The Mechanics of Refusal in Documentary Letter of Credits: An Analysis of the Procedures Introduced in Article 16 UCP 600

Mohd Hwaidi (Lead / Corresponding author), Brian Harris

Research output: Contribution to journalArticle

Abstract

Examines the effect under English law of the changes to the documentary credit refusal procedures under the Uniform Customs and Practice for Documentary Credits 2007 (UCP 600) art.16. Outlines the art.16 rules on the requirements for a refusal notice, the circumstances triggering the requirement to return documents, and the time period for giving a refusal notice. Considers the likely consequences of these new refusal formalities, particularly in the light of the guidance on the construction of UCP 600 provided by the Court of Appeal judgment in Fortis Bank SA/NV v Indian Overseas Bank.
Original languageEnglish
Pages (from-to)146-155
Number of pages10
JournalJournal of International Banking Law and Regulation
Volume28
Issue number4
Publication statusPublished - 2013

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