Defences to Payment under Letters of Credit and Demand Guarantees

Hardcover | July 10, 2010

byDeborah Horowitz

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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 thatabstraction 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, fraudas 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 andstudents.

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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 abst...

Deborah graduated with a BA (Hons) and LLB (Hons) from the University of Melbourne, and then practised as a solicitor at Mallesons Stephen Jaques in Melbourne, specialising in banking and finance disputes. In 2005, she commenced studies at the University of Oxford, where she read for the degrees of BCL, MPhil and DPhil. Deborah is cur...
Format:HardcoverDimensions:350 pages, 9.69 × 6.73 × 0.01 inPublished:July 10, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199588538

ISBN - 13:9780199588534

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Table of Contents

1. Introduction: International Payment Instruments and Defences2. Fraud in the Documents3. The Nullity Defence and Non-Complying Documents4. Fraud, Deferred Payment Credits and The UCP 6005. Fraud as No Honest Belief6. Unconscionable Conduct7. Illegality8. Conclusion: A Spectrum of Defences