Adjudicating Letter of Credit-Related Cases

| BY

clpstaff &clp articles

The Provisions define applicable laws where international practices represented by the usual UCP 500 do not cover the disputed LC issue, the legal relationship between the parties to an LC, and the concept of 'LC fraud'.

The Provisions on Several Issues Concerning the Trial of Letter of Credit Disputes (关于审理信用証纠纷案件若干问题的规定), China's first letter of credit-related law, has attracted widespread attention in the banking sector and judicial circles. Not only do the new provisions raise the image of China's banking industry, but they also pose new challenges for domestic enterprises and banks in relation to letter of credit transactions.

By Edward E. Lehman and John Lee, Lehman, Lee & Xu, Beijing

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]