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Contents
- Preliminary Material
- Main Text
- Part I Legal and Practical Challenges to Traditional Trade Finance
- Preliminary Material
- 1 The UCP Regime: Past, Present, and Future
- 2 The Letter of Credit as a Contract
- I Introduction
- II Overview of the Letter of Credit Contractual Relationships
- III Issuing/Confirming Bank and Seller
- IV Conclusion
- 3 Soft Clauses in Letters of Credit
- 4 Perspectives on the Role of the Nominated Bank in a Letter of Credit
- I Introduction
- II Decision in Grains
- III Practical Implications of the Decision in Grains
- IV Conceptual Implications of Treating Nominated Bank as Issuing Bank’s Agent
- V Conclusion
- 5 Determining a Complying Presentation in Letter of Credit Transactions: A Principled Appraisal of Current Requirements and Challenges
- I Introduction
- II Proper Approach to Interpretation of the UCP 600 as to Documentary Compliance
- III Effect of a Draft Drawn on the Credit Applicant
- IV Implications of the Place for Documentary Presentation
- V Conclusion
- 6 The Fraud Rule in the Law of Letters of Credit Revisited
- 7 Letters of Credit and Stop Payment Orders Made in the Issuer’s Country
- 8 Injunctions to Restrain Payment on Independent Guarantees: ‘Unconscionability’ to Bolster the Fraud Exception
- I Introduction
- II General Features of Independent Guarantees
- III The Fraud Exception
- IV The Unconscionability Exception
- V The Underlying Contract
- VI Change of Circumstances: Frustration and Force Majeure
- VII Limits of Unconscionability and No-Injunction Clauses
- VIII Conclusion
- Part II Trade Finance Technology
- Preliminary Material
- 9 The Electronic Bill of Exchange and Its Use in International Trade
- 10 Digitalisation of Shipping and Insurance Documents: Implications for Trade Finance
- I Introduction
- II Background: The Presentation of Paper Documents under Documentary Letters of Credit with Special Focus on Bills of Lading and Insurance Certificates
- III The Digital Alternatives Landscape: State of Play and Perceived Benefits
- IV Legal Framework Supporting the Use of Digital Alternatives to Paper Documents in Documentary Credit Arrangements: Gaps and Uncertainties
- V Filling in the Gaps: Contractual Frameworks and their Limitations
- VI Filling in the Gaps: Legislation
- VII Conclusion
- 11 Implementation and Implications of the UNCITRAL Model Law on Electronic Transferable Records in Trade Finance
- 12 Will Blockchain Transform Trade Finance?
- Part III Innovation and Trade-Finance Challengers
- Preliminary Material
- 13 The Bank Payment Obligation as a Signal Step in the Evolution of Digital Trade Finance
- I Introduction
- II The Business Case and Contractual Setting for the Bank Payment Obligation
- III Salient Features of the Legal Framework for the BPO
- 13.11
- A Applicable Rules and Notable Exclusions
- B Establishment of the BPO and Amendment of an Established Baseline to Add a BPO
- C Expiry Date
- D Honour of the Undertaking
- E Duties of the Bank
- F The Independence Principle: Separate and Independent Contracts
- G Data Supremacy in a Digital Bank-to-Bank Instrument
- H The Boilerplate Provisions
- I Assignment of Proceeds (Article 16)
- J Applicable Law
- IV Evaluation
- V Conclusion
- 14 Something Old, Something New: Open Account, Prepayment, and Supply Chain Finance
- 15 Islamic Trade Law and the Smart Contract Revolution
- I Introduction
- II Trade in the Muslim World—Then and Now
- III The Development of the Modern Islamic Finance Industry
- IV Principles of Islamic Commercial Law
- V Islamic Trade Finance in Practice: The Murabaha Contract
- VI Islamic Trade Finance in English Courts
- VII The Future: Blockchain for Islamic Trade Finance
- VIII Conclusion
- 16 Countertrade as Finance
- Part I Legal and Practical Challenges to Traditional Trade Finance
- Further Material
