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.
|Number of pages||10|
|Journal||Journal of International Banking Law and Regulation|
|Publication status||Published - 2013|