Экзамен зачет учебный год 2023 / The-independence-principle-of-letters-of-credit-and-demand-guarantees-150-373
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proof, standard of 5.63
American Cyanamid 5.66, 5-67 Australia 5.74
bank’sdefence 5.78-5.85 Canada 5.75 counter-guarantee 5.86 CPR Pt 24 5-77
current test 5.70-5.73 established, early test 5.68, 5.69 interim injunction 5.66,5.67 summary judgment 5.76
trial 5-64, 5.65
United States, practice in 5.74 summaryjudgment 5.54-5.58 unconscionable conduct, differences 7.03
Fraud exception
acceptance credit, discounting bank 5.92-5.95 account party
claim against bank 5.06 claim against beneficiary 5.09
beneficiary, claim by paying bank 5.08 beneficiary’s agent 5.35
beneficiary’s knowledge 5.30-5.34
deferred paymentcredits, discountingbank 5-96—57 fraud, elements of 5.12
general nature of 5.01,5.02 illegality, and 8.10,8.11 juristic basis of 5.03-5.05 limits of 5.87
materiality 5-23-5.27
negotiating bank, reimbursement of 5.88-5.91 paying bank, claim against 5.07
third party fraud 5.36-5.38 Fraud protection
account party 5.109
documents signed by 5.ПО-5.112
beneficiary’s certificate |
5.123-5.126 |
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third party certificates |
5-113 |
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chambers ofcommerce 5.113 |
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clarity requirement |
5.114-5.120 |
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issuer liability 5-121,5.122 |
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Freezing injunctions |
10.66 |
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availability 10.29,10.30 |
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balance ofconvenience |
10.61—10.63 |
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dissipation, serious risk of 10.73, 10.74 |
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good arguable case |
10.70—10.72 |
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paying bank, and |
10.67 |
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proceeds payable abroad 10.76-10.78 |
Good faith, lack of exception
recognition see Unconscionable exception
Illegality
governing law 13.104—13-108 place of performance, law of 13.109
public policy 13.117,13.119 Rome Convention 13.110-13.118
sanctions 8.04, 8.05 supervening statute precludes
payment 8.04, 8.05 Illegality exception
application of 8.22 Australia, practice in 8.50
bank’s responsibility, and 8.12 beneficiary involvement 8.30-8.32 Canada, non-recognition in 8.51, 8.52 English case authorities 8.14-8.21
established principles, consistencywith 8.09 exclusion, agreement 8.42
assignee’sclaim 8.44-8.47 beneficiary’s original claim 8.43
France, nullity, treatment of 8.54-8.57
fraud, and 8.10,8.11 |
|
general defence |
8.02 |
juristic basis for |
8.10,8.11 |
letter ofcredit, closeness 8.33 |
|
reliance test |
8.34-8.38 |
Mahonia, recognition in 8.11,8.18-8.21 |
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test of 8.28 |
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proof, standard of 8.23-8.25 |
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timing 8.26,8.39-8.41 |
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recognition of 8.08 |
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scope of 8.13 |
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seriousness 8.27-8.29 |
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Singapore, non-recognition in 8.52 |
summary judgment, defence 8.01 UN Convention recognition 8.53 United States, non-recognition in 8.49
Importer and issuing bank, contract
between 2.48—2.51 |
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Independence principle |
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account party defences 4.12 |
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Canada, recognition in 4.07 |
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civil law jurisdictions, and |
4.05 |
common law, recognition |
4.05, 4.06 |
conflict oflaws 13.01 |
|
cross-claims 4.12 |
|
definition 1.03 |
|
demand guarantees, compliance |
requirement 4.49—4.60 documentary compliance 4.39, 4.40 documentary liability 4.32-4.34 exceptions 4.61-4.64
fraud 1.05 illegality 1.05
injunctions 10.01, 10.64, 10.65 beneficiary, against 10.08-10.16
international recognition 4.09, 4.10 issuing bank
claim assignment 4.31 defences 4.23
set-off 4.24-4.30
letters ofcredit, strict documentary compliance 4.40-4.48
nature of 4.01-4.03
345
Independence principle (cont.) |
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|
no factual investigation |
4.3 a |
4.3ft |
rationale 4.04 |
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underlying contract |
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anticipatory breach 4.22 |
|
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performance dispute |
4.13 |
4.16 |
validity or enforceability 4.17-4.21 |
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United States, recognition in |
4.08 |
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Injunctions |
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balance of convenience |
10.53 |
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bank, and 10.59 |
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bank, reputation of 10.55, 10.56 |
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damages, adequacy of |
10.26, 10.58 |
damages undertaking, inadequacy 10.57 factors favouringgrant 10.32, 10.33 final accounting, availability 10.31 imminent expiry 10.27,10.28 international trade, risk to 10.60
beneficiary, restraining 10.18 fraud 10.19, 10.20 illegality 10.21
unconscionable conduct 10.22 cause ofaction 10.40,10.41
account party’s bank, against 10.42-10.48 paying bank, against 10.49-10.52
demand in breach 10.23
Australian approach 10.37, 10.38 balance ofconvenience 10.34—10.36
independence principle, and 10.01, 10.64, 10.65
independence principle, beneficiary, against 10.08-10.16
nullity or recklessness grounds 10.24 payment restraining 10.39
Seealso Freezing injunctions, Interim injunctions
Instructing bank, beneficiary, claim |
|
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against 12.69-12.71 |
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Interim injunctions |
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American Cyanamid, guiding principles |
10.17 |
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court power to grant 10.02-10.04 |
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discharge, refusal |
10.64, 10.65 |
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disclosure, duty of |
10.05, 10.06 |
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International Standard Banking |
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Practice for the Examination of |
|
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Documents and Documentary |
|
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Credits (ISBP) |
2.20, 2.27 |
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International Standby Practices (ISP98) |
2.21 |
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Irrevocable credits 2.29, 2.30 |
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Issuing bank 2.03-2.05 |
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confirming bank and exporter, contract |
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between 2.52-2.56 correspondent bank, contract between 2.57-2.61
importer, contract between 2.48-2.51
Jurisdiction
applicable law 13.52,13.53 common law approach 13.55
Index
Brussels I |
|
contract matters 13.16 |
|
jurisdiction agreements |
13.41 |
obligation in question |
13.17 |
place of performance 13.19, 13.22-13.25 |
provision in non-Regulation State 13.20, 13.40 provision in Regulation State 13.21
provision in several Regulation States 13.26, 13.27
special jurisdiction 13.14, 13.15 choice of law rules 13.54 common lawregime 13.05,13.42
service out ofjurisdiction |
13.47-13.51 |
service within jurisdiction |
13.43-13.46 |
defendants domicile, place to sue 13.13 European regime 13.05-13.12 governing law
habitual residence 13.63, 13.64, 13.69 place contract closely concerned with
13.60, 13.61
letter ofcredit transaction 13.70, 13.76 reception of documents and making
payments 13.28
Rome Convention and Rome I Regulation 13.56 absence ofchoice 13.60-13.69
choice oflaw 13.57-13.59 URDG 758 13.03
Letters ofcredit
absolute payment 2.12-2.15 autonomous nature of 4.01 bank’s undertaking 2.01,2.02
bills of exchange, issued available as 2.22, 2.23 cash in hand, equivalence 1.02
choice oflaw 13.70, 13.76
account party and issuing bank 13.93, 13.94 beneficiary and issuing bank 13.76-13.85 beneficiary and negotiating bank 13.86 issuing and advising/confirming
banks 13.90-13.92 negotiating and issuing/confirming
banks 13.87-13.89 conditional payment 2.12-2.15
conflicting interests, balancing 1.03-1.05 contractual relationships underpinned by 2.44 demand guarantees, comparison with 3.09-3.15 European regime, place of payment
13.27-13.30,13.35 exporter, use by 1.01
financing instrument, function 2.09, 2.10 fraud protection
beneficiary’s certificate 5.123-5.126 clean letters 5.127
suicide’ instruments 5.127 functions of 2.06
illegality
closeness to 8.33-8.38 effect of 8.03,8.09
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Index
importer and exporter, contract between 2.45-2.47 importer and issuing bank, contract
between 2.48-2.51 importer, security and 1.01
independence principle, strict documentary compliance 4.40-4.48
risk reduction, function 2.07, 2.08 security, other obligations 2.11 transaction, stages 2.04, 2.05 types of 2.28
Maintenance or warranty guarantees, construction and supply contracts 3.3 l
Mareva injunctions See Freezing injunctions
Negotiation credits 2.37,2.38 beneficiary’s fraud, effect of 5.88-5-91
Nullity exception
bank, investigation dilemma 6.24, 6.25
chain contracts, unfair to beneficiary 6.26, 6.27 documents
bank security interest 6.30 fraudulent creation 6.03 forged documents
beneficiary, by 6.04 third parties 6.05-6.08
fraud, discouraging 6.31 honest error
beneficiary 6.10-6.12 third party 6.09
injunction 10.24
policy considerations 6.22 reasons against 6.23—6.27 reasons favouring 6.28-6.31 Singapore, approach in 6.13-6.19
honest error in document 6.21 UCP 60, 500 6.14,6.18,6.19 uncertainty, and 6.23
voidab initio 6.02
OHADA UniformAct on Securities 3.41, 3.42
Payment
abusive demand for 1.04 assurance of 1.02
Performance bond, liabilityassumed under 3.63 Performance bonds
account party claim against beneficiary 12.33
autonomous nature of 4.01 |
|
choice oflaw 13.72 |
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beneficiary and issuing bank |
13.95-13.98 |
instructing bank and account party 13.102 |
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issuing and instructing bank |
13.99-13.101 |
Furopean regime, place ofpayment 13.28, 13.32, 13.33, 13.39
fraud protection
bare demand payment 5.127 beneficiary’s certificate 5.123-5.126
illegality, Singaporean practice 8.52 issuer’s obligations 3.65
underlying international transaction 3.99 Performance guarantees 3.24, 3.25
Recklessness exception beneficiary, recklessness of 6.36 benefits of 6.38,6.39 definition 6.32
injunction 10.24 Singapore, in 6.33-6.35 third party documents 6.37 uncertainty, and 6.38
‘Red clause’ credits, bank undertaking under 2,40
Retention guarantees, interim payments 3.30 Revocable credits 2.29,2.30
Revolving credits, operation of 2.39 Risk, reduction 2.07, 2.08
Sanctions, illegality exception 8.04, 8.05 Sight credits 2.33
Standby credits 2.43 Straight credits 2.36,2.38
‘Suicide’ instruments, fraud protection 5.127 Summaryjudgment, illegality, defence 8.01 Suretyship guarantees
categorization
со-extensive liability 3.86, 3.87 conclusive evidence clause 3.83-3.85 contestation notwithstanding
undertaking 3.94
contract variation exclusion 3.89,3.90 damages payment undertaking 3.91,3.92 description 3.75, 3.76
guarantee subject to URDG 758 3.88 ‘if and when5payment undertaking 3.93 liability certificate 3.82
Marubeni presumption 3.95-3.98 payment on demand’ 3.77, 3.78 primary obligor clause 3.80,3.81 specific terms 3.74 unconditional undertaking 3.79
categorization problems 3.71-3.73 со-extensive liability 3.63
demand guarantees, differences between 3.61 demand, payment on 3.66
legal and equitable defences 3.65 primary liability, proofof 3.64 secondary liability assumed under 3.62 set-off 3.65
underlying transaction variation, effect of 3.68, 3.69
writing, requirement of 3.70 SWIFT 2.04
Syndication, demand guarantees 3.08
Transferable credits, UCP 600 2.41
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Index
UN Convention on Independent Guarantees and Standby Letters for Credit 3.39, 3.40
bad faith exception 7.63, 7.64 illegality exception, recognition 8.53
independence principle, recognition 4.09 non-genuine documents 6.20
Unconfirmed credits 2.32 Unconscionabilityexception
account party protection 7.01 Australia
case law 7.38,7.42-7.49 statutory provisions 7.39-7.41
case authorities, existence doubted in 7.27, 7.28 effect of 7.04
France, rights, abuse of 7.60-7.62 fraud, and 7.03
juristic basis for 7.02
Malaysia, recognition in 7.56-7.58 policy considerations 7.29-7.35 scope and limitation 7.10 Singapore
meaning of 7.52-7.54 proof, standard of 7.55 recognition in 7.50,7.51
supporting case authorities 7.17-7.26
TTl Case 7.06
good faith, lack of 7.07-7.15
UNCITRAL Convention, bad feith, and 7.63,7.64
United States, non-recognition of 7.59 Uniform Customs and Practice (UCP)
development of 2.16
effect and scope of 2.17,2.18 eUCP 2.19
UCP 600 2.16-2.20,2.27
deferred payment credits 5.99-5.108 independence principle, examination 4.38 independence principle recognition 4.09,4.10 nullity exception 6.19
Uniform Rules for Contract Guarantees (URCG) URCG 325, failure of 3.33, 3.34
URCG 458
development 3.34, 3.35 revision 3.36
URCG 758
independence principle, examination 4.38 independence principle recognition 4.09, 4.10 OHADA Uniform Act on Securities,
and 3.41,3.42 UCP 600, and 3.36-3.38
Uniform Rules for Demand Guarantees (URDG) 3.06
jurisdiction and applicable law 13.03
348