Overview

The question of what constitutes 'fraud in the transaction' with respect to international letters of credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucial for the practitioner to know the relevant jurisdiction's case law, especially if wider defences such as inducement, unconscionable conduct or bad faith must be invoked. In this book, the author argues that, whereas 'fraud in the documents' is generally sufficient in cases involving commercial letters of credit, standby letters of credit demand a wider fraud exception. The central issue - how wide that fraud exception should be - is what this book explores in depth.This author compares and critically examines the application of the fraud exception in four major trade jurisdictions - the United States, England, Canada, and Australia. With an overall focus on how each jurisdiction's fraud tests treat the autonomy of standby letters of credit, she builds her arguments on such relevant sources and concepts as the following: when it can be shown that the beneficiary has 'no bona fide belief' in the validity of its claim demand guarantees; international initiatives (ICC Rules and the UN Convention on Independent Guarantee and Standby Letters of Credit); the Sztejn Rule; parameters of the 'fraud in the transaction' defence 'materiality' standard; prerequisites for injunctive relief; arguing 'fraud in the formation of the contract'; performance bond cases; applying the 'breach of good faith' defence; 'negative stipulation' in the underlying contract; and equitable versus statutory/broader notion of unconscionability. The presentation includes detailed summaries and analyses of leading cases in all four jurisdictions.

Full Product Details

Author:   Ramandeep Cchina
Publisher:   Kluwer Law International
Imprint:   Kluwer Law International
Volume:   19
Dimensions:   Width: 15.60cm , Height: 1.60cm , Length: 23.40cm
Weight:   0.535kg
ISBN:  

9789041145604

ISBN 10:   9041145605
Pages:   256
Publication Date:   04 December 2012
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

About the Author. List of Abbreviations. Preface. Acknowledgements. CHAPTER 1 Introduction. CHAPTER 2 Standby Letters of Credit and the Fraud Exception. CHAPTER 3 'Fraud in the Documents' and 'Fraud in the Transaction': Seeking Conceptual Clarity. CHAPTER 4 Application of the 'Wider' Fraud Exception to Standby Letters of Credit: The US Position. CHAPTER 5 The Fraud Exception: Position under Canadian Law. CHAPTER 6 The Fraud Exception under English Law. CHAPTER 7 The Fraud Exception and the Principle of Unconscionability: The Australian Law Position. CHAPTER 8 Conclusion. Appendices: Appendix 1 Uniform Rules for Demand Guarantees (URDG758). Appendix 2 United Nations Convention on Independent Guarantees and Stand-by Letters of Credit. Bibliography. Table of Cases. Index.

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