Hare C., Neo D. (eds.). Trade Finance: Technology, Innovation and Documentary Credit. Oxford University Press,2021. � 417 p.. 2021

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Preface

Table of Contents

List of Contributors

List of Abbreviations

Table of Cases

Table of Legislation

PART I LEGAL AND PRACTICAL CHALLENGES TO TRADITIONAL TRADE FINANCE

Part I considers the modern challenges presented to traditional trade finance instruments, namely documentary letters of credit and performance bonds.

1 The UCP Regime

Past, Present, and Future

James E Byrne,[1]Soh Chee Seng, and Christopher Hare �Those who cannot remember the past are condemned to repeat it.'1

Introduction

The Historical Perspective

The Present Context

Towards UCP 900?

Conclusion

The Letter of Credit as a Contract

Sandra Booysen[134]

Introduction

Overview of the Letter of Credit Contractual Relationships

IssuingZConfirming Bank and Seller

Conclusion

Soft Clauses in Letters of Credit

Martin Davies

Introduction: A Rod for the Beneficiary�s Own Back

Little Sympathy for Beneficiaries

Fraud in the Underlying Transaction, Unconscionability, Good Faith: A Sword Instead of a Shield?

What Are the Beneficiary�s Alternatives?

Conclusion

4 Perspectives on the Role of the Nominated Bank in a Letter of Credit

Toh Kian Sing and Chen Zhida

Introduction

Decision in Grains

Practical Implications of the Decision in Grains

IV. Conceptual Implications of Treating Nominated Bank as Issuing Bank�s Agent

Conclusion

5 Determining a Complying Presentation in Letter of Credit Transactions

A Principled Appraisal of Current Requirements and Challenges Ebenezer Adodo[387]

Introduction

Proper Approach to Interpretation of the UCP 600 as to Documentary Compliance

Effect of a Draft Drawn on the Credit Applicant

Implications of the Place for Documentary Presentation

Conclusion

6 The Fraud Rule in the Law of Letters of Credit Revisited

Xiang Gao[547]

Introduction

The Current Status of the Fraud Rule

Refining the Current Fraud Rule

7 Letters of Credit and Stop Payment Orders Made in the Issuer's Country

Nelson Enonchong[595]

Introduction

The Role of Choice of Law Rules

Stop Payment Orders at Common Law

Stop Payment Orders under the Rome Convention

'The Rome I Regulation: Has it Opened a Door to Stop Payment Orders?

Any Role for the Public Policy Exception?

Claims by Correspondent Banks

Conclusion

Injunctions to Restrain Payment on Independent Guarantees

�Unconscionability� to Bolster the Fraud Exception

Dora Neo[713]

Introduction

General Features of Independent Guarantees

The Fraud Exception

The Unconscionability Exception

The Underlying Contract

Change of Circumstances: Frustration and Force Majeure

Limits of Unconscionability and No-Injunction Clauses

Conclusion

PART II TRADE FINANCE TECHNOLOGY

Whilst the previous part considered some of the difficulties that have dogged documen�tary trade finance, Part II looks to the future. Given the technological advances that have occurred since the advent of the documentary letter of credit, the former is increasingly threatening to eclipse the latter.

9 The Electronic Bill of Exchange and Its Use in International Trade

Benjamin Geva[862]

Introduction

Physical and Electronic Formats for Bills: Legal Requirements

Electronic Presentment of a Bill

The Substitute Paper Bill

Interbank Negotiation and Exchange of Bill Images

Electronic Bill (EB) as �Paperless Bill�

Depository Bills

Concluding Observations

10lang=EN-US>Digitalisation of Shipping and Insurance Documents

Implications for Trade Finance

Miriam Goldby

Introduction

Background: The Presentation of Paper Documents under Documentary Letters of Credit with Special Focus on Bills of Lading and Insurance Certificates

The Digital Alternatives Landscape: State of Play and Perceived Benefits

Legal Framework Supporting the Use of Digital Alternatives to Paper Documents in Documentary Credit Arrangements: Gaps and Uncertainties

Filling in the Gaps: Contractual Frameworks and their Limitations

Filling in the Gaps: Legislation

11 Implementation and Implications of the UNCITRAL Model Law on Electronic Transferable Records in Trade Finance

Alan Davidson

Introduction

Model Law on Electronic Transferable Records 2017

Conclusion

12 Will Blockchain Transform Trade Finance?

Jane K Winn[1136]

Introduction: Why Transforming Trade Finance is Hard

Believing in Blockchain

Some Realism about Blockchain

Transforming the Architecture of Global Trade Systems

Transforming the Workflow of Global Trade Transactions

Transforming Trade Finance Incrementally

Conclusion

PART III INNOVATION AND TRADE-FINANCE CHALLENGERS

The previous two parts have focused upon the challenges for documentary trade finance and how some, but not all of those challenges might be met by technology, principally through the mechanism of digitizing trade documents.

13 The Bank Payment Obligation as a Signal Step in the Evolution of Digital Trade Finance

Agasha Mugasha[1228]

Introduction

The Business Case and Contractual Setting for the Bank Payment Obligation

Salient Features of the Legal Framework for the BPO

Evaluation

Conclusion

14 Something Old, Something New

Open Account, Prepayment, and Supply Chain Finance

Christopher Hare[1337]

Introduction

The Letter of Credit�s Demise

The Rise of Open Account, Prepayment, and Supply Chain Finance

Conclusion

Islamic Trade Law and the Smart Contract Revolution

Jonathan Ercanbrack[1575]

Introduction

Trade in the Muslim World�Then and Now

The Development of the Modern Islamic Finance Industry

Principles of Islamic Commercial Law

Islamic Trade Finance in Practice: The Murabaha Contract

Islamic Trade Finance in English Courts

The Future: Blockchain for Islamic Trade Finance

Conclusion

16 Countertrade as Finance

Christopher Hare

I. Introduction

Forms of Countertrade

Legal Problems of Countertrade

Conclusion

Index

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