A.01 Problems of compliance in letter of credit transactions fall into two broad categories. One contains cases in which a party contests proper issuance of a given credit. It includes instances1 where the opening of the credit fails to adhere to some pre-existing arrangements, and the party injured thereby wishes to know where he stands with the party who caused the failure. The other is of a much wider scope. It encompasses2 mostly disputes over the validity of a right to insist on payment of a specified sum following the presentation of a set of documents to a...
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