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Adjudicating Letter of Credit-Related Cases
September 02, 2006 | BY
clpstaff &clp articlesThe 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'.
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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