More than 15 percent of trade (over $1 trillion a year) is financed using letters of credit. ICC's universally used Uniform Customs and Practice for Documentary Credits, UCP, are the most successful private rules for commerce ever developed. But rules require interpretation, and courts worldwide have interpreted how the UCP should be applied in daily practice.
Written by King Tak FUNG, a prominent Hong Kong lawyer, Leading Court Cases on Letter of Credit gives the facts and analyzes the reasoning behind the cases fundamental to letter of credit law. For each case, this important book lays out:
- A summary of the facts of each case in easy-to-understand diagrams;
- The key issues presented ; and
- An analysis of what each court decision means for letter of credit practice.
By focusing on the essentials, Leading Court Cases distills the court’s legal reasoning into a highly readable, user-friendly reference tool. More than 40 cases are explained with skill and insight.