank against 6.43, 6.44
time drafts, discounting of 6.32
under reserve and indemnity arrangements 6.36
undertaking, none without confirmation 6.5
Counter credit, meaning and operation 2.28–2.31
Courier and post receipts8.117
Credit, amendment of See amendment of credit
Credits
(see see documentary credits)
Custom, evidence of, admissibility 1.18
Damages, seller's remedy against buyer 3.30
Dates
date for shipment, expressions as to 5.34
terms as to , 8.59
Deceit
damages for 9.51
Deck stowage 8.120, 8.121
Defaulting bank, seller's rights against 5.87–5.92
'Deferred payment credit', meaning and operation 2.16, 2.17, 5.19
Demand guarantees , 12.48
(see also see also Independent guarantees)
abuse 12.84–12.87
calling the indemnity 12.70, 12.79, 12.80
confirmation 12.83
consideration, issuing bank and beneficiary 12.62–12.67
construction, demand or conditional 12.54–12.61
functions, common
advance payment bonds or guarantees 12.50
bid or tender bonds or guarantees 12.49
maintenance bonds or guarantees 12.52
performance bonds or guarantees 12.48
retention money bonds or guarantees 12.51
interim payment 12.68, 12.69
legal nature 12.53
no implication of terms 12.81
nomenclature
performance 12.48
Uniform Customs whether bonds or guarantees within 12.88,12.89
Uniform Rules for Demand Guarantees 12.90–12.92
Description of goods 8.44–8.47, 8.77–8.80, 8.133
Documentary credits
ambiguity 8.30
applicant 1.6
application to open 4.2–4.4
autonomy of
(see see autonomy of the credit)
banking practice, relevance of 1.1 1.18
beneficiary 1.6
bills of exchange, inclusion of 1.19
categorisations 2.1–2.36
construction of 1.17, 1.18
contractual relationships, series of 1.15, 1.16
construction of 1.17–1.18
custom or usage of particular trade 1.18
failure to provide payment 3.46
general concept and function of 1.2–1.5
introduction to 1.1–1.36
obligations as to opening See obligation to open
operation of 1.10–1.14, 3.44
restraint of 3.67
where cooperation of buyer required3.45
outline of 1.1, 1.6–1.9
parties to 1.6–1.9
payment against documents, comparison with 1.4, 1.13, 1.14
payment, failure to provide 3.46
as absolute payment 3.47
as conditional payment 3.47
relationships shown diagramatically 1.9
series of contractual relationships 1.15, 1.16
setting up and operation 1.10– 1.14
special nature of 1.16
types or categorisations of 2.1–2.36
back to back and counter credits 2.28–2.31
confirmed 2.14
confirmed and unconfirmed 2.12–2.14
deferred payment 2.16, 2.17
generally 2.1
'red clause and green clause' 2.33–2.35
revocable and irrevocable 2.11
irrevocable 2.8–2.11
revocable 2.4–2.7
revolving 2.32
stand-by 2.36, 12.12–12.44
straight and negotiation 2.20–2.26
transferable/not transferable 2.28, 2.29, Chapter 10
unconfirmed 2.13
Documents 8.1–8.156
ambiguity as to issuers 8.30
amount of credit 8.70–8.74
analysis of problem of originality 8.63–8.69
commercial invoice 8.76–8.81
(see also See also Commercial invoice)
consistency 8.42, 8.43
meaning 8.42. 8.43
current in the trade 8.52, 8.58
dates, terms as to 8.59, 8.60
description of goods 8.44–8.47
inconsistent 8.44
examination 8.2–8.30
(see also See also Examination of documents)
general requirements 8.31–8.75
identification of goods 8.48–8.51
historical development 8.49
linkage8.48–8.51
packing lists 8.51
issuers, terms as to 8.75
not inviting further inquiry 8.52–8.58
originality 8.63–8.69
analysis of problem 8.65–8.69
appearance 8.66
copy produced by reprogaphic means 8.65, 8.68
Glencore International AG v Bank of China 8.63, 8.64, 8.68
Kredietbank Antwerp v Midland Bank plc 8.69
out-of-date 8.61, 8.62
quantity 8.70–8.74
regular on their face 8.52–8.58
signature 8.68
state 8.61, 8.62
strict compliance 8.31–8.38
commercial insignificance, and 8.36
exact literal compliance 8.34–8.38
minor variations or discrepancies 8.34
no application of de minimis rule 8.33
technicalities 8.32
typographical errors 8.38
unit price 8.70–8.74
Documents, bank's duty in their examination 8.2–8.30
ambiguity in credit 8.30
autonomy of credit, extraneous matters 8.17–8.21
credits v contracts 8.8
duty, the 8.2–8.6
Gian Singh case, the, facts in 8.5
international standard banking practice 8.11–8.14
non-documentary conditions 8.22–8.28
proof, burden of 8.16
small print clauses 8.15
standard for examination 8.7
why, bank not concerned with 8.29
Documents, examination and acceptance/rejection of 5.41–5.80
bad faith by bank 5.80
bank's duty in examination
(see see documents, bank's duty in their examination)
disposal of documents 5.68–5.75
examining the documents 5.45
negotiation bank, position of 5.79
notice to remitting party
contents of 5.62
all discrepancies 5.65–5.67
notification of refusal 5.59
refusal irreversible 5.76
refusal or waiver 5.53
single notice 5.63, 5.64
subsequent presentations , 5.77
time for examination, determination and notification 5.49–5.42
time for notice 5.60, 5.61
waiver by bank of discrepancies 5.78
Documents, general requirements as to 8.31–8.75
abbreviations 8.39
acceptable in the trade 8.56
amount of credit, quantity, unit price 8.70–8.74, 8,81
combined documents 8.40, 8,41
consistency 8.42
ICC Banking Commission and 8.42
'current in the trade' 8.52–8.58
dates of issue 8.59, 8.60
description of goods 8.44–8.47
exact literal compliance 8.34–8.38
issuers of documents 8.75
linkage between documents 8.48–8.51
'not inviting further inquiry' 8.52–8.58
original documents 8.63–8.69
'regular on their face' 8.52–8.58
stale or out-of-date documents 8.61,8.62
strict compliance 8.31–9.39
de minimis rule, no application of 8.33
errors in names, etc 8.38
exact literal 8.34–8.38
technicalities 8.32
Documents presented for collection 5.86
Drafts 8.153–8.156
bills of exchange 8.153–8.156
Electronic bill of lading 14.19–14.21
carrier, rights against 14.21
negotiable document of title, as 14.20
Electronic bills of exchange 14.22
Electronic credits 14.1–14.28
authentication 14.7
eUCP 14.1, 14.9–14.15
document, meaning 14.10
exclusion of liability 14.14
place of presentation 14.11
timing 14.12
traditional documentation 14.15
Internet 14.4
meaning 14.20–14.8
security issues 14.7
SWIFT 14.6
Electronic Data Interchange (EDI) 14.2–14.4
closed system 14.3
open system 14.3
Electronic standby credits 14.28
Electronic trade documentation 14.16– 14.27
APACS 14.26
authenticity , 14.16
Bolero 14.27
CMI Rules 14.28
dematerialisation 14.17
legal issues 14.18–14.22
practical issues 14.16, 14.17
secure communication networks 14.26
signatures 14.24, 14.25
third party registries 14.27
Trust Act 14.26
'Evergreen clause' 5.37
Examination and acceptance or rejection of documents 5.41–5.80
'all discrepancies' 5.65–5.67
bad faith by bank 5.80
examination 5.45
position of negotiating bank 5.79
refusal irreversible 5.76
subsequent presentations 5.77
time for 5.49–5.52
time for notice 5.60, 5.61
waiver by bank of discrepancies 5.78
Examination of documents 8.30
ambiguity 8.30
autonomy of credit: extraneous matters 8.17–8.21
bank not concerned with 'why' 8.29
burden of proof 8.16
compliance by international standard banking practice 8.11–8.14
credits v contracts 8.8
disclaimer on effectiveness of documents 8.8
documents v goods/ services/performances 8.8
duty of bank 8.30
non-documentary conditions 8.22–8.28
'on their face' 8.4
reasonable care 8.3
'small print' clauses 8.15
standard for 8.2, 8.7
Exchange control 13.83
(see also See also Illegality)
Exclusions of liability
(see see applicant and issuing bank)
Extension of time under Art 295.32
Extrinsic evidence, meaning and admissibility 1.17
Failure of credit to provide payment See payment
First demand bonds and guarantees See demand guarantees
FOB contracts 3.22
Force majeure 4.19
Forged documents 9.24
Fraud and Injunctions Chapter 9
(see also see also fraud; fraud;injunctions)
as a developing area of law 9.1
as related topics 9.1
Fraud 9.1–9.62
autonomy of credit, as exception to , 9.2
applicant, of 9.20
deceit, damages for 9.51
developing area of law 9.1
documents, in 9.16–9.19
exceptions to payment obligation
consequences 9.31–9.62
discounting of deferred payments before maturity 9.43–9.47
legal basis 9.13
paying bank's right to recovery from beneficiary 9.48–9.52
paying bank's right to refuse payment 9.32–9.39
paying bank's right to reimbursement 9.40–9.47
scope 9.15–9.30
source 9.3–9.6
summary judgment 9.34–9.39
Sztejn v J Henry Schroder Banking Corp 9.7
United City Merchants v Royal Bank of Canada 9.8–9.12
exception to principle of autonomy 9.2
forged documents 9.24
fraud exception in English law 9.2–9.14
basis for exception 9.13–9.14
exception arises as part of Common Law 9.3
fraud/misrepresentation, meaning 9.15–9.30
source of 9.3–9.6
injunctions, and 9.2
ISP98, and 9.60
knowledge, relevant date 9.54–9.58
meaning 9.15–9.30
negotiating banks, and 7.8
nullity, a, documents which are 9.21–9.23
performance bonds and guarantees 12.84–12.87
recourse against beneficiary, and 5.101
recovery by bank on grounds of 5.101
source of exeption 9.3–9.6
Sztejn case, the 9.7
time at which apparent 9.53–9.58
transaction, in 9.25, 9.26
unconscionability, and 9.27–9.30
UN Convention on Independent Guarantees and Standby Letters of Credit 9.62
US Uniform Commercial Code, and 9.61
United City Merchants v Royal Bank of Canada 9.8.9.12
facts9.9
judge's decision 9.10
the Court of Appeal decision 9.11
the House of Lords decision 9.12
Freezing injunction 9.79–9.83
importance of availability 9.82
Potton Homes Ltd v Coleman Contractors Ltd 9.83
terms 9.80
Freight 8.127–8.129
'Green clause' credit, meaning and operation 2.33–2.35
Guarantee
conditional, or strictly so called 12.10
consideration required 12.7
definition 12.4
writing, Statute of Frauds 12.6
dem
(see and see demand guarantee)
performance bond, other
(see see demand guarantee)
Honour
meaning2.8
ICC See International chamber of commerce
Illegality 13.83.13.114
Bretton Woods Agreement 13.99
general principles 13.83, 13.84
governing law, by 13.85
place of performance, by 13.91–13.98
Rome Convention 13.85
proof of exchange control regulations 13.104, 13.105
underlying contract, in 13.106–13.114
United City Merchants (Investments) Ltd v Royal Bank of Canada 13.101, 13.102
Illegality, Exchange Control 13.83–13.105
Bretton Woods Agreement 13.99
exchange contracts 13.100–13.103
proof 13.104, 13.105
illegality by law of place of performance 13.91–13.98
opening of credit 13.95
operation of credit 13.96–13.98
illegality by governing law 13.85
opening of credit 13.86–13.88
operation of credit 13.89, 13.90
principles , 13.83, 13.84
United City Merchants case 13.101
Independent guarantees 12.48–12.93
(see also see also demand guarantees)
abusive calls 12.84–12.87
advance payment bonds or 12.50
bid or tender bonds and 12.49
calling counter-indemnity 12.79, 12.80
claims by account party against issuing bank 12.82
conditional, or 12.54–12.61
confirmation 12.83
consideration as between issuing bank and beneficiary 12.62–12.67
counter-indemnities 12.75–12.78
demand 12.73, 12.74
statement of basis of claim 12.73, 12.74
fraudulent calls 12.84–12.87
functions 12.48–12.52
interim payment, as 12.668, 12.69
legal nature 12.53
maintenance bonds or 12.52
no implication of terms 12.81
performance bonds and guarantees 12.48
retention money bonds or 12.51
strict compliance 12.70, 12.71–12.72
UN Convention 12.93
Uniform Customs, application of 12.88, 12.89
Uniform Rules for Demand Guarantees 12.90–12.92
Injunctions 9.63–9.88
balance of convenience 9.74, 9.75
factors affecting9.75
basic rule-autonomy of credit 9.64– 9.66
beneficiary, against 9.76, 9.77, 9.78
cause of action 9.70–9.73
fraud, and 9.2
fraud exception 9.67–9.69
freezing See Freezing injunction
full disclosure, duty of , 9.86
future development 9.87, 9.88
insubstantial challenges, and 9.68
Mareva See Freezing injunction
matters extraneous to credit 9.64
operation of credit requiring cooperation of buyer 9.85
orders under Supreme Court Act 1981, s.39 9.85
parties 9.70–9.73
proof 9.68
provisional court measures9.88
Inland waterway transport documents 8.116
Instalments 5.39, 5.40
Instructions See applicant and issuing bank
Insurance documents 8.134–8.145
all risks 8.136
amount 8,144 , 8.145
cover subject to franchise, deductible or excess 8.145
coverage 8.134
currency 8.142, 8.143
deductibles 8.145
document to be issued 8.137
excess, subject to 8.145
franchise, subject to 8.145
instructions 8.134–8.135
open covers 8.138–8.140
period of cover 8.141
risks to be covered 8.129–8.131
type of cover 8.134–8.135
International Chamber of Commerce
Publications of 1.29
standard forms of 1.21
The Uniform Customs, and 1.21
Uniform Customs and Practice 500, text Appendix 2
Uniform Customs and Practice 600, text Appendix 1
International Chamber of Commerce Banking Commission1.29
International Standard Banking Practice (ISBP)1.33
text Appendix 3
International Standby Practices – ISP 98
text Appendix 4
Invoice
commercial invoice, the 8.76–8.81
amount 8.81, 8.82
additional or supplementary wording 8,77
applicant's name 8.76
description of goods 8.77–8.80
Irrevocable credits 2.2–2.3, 2.8–2.11
credit to be opened in London 2.11
explanation and operation 2.8
"honour" 2.8
meaning 2.2, 2.3
undertaking by bank , 2.9
point at which binding 2.10
waiver 2.11
ISP 98
text Appendix 4
Issuers of documents 8.75
Issuing bank
applicant, and Chapter 4
(see also see also applicant and issuing bank)
bad faith 5.82
contract with seller (beneficiary) Chapter 5
contract, the 5.1–5.16
documents, examination, acceptance or rejection See documents
duties , 4.10–4.31
acts and omissions of advising bank 4.20, 4.21
disclaimer for acts of instructed party 4.21
consequences of failure 4.14
duty 4.11
Equitable Trust Co of New York v Dawson Partners Ltd 4.12, 4.13
exclusion of liability 4.15
force majeure 4.19
general duty of care to buyer in connection with credit 4.27–4.31
transmission errors 4.16
waiver by bank of terms appearing to be interested for its benefit 4.26
irrevocable credits 5.3
issuing/confirming bank parallel 5.1
partial drawings 5.41
revocable credits 5.7
set-off by bank5.105
time for presentation of documents 5.27–5.38
banking hours 5.36
expiry date 5.28–5.30
extension under Article 29 5.32
instalments 5.38
no time stipulated where , 5.37
shipment period 5.34
transport documents, from issuance of 5.31
validity of credit 5.27
Issuing and confirming bank, parallel between 5.1
Jurisdiction of English courts 13.2– 13.9
Brussels Convention 13.8, 13.9
common law 13.6, 13.7
Law, governing
(see see conflict of laws)
Mareva injunctions 9.79–9.83
(see also see also Freezing injunction)
Mistake as to documents 5.100–5.102
Multimodal transport documents 8.110, 8.111
Negotiation
meaning 2.19
Negotiation bank, the 6.1, 7.5–7.11
contract, the 7.6
fraud 7.8
generally 7.5
recourse against 7.7–7.11
recourse by , 7.9–7.11
bills of exchange 7.10
without bills 7.11
Negotiation credits 2.20–2.26, 7.5–7.11
construction of words of credit 2.22
meaning 2.20
'negotiation is permitted' 2.23
problems of construction 2.22–2.24
Nominated bank 6.16–6.21
Non-conforming credit, treated as conforming 3.31–3.35
Non-documentary conditions 8.22–8.27
Non-negotiable sea waybills 8.106, 8.107
nature of 8.106
port-to-port shipment 8.107
Non-payment, seller's rights 5.68–5.71
Non-transferable credit, backing for 2.27
Notice
form of 5.62
of discrepancies (Article 16) 5.59, 5.65
singles 5.63, 5.64
time for 5.60, 5.61
Obligation to open a credit 3.1–3.15
confirmation 3.8–3.10
credit to be opened, the 3.3–3.7
defects, correction of 3.13
documents to be required 3.11, 3.12
finalising terms, no duty to co-operate 3.15
no enforceable contract, possibility of 3.14
origin of 3.1
provisions underlying the contract 3.2
revocability 3.8–3.10
term 3.3–3.7
'freight pre-paid' 3.7
Opening of credit
(see also see also buyer and seller)
a condition precedent to obligation to ship 3.26
act by seller a pre-condition, when 3.28
buyer's duty to open in due time absolute 3.29
damages, seller's remedy in 3.30
immediately 3.17
instructions for
(see see applicant and issuing bank)
obligation to open See obligation to open
seller's right to terminate 3.27
time for See time for opening credit
Operation of credit 3.44, 3.45
buyer's duty to open credit in due time is absolute 3.29
cases where act by seller is pre-condition 3.28
cooperation of buyer required, where 3.45
seller's remedies against buyer for damages3.30
seller's right to terminate 3.27
Orders under section 39 of Supreme Court Act 1981 9.85
Origin, certificates of 8.146
Partial drawings 5.41
Partial shipments 8.130, 8.131
Parties
credit, to 1.6–1.9
Parties' relationships, shown diagrammatically 1.9
Paying bank 6.18, 6.19
correspondent bank as 6.18, 6.19
Payment
absolute, conditional payment, credit as 3.47–3.62
claim for price 3.62
construction of contract 3.55
credit operating as conditional payment 3.51
frustration of contract, and 3.57
insolvency of issuing bank, and 3.58
liability of buyer 3.59
no concluded agreement, where 3.48
presumption of conditionality , 3.56
rejection of documents by confirming bank 3.61
waiver, and 3.50
failure of credit to provide 3.46–3.65
goods received by buyer, where 3.63– 3.65
where buyer has received goods 3.63– 3.65
Payment against documents_compared with credit 1.4, 1.5
Payment obligations 2.15–2.19
Payment under a reserve or against an indemnity 5.83–5.87
Performance bonds and Guarantees
(see see demand guarantees)
Pledge
bank's security and 11.3–11.8
Post receipts 8.117
Presentation of documents, time for See issuing bank
place for 5.24–5.26
Proper law See conflict of laws
Quality, certificate of 8.146
Rail transport documents 8.116
'Reasonable time', meaning 3.24, 5.49
Receiver
appointment of 9.84
failure of applicant 5.100
fraud 5.101
mistake as to documents 5.98–5.99
rights arising in connection with bills of exchange 5.94–5.97
Recourse, collecting bank and 7.4
Recourse, correspondent bank against beneficiary 6.45
Recourse, issuing bank against correspondent bank 6.43. 6.44
Recourse, issuing/confirming bank against beneficiary 5.93–5.101
bills of exchange 5.94–5.97
failure of applicant 5.100
fraud 5.101
generally 5.93
mistake as to documents 5.98–5.99
Recourse, negotiation bank, against 7.7
Recourse, negotiation bank, by 7.9–7.11
'Red clause credit', meaning and operation 2.33–2.35
Restraining seller from operating credit 3.67
Revocable credits 2.2–2.7
bank's obligations 2.4–2.7
disadvantages of2.7
meaning, 2.2
revocability, discussion of 2.5–2.7
UCP 500 Article 8 2.4, 2.5
Revolving credits, meaning and_operation 2.32
limited protection 2.5, 2.6
Road transport documents 8.116
Rome Convention
(see see conflict of laws)
Sea waybills 8.106, 8.107
Article 22 8.108
description 8.106
non-disposal clause 8.106
security of bank 8.106
Security, the bank s' 4.27, Chapter 11
bills of exchange against goods 11.16
bank as pledgee, position of 11.4
conversion, claim by pledgee 11.8
documents, provided by 11.3–11.6
documents not including bill of lading 11.9
generally 11.1
lien 11.9
paying party, provided by 11.2
pledge 11.3–11.6
conversion and , 11.8
essential to trust receipt 11.14
express 11.6
sale 11.7
property in the goods 11.5
sale by pledgee 11.7
sea waybill 8.101, 11.9
time draft delaying payment 11.10
trust receipts 11.11–11.13
concept 11.11
efficacy of 11.12
failure of bank, and 11.15
pledge essential 11.14
Seller, buyer and 3.1–3.67
damages for failure to open credit 3.30
Seller proceeding as if non-conforming credit wereconforming 3.31–3.35
waiver 3.31, 3.32–3.34
Seller's right against defaulting bank
damages 5.87
delayed payment 5.93
non-payment 5.87
paying incorrect party 5.94
seller retaining documents 5.88
Set-off by bank 5.102
assignment and 10.41
Shipment period 5.34
Shipments, partial 8.130, 8.131
Shipper's load and count 8.122
Sight credit 2.16, 2.17
Signatures 8.89
Sovereign immunity 13.115, 13.118
at common law 13.115, 13.118
State Immunity Act, 1978 13.117, 13.118
Stale or out-of-date documents 8.61, 8.62
Standby credits 2.36
abusive calls 12.44–12.47
American decision, an 12.22
commercial credits compared 12.3
conditional guarantees compared 12.4–12.10
proof of primary liability 12.5
development 12.14, 12.15
fraud 12.44–12.47
function 12.13
generally 12.13
governing rules 12.12
history 12.14, 12.15
ISP 98 12.32–12.42
examination 12.39–12.41
presentation of documents 12.37, 12.38
reimbursement 12.43
rejection 12.42
legal nature 12.16–12.23
outline 12.13
types of documents tendered 12.11
Uniform Customs 12.24–12.31
applicable articles 12.29–12.30
'clean' 12.27
'suicide' 12.25
strict compliance 12.31
Straight credit, meaning and operation 2.20–2.26
SWIFT 6.14, 14.6
Time for opening of credit 3.16–3.25
CIIF contracts 3.18–3.21
FOB contracts 3.22
generally 3.16, 3.17
'immediately' 3.17
no shipment date 3.24
reasonable time 3.23
seller lets time go by, waiver 3.25
Time for presentation of documents 5.27–5.37
banking hours 5.36
expiry date 5.28–5.30
extension under Article 29 5.32
hours of presentation 5.36
instalments 5.38, 5.39
no time stipulated where 5.37
partial drawings 5.40
shipment period 5.34
transport documents, from issuance of 5.31
Transfer 2.27, Chapter 10
amendments , 10.28–10.33
Uniform Customs 10.29–10.32
Bank Negara case, the 10.4
bank to effect 10.9, 10.10
charges 10.35
date for presentation 10.16
drafts 10.15
freely negotiable credit, with example 10.12
function 10.2
introduction 10.1
invoice, substitution of 10.11
legal analysis 10.20–10.26
performance of contract 10.23
summary 10.26
transfer effected by negotiating bank 10.25
transfer of negotiation credit 10.24
views as to 10.27
mechanics 10.11
negotiation credits 10.10, 10.24
notification to issuing bank 10.34
parts, transfer of 10.13
second transfer, none 10.13
substitution of invoice and drafts 10.11
terms of credit as transferred 10.14
transfer, which bank to effect 10.9, 10.10
transfer to another place 10.17, 10.18, 10.19
transferability, a trap 10.4–10.8
Transferable credits 2.27
Transhipment 8.100
Transport documents 8.82
air waybills,
(see see air transport)
bills of lading See bills of lading
carriage on deck 8.120
clean 8.124–8.125
freight 8.127–8.129
given against indemnity 8.126
consignor 8.123
courier 8.117
date of shipment and presentation 8.132
deck stowage 8.120
description of goods 8.133
freight 8.127–8.129
freight forwarder documents 8.118,8.119
identification of goods 8.133
marine bills of lading
authentication 8.89
date of shipment 8.96
full set of original bills 8.97
intended vessels 8.93, 8.94
issued on shipment 8.103, 8.104
loaded on board 8.90
meaning 8.87
name of carrier 8.88
notations 8.92
port of discharge 8.95
port of loading 8.95
pre-printed loaded on-board bills 8.91
shipped on named vessel 8.90
short form bills 8.98
signature 8.89
subject to charterparty 8.99
through bills: to cover whole carriage 8.101, 8.102
to order blank indorsed 8.105
transhipment 8.100
multimodal 8.110, 8.111
post 8.117
partial shipments 8.130, 8.131
rail
(see see rail transport documents)
road
(see see road transport documents)
sea waybills
(see see sea waybills)
shipper's load and count , 8.122
Trust receipts 11.11–11.14
Unconfirmed credit, meaning 2.13
Unenforceability
(see see illegality)
Uniform Customs and Practice for Documentary CreditS
ammendment of credit 3.38
application of 1.24–1.27
autonomy of documentary credits, and 1.36
conflicts, terms of credit and 1.31, 1.32
Court decisions, earlier, and 1.30
express terms in credit 1.26
generally 1.20–1.33
history 1.20
ICC Banking Commission 1.21
ICC publications 1.29
ICC standard forms 1.21
incorporation of, need for 1.28
interpretation of 1.28
nature of 1.23–1.27
scope of 1.23–1.27
standby credit, definition 1.27
UCP 500
text Appendix 2
UCP 6001.21,1.22
text Appendix 1
Uniform Rules for Demand Guarantees 12.90
Waiver of documentary discrepancies 5.80
Waiver of non-conforming credit 3.31
Weight, certificate of 8.146
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  • Resource ID: C-000-1680
  • Law stated date: 01-Jan-2009
  • Products:  All Bloomsbury Books, Book: Jack: Documentary Credits, PLC UK Finance
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