The story of the English strict compliance principle in letters of credit and its consistency with the UCP

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Abstract

Analyses both the English strict compliance principle, concerning the enforceability of letters of credit, and its generated rules to examine their compatibility with the Uniform Customs and Practice for Documentary Credits (UCP 600) and the 2013 International Standard Banking Practice guidance on documentary credits. Assesses the effectiveness of the English common law rules that are inconsistent with UCP 600.
Original languageEnglish
Pages (from-to)71-81
JournalJournal of International Banking Law and Regulation
Volume29
Issue number2
Publication statusPublished - 28 Feb 2014

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