Title: Documentary Credit Law and Practice in the Global Information Age
Abstract: Documentary letters of credit have historically been an important and popular method of payment in international trading transactions. In fact, they have been described as the life-blood of international commerce. A number of uniform international practices have developed for their use, many of which are codified in international rules such as the UCP 500. However, in the global information age, as the nature of international commerce changes, so too must the operation of such payment mechanisms. With the increase in electronic trading, the nature of these credits may require some revision. This paper examines ways in which the law and practice relating to documentary credits may need to be modified to accommodate electronic transactions.
Publication Year: 1999
Publication Date: 1999-12-31
Language: en
Type: article
Access and Citation
Cited By Count: 3
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot