Index

For the benefit of digital users, indexed terms that span two pages (e.g., 52-53) may, on occasion, appear on only one of those pages.

acceptance

advance or anticipatory 2.26

electronic bills of exchange 9.15 letters of credit as contract 2.04

nominated bank in letters of credit 4.02, 4.30 acceptance certificate 8.37

letters of credit as contract 2.03, 2.07

stop payment orders 7.32

Africa 15.67

agency

Grains decision 4.35-4.37

letters of credit as contract 2.24-2.25 nominated bank in letters of credit 4.01, 4.06 open account, prepayment and supply chain finance 14.28-14.29

agreeing to act on nomination 4.13

alternative payment mechanisms for beneficiary see under soft clauses

anti-money laundering and terrorist financing legislation 1.20, 14.08, 14.11, 14.15

applicant see buyer/applicant

approved trade receivables 13.14 arbitration 5.25

assignment 2.24-2.25, 13.26, 14.29, 14.52-14.55

attornment 10.28-10.31, 14.26

Australia

Competition and Consumer Act 2010 8.21

Consumer Law 8.21

fraud rule 6.02

injunctions and independent guarantees 8.60 letters of credit as contract 2.05, 2.31 soft clause in letters of credit 3.18, 3.22 unconscionability exception 8.21

authenticity, apparent 10.22-10.23

authority, apparent 4.35 autonomous contracts 16.34 autonomy principle 1.20 bank payment obligation 13.19, 13.21-13.22 complying presentation in letters of credit 5.04, 5.31-5.34

electronic bills of exchange 9.27 fraud rule 6.47, 6.55 injunctions and independent guarantees 8.02-03, 8.07-8.08, 8.12, 8.21, 8.29, 8.38, 8.40, 8.44, 8.48

letters of credit as contract 2.16, 2.19, 2.45

open account, prepayment and supply chain finance 14.01, 14.08

separate and independent contracts 13.19-13.22 soft clause in letters of credit 3.17

stop payment orders 7.01

back-to-back letters of credit 14.22, 14.35 bad faith

electronic bills of exchange 9.41, 9.60

fraud rule 6.10

injunctions and independent guarantees 8.20, 8.22 balance of convenience test 8.16

size=1 color=black face="Times New Roman">Bangladesh 14.02

Bank ofAmerica Merrill Lynch 15.61

Bankers Association for Finance and Trade

- Distributed Ledger Payment Commitment 10.17

bank guarantees used in suretyship contracts 8.06 Banking Industry Architecture Network 12.59 banking practice agreements 9.48

bank payment obligation

competition 1.13

countertrade 16.04

electronic bills of lading and insurance

certificates 10.08, 10.13, 10.17

bank payment obligation 13.03-13.11, 13.13, 13.17, 13.21, 13.24, 13.26-13.27, 13.29-13.30, 13.33,

13.35-                 13.36

obligor's bank 13.01-13.02, 13.13, 13.15-13.17, 13.19-13.20, 13.23, 13.25-13.27, 13.30

open account, prepayment and supply chain finance 14.10, 14.37

recipient bank 13.01-13.02, 13.13, 13.15, 13.19,

13.23,        13.25-13.26, 13.30

technology 1.15

UCP 900 1.25

see also bank payment obligation and digital trade finance

bank payment obligation and digital trade

finance 13.01-13.36

bank duties 13.18

business case and contractual setting 13.05-13.10 deferred payment type 13.08 evaluation 13.28-13.32

legal framework 13.11-13.27

applicable rules and exclusions 13.12­

13.13,        13.27

assignment of proceeds 13.26

bank payment obligation and digital

trade finance style='font-style:italic'>(cont.}

bank duties 13.18

boilerplate provisions 13.25 data supremacy in digital bank-to-bank instrument 13.23-13.24

expiry date 13.16 honour of undertaking 13.17 independence principle 13.19-13.22 post-shipment 13.14 pre-shipment 13.14 bank payment undertaking 10.17

Barclays 12.38

barter transaction 16.07-16.08, 16.23

Basel Committee for Banking Supervision 1.20, 14.07 Basel I-III regimes 14.06-14.07, 14.10-14.11, 14.20 BBVA 12.38

bearer bills 10.03

beneficial interest under a trust 14.33 beneficiary

complying presentation in letter of credit transactions 5.01-5.02, 5.04-5.05, 5.07, 5.27­

5.34,       5.36-5.38, 5.40, 5.44-5.49, 5.51

fraud rule 6.09-6.11, 6.13, 6.15-6.16, 6.19-6.20,

6.28,                6.30, 6.35, 6.38, 6.40, 6.42, 6.44, 6.46, 6.51-6.54

letters of credit as contract 2.03-2.05 nominated bank in letters of credit 4.01, 4.03-4.05,

4.07-4.08, 4.12, 4.15, 4.17-4.18, 4.21, 4.26,

4.28,        4.30, 4.32-4.34, 4.39, 4.43

soft clause in letters of credit 3.01-3.15, 3.17-3.19,

3.22-3.24, 3.26-3.27, 3.33, 3.36-3.37

stop payment orders 7.01

bilateral arrangements 16.11 bilateral exchanges of member banks 9.47 Bill of Lading Electronic Registry Organization

(Bolero) 3.35, 10.08, 10.11-10.12 authentication and encryption functions 10.12 Bolero Bill of Lading 10.12 Bolero Core Messaging Platform 10.12 Bolero Title Registry 10.12 bills of exchange

complying presentation in letters of credit 5.45 language, development and regulation 1.17, 1.19 letters of credit as contract 2.04, 2.26, 2.35 Model Law on Electronic Transferable

Records 11.33-11.34

open account, prepayment and supply chain finance 14.01, 14.04, 14.24, 14.42, 14.59 soft clauses 3.29-3.31

technology 1.14

UCP 900 1.29

see also electronic bill of exchange

Bills of Exchange Act 1882 (UK) 9.05, 9.07, 9.09-9.11,

9.16, 9.30-9.31, 9.55, 9.65, 14.59

bills of lading

bank payment obligation 13.24 blockchain technology 12.71 charterparty 1.24

complying presentation in letters of credit 5.07,

5.16, 5.25, 5.27-5.29, 5.31, 5.37

fraud rule 6.27, 6.31, 6.47, 6.50, 6.52

injunctions and independent guarantees 8.02

Islamic trade law 15.63, 15.70

letters of credit as contract 2.01

Model Law on Electronic Transferable

Records 11.26, 11.33-11.34

negotiable 5.27

nominated bank in letters of credit 4.02

non-negotiable 5.27-5.28

ocean 1.24

open account, prepayment and supply chain finance 14.04, 14.08, 14.10, 14.30-14.31, 14.48

predated, and fraud rule 6.40-6.43

soft clause in letters of credit 3.33

technology 1.14

see also electronic bills of lading and insurance certificates

binding credit 2.10

binding promise 15.63-15.64

bitcoin 12.18

blockchain technology 12.01-12.81

bank payment obligation 13.31

‘blockchain washing' 12.11

business process reengineering 12.06-12.07, 12.09-12.10, 12.43, 12.60, 12.62, 12.64

countertrade 16.04

electronic bills of lading and insurance certificates 10.11, 10.14, 10.17, 10.37

first-mover advantage 12.51-12.53

global trade systems transformation 12.40-12.56 global trade transactions workflow 12.57-12.67 immutability 12.20

intermediary bank 12.19-12.20

Islamic trade law 15.04, 15.06, 15.59-15.66,

15.68-15.70

Model Law on Electronic Transferable

Records 11.15-11.17

open account, prepayment and supply chain finance 14.34

operational efficiency 12.12

private or permissioned 12.16, 12.18 public or permission-less 12.16-12.17 single-windowrequirement 12.42-12.49,12.52, 12.55-12.56, 12.58, 12.63

soft clauses 3.34-3.35

two-sided platform 12.54, 12.56

see also cryptocurrencies

Blockchain in Transport Alliance 12.21 block discounting 14.39

blocked accounts and countertrade 16.13, 16.18,

16.29-16.32, 16.36

boilerplate provisions 13.25

Bolero see Bill of Lading Electronic Registry Organization (Bolero)

Boston Consulting Group 2017 report 10.07 bridging or framework agreement in countertrade

16.07, 16.17-16.18, 16.25-16.26, 16.33

Broadband over Power Lines 12.23, 12.29

Brussels I Recast Regulation 7.30-7.31

Brussels I Regulation 7.30

Business Contract Terms (Assignment of Receivables) Regulations 2018 (UK) 14.54

business process reengineering and blockchain technology 12.06-12.07, 12.09-12.10, 12.43, 12.60, 12.62, 12.64

buy-backtransaction 16.09-16.10 buyer/applicant

complying presentation in letters of credit 5.05, 5.31

finance 13.14

fraud rule 6.30, 6.35, 6.40, 6.47

letters of credit as contract 2.03, 2.06, 2.08

soft clause in letters of credit 3.06, 3.12, 3.27

Canada

size=1 color=black face="Times New Roman">Depository Bills and Notes Act 9.63

fraud rule 6.03

injunctions and independent guarantees 8.15 letters of credit as contract 2.05

soft clause in letters of credit 3.14, 3.19, 3.21,

3.23,        3.26

capital adequacy requirements 1.20, 10.31, 14.06 capital cost 14.06-14.07

CargoSmart 12.21

CargoX 10.11

Carillion 14.18

carriage of goods by sea 11.03, 11.33

Carriage of Goods by Sea Act 1992 (UK) 10.04 cash-in-advance see prepayment or cash-in-advance Central and Eastern Europe 16.03

certificate of origin 12.71

certificate of quality and/or quantity 2.01 certificate of receipt 3.11, 3.13, 3.16, 3.18, 3.33 certification authority 10.12

change of circumstances see under injunctions restraining payment on independent guarantees

characteristic performance and stop payment

orders 7.34, 7.36, 7.43, 7.51-7.53, 7.58-7.59 charterparty 1.24, 5.12

Check Clearing for the 21st Century Act (USA) 9.34,

9.37,        9.40, 9.46, 9.48, 9.55-9.56

cheques

storage and retrieval 9.49

see also electronic cheques; substitute cheques

China 1.09

bank payment obligation 13.21

countertrade 16.03

fraud rule 6.06, 6.32-6.45, 6.52-6.53

letters of credit as contract 2.02

Letters of Credit Rules 6.32, 6.37, 6.56-6.57

open account, prepayment and supply chain finance 14.02

soft clause in letters of credit 3.19, 3.21, 3.28 choice of law rules 7.06-7.11, 14.57-14.59, 16.32-16.36

Chrysler Corp 12.75 civil law jurisdictions 1.02, 15.64

nominated bank in letters of credit 4.35-4.37, 4.42 claiming bank, stop payment orders 7.01 classification approach 2.12 clearing-house rules and electronic bills of

exchange 9.29, 9.47, 9.62-9.63 closest and most real connection

countertrade 16.34-16.36

stop payment orders 7.20, 7.22-7.23, 7.26-7.28,

7.35-        7.36, 7.38, 7.41-7.44, 7.50, 7.55, 7.63 collaborative space for banks 13.13 collecting bank

electronic bills of exchange 9.01, 9.34-9.36, 9.40, 9.43, 9.56

letters of credit as contract 2.09

Colloquium 2011 11.26 comfort letters 16.28

CommerceOne 12.73-12.74 commercial letters of credit

fraud rule 6.15-6.16, 6.55

injunctions and independent guarantees 8.02-8.03, 8.09, 8.12, 8.14, 8.21, 8.23-8.25, 8.59

Model Law on Electronic Transferable

Records 11.14

common law jurisdictions 1.02

complying presentation in letters of credit 5.04, 5.11, 5.31

fraud 8.11

injunctions and independent guarantees 8.41, 8.43 Islamic trade law 15.64

letters of credit as contract 2.08, 2.12, 2.14, 2.17,

2.23,       2.26-2.27, 2.34-2.35, 2.37-2.38

nominated bank in letters of credit 4.01, 4.07, 4.35­

4.37,        4.40, 4.42

soft clause in letters of credit 3.18, 3.21, 3.26

see also English law; and under stop payment orders commonsense compliance 1.27

Communications Convention see UN Convention on the Use of Electronic Communications in International Contracts

Companies Act 2006 (UK) 2.32, 14.32 Companies Act 2017 (Singapore) 2.32 comparative law methodology 15.06 competition 1.12-1.13, 14.10-14.11 Competition and Consumer Act 2010 (Cth) 8.21 competitive space for banks 13.13 compliance checks 14.15

size=1 color=black face="Times New Roman">see also strict compliance complying presentation in electronic bills of exchange 9.25 complying presentation in letters of credit transactions 5.01-5.51

beneficiary 5.01-5.02, 5.04-5.05, 5.07, 5.27-5.34,

5.36-        5.38, 5.40, 5.44-5.49, 5.51

common intention 5.12

complying presentation in letters of credit transactions (cont.}

confirming bank 5.01, 5.28, 5.36-5.37

draft drawn on credit applicant 5.42-5.45 implication 5.21

interpretation 5.21-5.22, 5.50

issuing bank 5.01-5.02, 5.04-5.05, 5.17, 5.21, 5.25,

5.27,        5.31-5.32, 5.34, 5.36, 5.43, 5.45-5.49 nominatedbank 7.57-7.59

non-conformity/non-compliance 5.04-5.07,5.25,

5.27,        5.31, 5.43

place for documentary presentation 5.46-5.49 presentee-promisor 5.04

presenter-promisee 5.04-5.05

rejecting bank 5.19, 5.21

stop payment orders 7.61

see also UCP 600 under Uniform Customs and

Practice for Documentary Credits Compuware 12.76 conditions precedent 15.42 confidentiality requirements

blockchain technology 12.18

electronic bills of lading and insurance certificates 10.37

open account, prepayment and supply chain finance 14.40, 14.44, 14.56 confirming bank

complying presentation in letters of credit 5.01,

5.28,        5.36-5.37

electronic bills of exchange 9.24 fraud rule 6.13, 6.28-6.30

injunctions and payment on independent guarantees 8.09

letters of credit as contract 2.03-2.04, 2.07-2.08 nominated bank in letters of credit 4.21-4.25,

4.28,        4.39

open account, prepayment and supply chain finance 14.07-14.09, 14.11, 14.15, 14.28-14.29

soft clause in letters of credit 3.01, 3.07, 3.10-3.11,

3.13,        3.17, 3.20, 3.27

stop payment orders 7.26, 7.50-7.56, 7.61

see also issuing/confirming bank and seller for letters of credit as contract

conflict of laws 9.16

consideration 1.02, 2.13, 2.17-2.21, 2.23, 2.31 constructive possession 10.29-10.30, 15.45 contextualism 5.12, 5.18-5.19

Contour 10.17

contract

formation requirements 2.37

see also letters of credit as contract contractual clauses excluding

unconscionability 8.39-8.45 contractual interpretation of letters of credit see UCP

600 under Uniform Customs and Practice for Commercial Documentary Credits contra proferentem approach 1.18

Convention for the Settlement of Certain Conflicts of Laws in Connection with Bills of Exchange and Promissory Notes 9.16 co-operation agreement 16.18

Corda 10.17

correspondent bank

complying presentation in letters of credit 5.07 letters of credit as contract 2.06

nominated bank in letters of credit 4.15

see also under stop payment orders

cost price 15.34

counter-guarantee 6.10, 16.34 counter-purchase 16.08, 16.17-16.18, 16.23 countertrade 14.10, 16.01-16.37

barter transaction 16.07-16.08, 16.23

bridging or framework agreement 16.07, 16.17­

16.18, 16.25-16.26, 16.33

buy-back transaction 16.09-16.10 counter-purchase 16.08, 16.17-16.18, 16.23 countertrade performance bond 16.20-16.21, 16.24, direct off-set transaction 16.10, 16.17, 16.23 express set-off arrangement 16.29 flawed-asset arrangement 16.29, 16.36

color=black face="Times New Roman">forms of 16.06-16.14

legal problems 16.15-16.36

legal problems

blocked accounts 16.13, 16.18, 16.29-16.32, 16.36 certainty and completeness 16.23-16.28 choice of law 16.32-16.36

transactional link 16.16-16.22, 16.29,

16.32-16.36

merry-go-round arrangement 16.11

multi-party netting arrangement 16.14 multi-party set-off 16.14 on-going barter 16.17

overarching agreement 16.17

payment set-off structure 16.14

set-off account 16.14

switch or swap transactions 16.11

two-way link 16.17

valued barter 16.07

countertrade performance bond 16.20-16.21, 16.24, COVID-19 pandemic 1.05, 10.17, 16.04

injunctions and independent guarantees 8.46, 8.49, 8.56-8.57, 8.59

open account, prepayment and supply chain finance 14.02-14.03, 14.12-14.13, 14.17, 14.60

Covisint 12.73-12.77, 12.80

credit insurance 13.33, 14.16, 14.44

credit opening (or indemnity) agreement 5.10 credit stipulations tying payment to performance of underlying contract 5.31-5.41

cryptocurrencies 12.01-12.02, 12.05, 12.24 custom and usage and letters of credit as

contact 2.37-2.42

DaimlerChrysler 12.73

data match 13.02

data mismatch 13.02

data protection obligations 10.37 default payment undertakings 1.35 defective performance 5.04 deferred electronic funds transfer 9.65

deferred payment

bank payment obligation 13.10

credits 1.30

electronic bills of exchange 9.25

Islamic trade law 15.32-15.33

letters of credit 3.30

letters of credit as contract 2.04

Deferred Payment Undertaking 3.30, 9.24, 9.26 demand guarantees see independent guarantees depositary bank, electronic bills of exchange 9.35,

9.37,        9.39, 9.51, 9.59

depository bills 9.62-9.63

Depository Bills and Notes Act (Canada) 9.63

Desktop Linux for Business 12.23, 12.39

Digital Container Shipping Association 10.14

direct off-set transaction 16.10, 16.17, 16.23 direct presentation by beneficiary to issuing bank 4.09 discrepancy rates 14.12 distributed-ledgertechnologies 10.16-10.17,10.26,

10.40, 15.04

distributor finance 14.50

dock receipts 6.18-6.20, 6.52

documentary collections 3.29-3.31

Documentary Instruments Dispute Resolution

Expertise 1.06, 5.09, 5.21

domestic banking system weakness or

instability 16.01

domestic/national laws 1.29, 1.33, 1.35, 6.07-6.08,

6.57,        9.03

double payment 9.51-9.53, 9.57, 9.61, 9.64

double risk 14.53

double warranties 9.51-9.53

drawee bank, electronic bills of exchange 9.36 drawing rights 16.36

edocumentation 13.09

edoxOnline 10.11

Egypt 15.03

Civil Code 15.12

electronic bills of exchange 9.01-9.65, 14.42 agreement 9.29

clearing-house rules 9.29, 9.47, 9.62-9.63 collecting bank 9.01, 9.34-9.36, 9.40, 9.43, 9.56 confirming bank 9.24 creating bank 9.35

delivery 9.03, 9.13-9.14, 9.16, 9.19

depository bank 9.35, 9.37, 9.39, 9.51, 9.59 depository bills 9.62-9.63

drawee bank 9.36

endorsement 9.22 indemnities 9.31-9.32, 9.34, 9.41-9.43, 9.49-9.50,

9.53, 9.58-9.61

indorsements 9.09-9.10, 9.13, 9.15, 9.49 interbank negotiation and exchange of bill

images 9.46-9.53

intermediary bank 9.01, 9.36-9.37, 9.39 legal requirements for physical and electronic

formats 9.05-9.27

as ‘paperless bill' 9.54-9.61

possession 9.19

presentment 9.14-9.15, 9.28-9.33

protest 9.14-9.15

reconverting bank 9.42-9.43 remitting bank 9.01, 9.42-9.44, 9.61 returning bank 9.51

signature 9.03, 9.05, 9.07-9.08, 9.16-9.17, 9.19, 9.22 substitute paper bill 9.34-9.45

electronic bills of lading and insurance certificates 10.01-10.41, 14.34, 15.70 authentication 10.22

contractual frameworks 10.26-10.37

direct claim against insurer 10.32-10.36 rights against carrier and rights over

goods 10.27-10.31

trade finance platforms: bank's legal position 10.37

legal framework 10.19-10.25

content compliance 10.20-10.23

legal effects 10.24-10.25

legislation 10.38-10.40

paper document presentation 10.02-10.06 pledge 10.02-10.05, 10.31-10.32

state of play and perceived benefits 10.07-10.18 digital alternatives to bills of lading

10.11-10.14

digital cargo insurance certificates 10.15-10.16 trade finance communication networks and platforms 10.17-10.18 electronic cheques 9.48

see also electronic payment order

electronic funds transfers 9.12-9.13

deferred 9.65

electronic payment order 9.54, 9.56, 9.62-9.63 electronic signatures 11.21

Electronic Supplement to the Uniform Customs and Practice for Documentary Credits 1.06, 1.14,

1.34,face="Times New Roman">                10.13, 10.17, 10.19, 10.21, 10.22, 10.25, 13.02, 14.04

enabling frameworks for supply chain finance 14.37 encryption technology 10.12, 12.01 end-to-end combined liability structure 9.44 English law 1.02, 1.05

complying presentation in letters of credit 5.12,

5.14,        5.16-5.17, 5.19, 5.21-5.23, 5.35-5.36 countertrade 16.24-16.29, 16.31, 16.34-16.35 electronic bills of exchange 9.44 electronic bills of lading and insurance

certificates 10.03, 10.26, 10.28, 10.30, 10.33

injunctions and independent guarantees 8.13

Islamic trade law 15.50-15.58

Shamil Bank case 15.57-15.58

Symphony Gems case 15.51-15.56

letters of credit as contract 2.31, 2.33 nominated bank in letters of credit 4.38-4.39, 4.41, 4.43

open account, prepayment and supply chain finance 14.08, 14.28-14.29, 14.32-14.33, 14.52, 14.54

English law (cont.}

stop payment orders 7.02-7.04, 7.09-7.11, 7.14, 7.16-7.17, 7.19, 7.22-7.29, 7.32-7.34, 7.36, 7.39, 7.42, 7.44, 7.46-7.48, 7.50-7.53, 7.55­

7.57,        7.59-7.60,7.62-7.63

UCP 900 1.29

eplatforms 13.09

equitable assignment 14.25

equitable principle 8.16 equitableset-off 16.16 equivalence see functional equivalence; legal equivalency principle

escape clause in stop payment orders 7.19, 7.26, 7.39, 7.41,7.54-7.55

ESS-Databridge Services and Users Agreement 10.13 essDOCs CargoDocs Document Exchange 10.10­10.11, 10.13

essDOCS Exchange Ltd 10.12

established baseline 13.02

estoppel 2.12, 2.28, 2.34

see also promissory estoppel

Ethereum system 11.15

ethical issues and standards 15.05-15.06

lang=EN-US style='font-size:7.5pt; line-height:115%'>e-title 10.11

eTradeConnect 10.17

EU Council 1.20, 14.09

eUCP see Electronic Supplement to the Uniform Customs and Practice for Documentary Credits

Europe 1.02, 1.04

complying presentation in letters of credit 5.07, 5.50

open account, prepayment and supply chain finance 14.02

stop payment orders 7.38

European Court of Justice 16.34 exclusion/exemption clauses 2.08,8.41-8.42 existing legal category, fitting letters of credit

into 2.24-2.27

expert testimony 5.24-5.30

export credit agencies 1.20

export credit guarantee 14.14, 14.22

export credit insurance 14.14

export letters of credit 14.02, 14.20

express clauses 5.35

express set-off arrangement 16.29 extensible Markup Language syntax 10.09 ex turpi causa see fraud unravels all

factoring

blockchain technology 12.53, 12.69 receivables purchase supply chain financing 14.43-14.44 see also reverse factoring

fair dealing 3.27

fairness 8.44

false contracts 6.35

Federal Trade Commission 12.73

fiduciary duty 4.35 fiducie in French law 16.31

Financial Action Task Force 14.08

Finland - VTTK 12.46

fintech companies 11.14, 14.11, 15.04-15.05 first-demand guarantee 14.14

fixed charges 14.32-14.33

flawed-asset arrangement 16.29, 16.36

floating charges 14.32-14.33, 14.48

forbearance 2.18-2.19

force majeure

bank payment obligation 13.25

injunctions and independent guarantees 8.46, 8.48,

Islamic trade law 15.65

UCP 900 1.32

Ford 12.73

forfaiting 14.41-14.42, 14.56

forgery 8.22, 9.41, 10.22, 11.26

forward sale 15.26

fraud

bank payment obligation 13.24 blockchain technology 12.04, 12.19 clear, established or egregious 6.02, 6.57 electronic bills of exchange 9.24 electronic bills of lading and insurance certificates 10.12

injunctions and independent guarantees 8.02, 8.10,

8.12, 8.14, 8.22

Islamic trade law 15.62, 15.68

Model Law on Electronic Transferable

Records 11.26

open account, prepayment and supply chain finance 14.04, 14.08, 14.29, 14.42, 14.56

soft clauses 3.18, 3.22

technology 1.14

in the underlying transaction 3.16-3.22, 3.27, 8.12-8.14, 8.33

see also forgery; material fraud; Theranos fraud fraud exception

bank payment obligation 13.20-13.22, 13.27 injunctions and independent guarantees 8.07-8.16,

8.27,         8.30, 8.34, 8.58, 8.61, 8.63

unconscionability limits and no-injunction clauses 8.62

fraud rule 6.01-6.58

beneficiary 6.09-6.11, 6.13, 6.15-6.16, 6.19-6.20,

6.28,         6.30, 6.35, 6.38, 6.40, 6.42, 6.44, 6.46,

6.51-          6.54

complying documents 6.21

confirming bank 6.13, 6.28-6.30

high standard for fraud in the

transaction 6.55-6.56

international rules and conventions 6.07-6.12

ICC Rules 6.07-6.08

UNConvention 6.09-6.12

issuer or applicant 6.13, 6.15, 6.24, 6.38, 6.42, 6.51 jurisdictional rules 6.06

national laws 6.13-6.44

China 6.32-6.44

UnitedKingdom 6.22-6.31

UnitedStates 6.13-6.21

purchaser 6.16

rationale 6.45-6.47

simple fraud 6.49-6.54 fraudulent manufacture 9.64 fraudulent misrepresentation 8.13 fraud unravels all 6.28, 6.46, 8.08, 13.21 freedom of contract 8.43 freely negotiable credit 4.32 frustration 8.46, 8.48-8.49, 8.57, 8.63 functional equivalence 11.03, 11.08, 11.14, 11.17­11.18, 11.21, 11.23, 11.33

Gartner consulting firm 12.02, 12.21, 12.23, 12.36­

12.37,       12.65, 12.74

GeneralMotors 12.73-12.74

Germany 12.46, 14.02, 16.03

Bundesbank/Deutsche Boerse AG blockchain project 12.22

Global Financial Crisis 1.05, 1.12, 16.03

Global Shipping Business Network 12.21 Global Supply Chain Finance Forum 14.13, 14.37-14.38 global supply chains 12.71

global trade management 12.65-12.66 global trade systems transformation and blockchain finance 12.40-12.56

global trade transactions workflow and blockchain

finance 12.57-12.67

good faith

countertrade 16.27

electronic bills of exchange 9.25 fraud rule 6.13

injunctions and independent guarantees 8.34 nominated bank in letters of credit 4.35

soft clauses 3.25-3.27

Google 12.54 government action and injunctions restraining payment on independent guarantees 8.56-8.59

Grains decision 4.01-4.14

lang=EN-US style='font-size:7.5pt;line-height:115%'>agency, scope of 4.35-4.37

beneficiary's request to negotiate - residual

duty 4.33-4.34

freely negotiable credit 4.32

implied obligations 4.38-4.42 issuing bank's perspective 4.08-4.10

direct presentation by beneficiary to issuing bank 4.09

release of security and scope of applicant's indemnity 4.10

nominated bank's perspective 4.11-4.13 agreeing to act on nomination 4.13 refusal to negotiate, discount or act as nominated bank 4.12

guarantee and letters of credit as contract 2.24­

2.25, 2.30

Guidelines for the Creation of BPO Customer

Agreements 13.10

habitual residence 7.20, 7.33-7.34, 7.42, 7.53, 7.59

Hague Protocol 5.20

Hague-VisbyRules 10.27

hold notice 4.39

Hong Kong

electronic bills of lading and insurance certificates 10.17

letters of credit as contract 2.05, 2.31

stop payment orders 7.02, 7.13

HSBC 15.61

hype cycle 12.23 hyperledger fabric 10.17

channels 10.37

identity requirement 11.30, 11.33 illegality exception 13.21 implication 1.05, 5.21

implied obligations 4.38-4.42 implying a term by custom 5.23 implying a term in fact 5.23 import letters of credit 14.02, 14.20 incremental trade finance transformation and

blockchain finance 12.68-12.72

indemnities

electronic bills of exchange 9.31-9.32, 9.34, 9.41­9.43, 9.49-9.50, 9.53, 9.58-9.61

nominated bank in letters of credit 4.02 indentures and letters of credit as contract 2.12,

2.30-2.32

independence principle see autonomy principle independent guarantees 1.12, 3.22, 11.14

India 1.09, 14.02, 16.03

Indonesia 16.03

9.10, 9.13, 9.15, 9.49

industry standards 13.10

Infocomm Development Authority of

Singapore 15.61

initial coin offerings 12.01 injunctions restraining payment on independent guarantees 8.01-8.64

certainty 8.44

change of circumstances 8.46-8.59 force majeure 8.50-8.55 frustration 8.49

general principles 8.47-8.48

government action 8.56-8.59

complying demand 8.08 confirming bank 8.09 conforming demand 8.02, 8.08, 8.63 fraud exception 8.09-8.16

frustration 8.46, 8.48-8.49, 8.57, 8.63 general features of independent

guarantees 8.05-8.08

incorporation 8.41

public policy 8.40, 8.42-8.43, 8.62 standard of proof 8.15-8.16 unconscionability 8.03-8.04, 8.07-8.08, 8.15-8.16,

8.35, 8.48, 8.50-8.51, 8.58-8.59, 8.63-8.64 injunctions restraining payment on independent guarantees (cont.}

Unconscionability exception 8.17-8.34 assessment of exception 8.27-8.34

Australia 8.21

policy reasons in performance bonds

cases 8.23-8.26

Singapore 8.01, 8.03-8.04, 8.08, 8.17-8.19, 8.21, 8.23, 8.28-8.33

United Kingdom 8.01-8.04, 8.20

United States 8.22

Unconscionability limits and no-injunction clauses 8.60-8.62

fraud exception, exclusion of 8.62 unconscionability not applicable to commercial letters of credit 8.60

unconscionability only applicable to injunctions 8.61

underlyingcontract 8.35-8.45 contractual clauses excluding

unconscionability 8.39-8.45

demand in breach of 8.36-8.38

innominate contracts 15.26

see also electronic bills of lading and insurance certificates

insurance companies 1.20, 14.11

intellectual property rights 15.18

intended and incidental benefits distinction 2.27 interbank negotiation and electronic bill of

exchange 9.46-9.53

interbank voluntary agreement, bilateral or multilateral 9.29

interest prohibition see riba under Islamic trade law intergovernmental agreement 16.07 intermediary bank

blockchain technology 12.19-12.20

electronic bills of exchange 9.01, 9.36-9.37, 9.39

International Chamber of Commerce 1.03-1.04, 1.06 bank payment obligation 13.21, 13.29 blockchain technology 12.08

competition 1.13

complying presentation in letters of credit 5.51 electronic bills of exchange 9.33 electronic bills of lading and insurance

certificates 10.22-10.23

fraud rule 6.07-6.08, 6.57

language, development and regulation 1.20 letters of credit as contract 2.04, 2.23

open account, prepayment and supply chain finance 14.02, 14.09, 14.11-14.12, 14.17

reliability 1.11

technology 1.16

UCP 900 1.23, 1.26, 1.30, 1.34

UCP Drafting Group 1.08

International Chamber of Commerce Banking Commission 1.06, 1.08, 1.19, 1.21-1.22, 1.28

complying presentation in letters of credit 5.09,

5.20, 5.47-16.5.48

open account, prepayment and supply chain finance 14.11, 14.29

stop payment orders 7.02

International Court of Arbitration 1.03

International Group of Protection and Indemnity

Clubs 10.11

International Islamic Trade Finance

lang=EN-US style='font-size:7.5pt;line-height:115%'>Corporation 15.10

International Monetary Fund 15.03

International Standard Banking Practice 1.11

complying presentation in letters of credit 5.24­

5.26, 5.29, 5.39-5.40, 5.48, 5.51

guidelines 5.24, 5.29-5.30

ISBP 681 3.02

ISBP 745 1.06, 1.19, 1.21-1.22, 1.27-1.28, 1.31, 3.02-3.03

open account, prepayment and supply chain finance 14.12

soft clause in letters of credit 3.08, 3.28 International Standby Practices 98 1.25, 1.35, 6.07 Internet of Things (IoT) 10.16, 15.04 interpretation 1.05, 5.21-5.22, 5.50 Interpretation Act (UK) 1978 9.06 inventory financing 14.48-14.49, 14.57 investment banks 1.20

invoices 2.01, 5.32, 5.42, 6.14, 8.02, 10.19, 13.07 invoices, open account, prepayment and supply chain finance 14.13, 14.23, 14.39, 14.43, 14.45 irrevocable letters of credit 1.02, 6.38, 8.31 Islamic Development Bank 15.10

Islamic trade law 15.01-15.70, 14.10, 16.03

binding promise 15.63-15.64

blockchain technology 15.04, 15.06, 15.59-15.66, 15.68-15.70

commenda 15.08

commercial banks 15.14

development of modern Islamic finance

industry 15.11-15.14

English Courts 15.06, 15.50-15.58

Shamil Bank case 15.57-15.58

Symphony Gems case 15.51-15.56

family law 15.02

fatwas 15.42, 15.62-15.63

freedom of contract and nominate

contracts 15.25-15.28

gharar (prohibition of risk, uncertainty and speculation) 15.22-15.24, 15.33, 15.63-15.64

kafala contracts 15.05

material (ayn)size=1> and immaterial (dayn) things distinction 15.17

mudaraba and musharaka 15.05

murabaha 15.05-15.06, 15.14, 15.29-15.51, 15.54­

15.58, 15.61-15.63

actual sale 15.39

agency 15.37

bilateral 15.38

default and restructuring 15.47-15.49 documentationphase 15.41-15.45 Operationsphase 15.45-15.46 payment schedule 15.35 performance, ensuring 15.46 phases of agreement 15.41-15.45 possession 15.45 promise to purchaser 15.44 request phase 15.43 structure, profit and fees 15.31-15.34 subject matter and liability for defects 15.40 syndication 15.38 title to the asset 15.36

ownership and its limits 15.15 property 15.16-15.18 qirad 15.08

riba 15.12, 15.19-15.21, 15.33, 15.40, 15.56­

15.57,       15.64 riba alfadl 15.20 riba al-nasia 15.21 ribawi 15.21

secular commercial law 15.02

sharia law 15.02, 15.06, 15.07, 15.10, 15.11, 15.42,

15.46, 15.57, 15.64-15.65

smart contracts 15.05-15.06, 15.60-15.61, 15.63­

15.65, 15.68, 15.70

tanzimat 15.02

wakala 15.05

ISO 20022 10.09

TSMT messages 13.10

ISO 20022 XML standard 13.03

issuing bank

complying presentation in letters of credit 5.01­5.02, 5.04-5.05, 5.17, 5.21, 5.25, 5.27, 5.31­

5.32,       5.34, 5.36, 5.43, 5.45-5.49 electronic bills of exchange 9.24-9.25 electronic bills of lading and insurance certificates 10.17

Grains decision 4.08-4.10

injunctions and independent guarantees 8.02 letters of credit as contract 2.03-2.04, 2.06-2.08 nominated bank in letters of credit 4.01-4.02, 4.04­4.07, 4.10, 4.12-4.13, 4.21-4.22, 4.28, 4.43 open account, prepayment and supply chain finance 14.07-14.09, 14.11, 14.15, 14.23, 14.28-14.33

soft clause in letters of credit 3.01, 3.09, 3.11, 3.14, 3.17,3.20-3.21,3.25-3.26

see also issuing/confirming bank and seller for letters of credit as contract

issuing/confirming bank and seller for letters of credit as contract 2.10-2.42, 2.44 contractalternatives 2.28-2.34

deed 2.30-2.33 estoppel 2.34 trust 2.29 contract formation requirements 2.13-2.23 consideration 2.13, 2.17-2.21 offer and acceptance 2.13-2.16

custom and usage 2.37-2.42

existing legal category, fitting letters of credit into 2.24-2.27

legal fiction 2.35-2.36

Italy 1.09, 14.02

‘know your customer' checks 1.20, 13.10, 13.24, 14.08 Kuwait 7.48

land conveyance 2.30-2.31 language, development and regulation 1.17-1.20 Law of Property Act 1925 (UK) 10.34-10.35, 14.55 legal Darwinism 1.12

legal equivalency principle 9.45, 9.53, 9.61

legal fiction 2.12, 2.35-2.36

legal opinions 15.62-15.63

letters of credit

back-to-back 14.22,14.35

blockchain technology 12.16, 12.53, 12.57, 12.68, 12.70, 12.72

commercial see commercial letters of credit

as contract see letters of credit as contract countertrade 16.20-16.21, 16.37 demise see under open account, prepayment and supply chain finance

electronic bills of lading and insurance certificates 10.01, 10.23

enforceability 1.02

export see export letters of credit

import see import letters of credit

irrevocable see irrevocable letters of credit

Islamic trade law 15.40, 15.61

open account, prepayment and supply chain finance 14.01-14.02,14.13, 14.21-14.22, 14.42, 14.60

standby see standby letters of credit

synthetic or structured 14.10

transferable 1.29, 1.33, 14.22-14.29

UCP 900 1.30

unconfirmed see unconfirmed letters of credit see also complying presentation in letters of credit transactions

letters of credit as contract 2.01-2.46

advising bank 2.03, 2.07

beneficiary 2.03-2.05

buyer and correspondent 2.06, 2.08

certainty of terms 2.13

collecting bank 2.09

confirming bank 2.03-2.04, 2.07-2.08

deed 2.12, 2.28, 2.30-2.33

honouring 2.04

indentures 2.12, 2.30-2.32

issuing bank 2.03-2.04, 2.06-2.08 non-complying documents 2.06 practical benefit 2.20, 2.23 representation 2.34

see also issuing/confirming bank and seller for letters of credit as contract

letters of intent 16.28 leverage ratio 1.20, 14.07, 14.20

lex situs 14.57-14.59

liability

contractual 2.11

criminal or civil 14.08

exclusion or limitation 4.37

Islamic trade law 15.22

letters of credit as contract 2.22, 2.28

primary 2.25

secondary 2.25

Libra 12.05

limitation period 4.37

liquidated damages clause 15.54, 15.56, 16.18 liquidation 2.11

liquidity

electronic bills of exchange 9.02

14.35,        14.49

ratio 1.20

risk 13.33

liquidity-enhancing techniques see under open account, prepayment and supply chain finance literal approach 5.18

litigation 5.25

machine-learning 10.16

McKinsey & Company survey 12.62

Malaysia 15.39

Marco Polo Network 12.21

Marine Insurance Act 1906 (UK) 10.04, 10.33-10.35 market risk 13.33

MasterCard 12.54

master distributor finance agreement 14.50 match report 13.10

material fraud 6.13-6.16, 6.19-6.20, 6.37, 6.40, 6.45, 6.56-6.58

electronic bills of exchange 9.25

injunctions and independent guarantees 8.14 Mauritius 12.46

memorandum of understanding 10.17, 16.08 mercantile usage 2.37, 2.39

merry-go-round arrangement 16.11

Metcalfe's Law 12.49

Mexico 1.09

MICR line 9.38, 9.50

Middle East and North Africa (MENA) region 14.02, 15.09, 15.69

mirror image approach 2.14 misrepresentation 6.37

material 6.30-6.31

Model International Sale Contract 13.10 multilateral exchanges of member banks 9.47 multiple parties 16.11

netting arrangement 16.14

set-off 16.14

name change 2.30-2.31

national committees 1.08, 5.09

National Sharia Advisory Council of Bank Negara

Malaysia 15.39 natural meaning approach 5.14 negotiable bills of lading 1.28 negotiable instruments

electronic bills of exchange 9.13-9.15, 9.19-9.20,

letters of credit as contract 2.38

open account, prepayment and supply chain finance 14.59 negotiating bank

letters of credit as contract 2.07

stop payment orders 7.43-7.44, 7.57 negotiation

letters of credit as contract 2.04

nominated bank in letters of credit 4.30 open account, prepayment and supply chain finance 14.02, 14.29, 14.56

UCP 900 1.30

network effects 12.49-12.50

Nissan 12.73

no conceivable basis 6.10 no honest belief test 8.13-8.14 no-injunctionclause 8.42-8.44 nominate contracts 15.29, 15.58 nominated bank

bank payment obligation 13.17

complying presentation in letters of credit 5.02, 5.04-5.05, 5.07, 5.17, 5.32, 5.40, 5.46-5.49, 5.51

electronic bills of exchange 9.25-9.26 fraud rule 6.13

letters of credit as contract 2.03

non-confirmed credit but complying presentation honoured/negotiated 7.57-7.59

soft clause in letters of credit 3.01, 3.17, 3.20, 3.30 stop payment orders 7.12, 7.14-7.18, 7.25, 7.32­

7.33,       7.40-7.42, 7.55, 7.61

nominated bank as issuing bank's agent 4.14-4.42

as defined by UCP 600 4.15-4.29 pre-UCP600cases 4.19-4.26 under UCP 600 4.27-4.29

see also Grains decision

nominated bank and letters of credit 4.01-4.43

confirming bank 4.21-4.25, 4.28, 4.39 ratification 4.35

see also nominated bank as issuing bank's agent non-assignment clauses 1.33, 14.52-14.54 non-delivery of goods 15.55 non-delivery or no-value standard 6.56 non-documentary clauses 5.35-5.36, 5.38-5.39 non-injunction clauses 8.60-8.62 non-injunction rule 6.15 non-monetary consideration 16.01 non-negotiable (or straight) bill 10.03 non-payment risks 1.12 non-performance 1.12, 5.04, 5.32, 16.18 Northern Ireland 7.51-7.52 notice of readiness 3.24 notice to buyer 14.55-14.56

novation 2.24-2.25, 10.31, 14.27, 14.29

ocean bills of lading see negotiable bills of lading

offer and acceptance 2.13-2.16, 2.22, 2.31, 2.42, 9.01, 15.26

on-demand bonds see independent guarantees one-year maturity floor 14.06-14.07, 14.20 on-going barter 16.17 only realistic inference test 8.16 open account, prepayment and supply chain finance 14.01-14.60

efficiency 14.12

first beneficiary 14.23, 14.26-14.29

letters of credit demise 14.02-14.12

competition 14.10-14.11 efficiency 14.12 regulation 14.05-14.09 technology 14.04

liquidity-enhancing techniques 14.22-14.35 back-to-back letters of credit 14.35 transferable letters of credit 14.23-14.29 trust receipt arrangements 14.30-14.34 modern supply chain finance

techniques 14.36-14.50

loan or advance-based supply chain financing 14.46-14.50

see also receivables purchase supply chain finance 14.38-14.45

open account 14.01-14.02, 14.13-14.16

pledge 14.30, 14.32-14.33, 14.48

prepayment or cash-in-advance 14.01-14.02, 14.13-14.16

problems 14.51-14.59 assignment prohibitions or restrictions 14.52-14.54

choice of law 14.57-14.59

notice to buyer 14.55-14.56

regulation 14.05-14.09

risk mitigation 14.02, 14.14, 14.17, 14.42, 14.50 second beneficiary 14.23-14.29

supply chain finance 14.01-14.02, 14.17-14.21 transferring bank 14.23-14.28

open account transactions

bank payment obligation 13.03-13.05, 13.07, 13.28,

13.30, 13.32-13.33, 13.35

blockchain technology 12.53, 12.69-12.70 countertrade 16.04, 16.37

electronic bills of lading and insurance

certificates 10.17

injunctions and independent guarantees 8.05 open account, prepayment and supply chain finance 14.10

soft clauses 3.32-3.33

technology 1.14

terms 1.12

see also open account, prepayment and supply chain finance

open-cover terms 10.15, 10.33-10.34

open text 12.76

Oracle 12.73-12.74

order bill 10.03

order discriminatory on grounds of race, religion or political belief 7.46

Organisation of Islamic Cooperation 15.09-15.10 overarching agreement 16.17

packing list 3.12, 3.33

past consideration as good consideration 2.38 payables finance 14.45 payment obligation 16.12 payment set-off structure 16.14 pension funds 1.20, 14.11 performance 2.14, 5.32, 5.34 performance bonds

countertrade 16.18, 16.34

injunctions and independent guarantees 8.01-8.05, 8.08, 8.10-8.11, 8.13-8.16, 8.18, 8.20-8.21, 8.27-8.32, 8.34, 8.38-8.40, 8.42-8.43, 8.46, 8.48-8.49, 8.52-8.56, 8.59-8.64

letters of credit as contract 2.41

open account, prepayment and supply chain finance 14.14, 14.16, 14.22

see also independent guarantees performance guarantees 3.22 place of performance

nominated bank in letters of credit 4.36

stop payment orders 7.12-7.14, 7.16, 7.24-7.25,

7.36, 7.39-7.42, 7.54, 7.62-7.63

see also habitual residence; principal place of business

pledge

electronic bills of lading and insurance

certificates 10.02-10.05, 10.31-10.32

open account, prepayment and supply chain finance 14.30, 14.32-14.33, 14.48

pledgee holder 10.12 power of attorney 2.30 preclusion rule 5.19 prepayment or cash-in-advance

blockchain technology 12.53, 12.69-12.70 countertrade 16.04

technology 1.14

terms 1.12

see also open account, prepayment and supply chain finance

presenting bank

complying presentation in letters of credit 5.17 electronic bills of exchange 9.01, 9.32 nominated bank in letters of credit 4.38, 4.41 presentment notice 9.29 pre-shipment finance 13.08, 14.49 principal place of business 7.20-7.21 privacy requirements 12.18

see also confidentiality requirements promissory estoppel 2.21, 2.34, 14.28-14.29 promissory notes 9.13, 11.34, 14.42 propertyrights 10.28-10.29

face="Times New Roman">prudential supervision of banks 14.06

public policy

injunctions and independent guarantees 8.40, 8.42-8.43, 8.62

open account, prepayment and supply chain finance 14.52

stop payment orders 7.46-7.48

R3 enterprise blockchain platform 12.21 reasonableness test 8.42

receivables discounting markets 14.42, 14.44 receivables purchase supply chain

finance 14.37-14.45

discounting 14.39-14.40

factoring 14.43-14.44

forfaiting 14.41-14.42

payables finance 14.45

reconverting bank, electronic bills of

exchange 9.42-9.43

‘red flags' 1.19-1.20, 14.08

registry records accuracy 10.12

regulatory capital 1.20

rejecting bank, complying presentation in letters of credit transactions 5.19, 5.21

rejection notice 5.17, 5.21

rejection rates 14.12

reliability test 1.10-1.11, 11.08

Renault 12.73

retention of title clauses 14.33

returning bank

electronic bills of exchange 9.51

return notice 4.39

reverse factoring 12.69, 14.45

risk allocation 6.54

risk mitigation 13.24, 14.02, 14.14, 14.17, 14.42, 14.50

risk sharing agreement 14.50

Rome Convention 16.34

see also under stop payment orders

Rome I Regulation 5.22, 16.34-16.35

see also under stop payment orders

Contracts for the Carriage of Goods Wholly or Partly by Sea

sales contract 8.05, 15.31-15.32

sanction regimes 1.20, 14.09, 14.11, 14.15

sanctions clause 14.09

SAP 12.73-12.74

Saudi Arabia 15.02

SeaDocs 3.35, 15.70

security

bank payment obligation 13.24

deposit 15.46

documents 15.62-15.63

letters of credit as contract 2.06

release and scope of applicant's indemnity 4.10

Security and Accountability for Every Port Act

(USA) 12.44

set-off 14.29, 16.14, 16.35

shadow banks 1.20, 14.11

Shamil Bank case 15.57-15.58

Sharia Advisory Council of the Malaysian Securities

Commission 15.39

sharia law 15.02, 15.06, 15.07, 15.10, 15.11, 15.42,

15.46, 15.57, 15.64-15.65

shield not a sword 2.21, 2.34, 3.21

sight payment 1.30, 2.04, 13.10 signature

electronic 11.21

electronic bills of exchange 9.03, 9.05, 9.07-9.08,

9.16-         9.17, 9.19, 9.22

electronic bills of lading and insurance

certificates 10.22

silence and letters of credit as contract 2.15 Singapore

Companies Act 2017 (Singapore) 2.32 complying presentation in letters of credit 5.22,

5.35,size=1 face="Times New Roman">        5.39

CrimsonLogic 12.46

fraud rule 6.02

Infocomm Development Authority 15.61 injunctions and independent guarantees 8.09, 8.11-8.12, 8.14-8.16, 8.43-8.44, 8.46, 8.49­8.50, 8.53, 8.56, 8.59-8.62, 8.64

language, development and regulation 1.18 letters of credit as contract 2.05, 2.27, 2.33

Model Law on Electronic Transferable

Records 11.32

nominated bank in letters of credit 4.07, 4.38,

4.40, 4.43

soft clause in letters of credit 3.18, 3.22 stop payment orders 7.02, 7.13, 7.15, 7.50 TradeNet 12.46

unconscionability exception 8.01, 8.03-8.04, 8.08,

8.17-         8.19, 8.21, 8.23, 8.28-8.33

single-window requirement in blockchain

finance 12.42-12.49,12.52, 12.55-12.56,

12.58,        12.63

singularity 11.26-11.27, 11.31

Small Business, Enterprise and Employment Act 2015

(UK) 14.54

small and medium-sized enterprises 13.08, 14.11,

14.54, 15.62

smart contracts see also Islamic trade law

smart contracts 10.07, 10.16-10.17, 11.15­

11.16, 11.34

soft clauses 3.01-3.37

alternative payment mechanisms for

beneficiary 3.28-3.35 blockchain technology 3.34-3.35 documentary collections and bills of

exchange 3.29-3.31

open account/standby letters of credit 3.32-3.33 beneficiary 3.01-3.15

fraud on the documents 3.18, 3.22

fraud in the underlying transaction 3.16-3.22, 3.27 good faith 3.25-3.27

size=1 color=black face="Times New Roman">in letters of credit

certificate of receipt 3.11, 3.13, 3.16, 3.18, 3.33 confirming bank 3.01, 3.07, 3.10-3.11, 3.13, 3.17, 3.20, 3.27

Unconscionability 3.22-3.24,3.27

software as a service model 10.12

South America 5.50, 16.03

South Korea 1.09, 14.02

sovereign floor principle 14.06-14.07

sovereign immunity 16.25

stamp duty 1.29

standard form rent review clauses 5.13

standard terms and conditions

complying presentation in letters of

credit 5.16, 5.18

letters of credit as contract 2.06, 2.08 standby letters of credit

bank payment obligation 13.33

competition 1.12

complying presentation in letters of credit 5.28 fraud rule 6.07, 6.15-6.16

injunctions and independent guarantees 8.05,

8.14,        8.22

Model Law on Electronic Transferable

Records 11.14

soft clause in letters of credit 3.22, 3.32-3.33

UCP 900 1.25, 1.35

see also independent guarantees statement of past or present fact 2.34 stop payment orders 7.01-7.63 advising bank 7.32

central administration 7.20

characteristic performance 7.34, 7.36, 7.43, 7.51­

7.53, 7.58-7.59

choice of law 7.06-7.11

claiming bank 7.01

closest and most real connection 7.20, 7.22-7.23,

7.26-7.28, 7.35-7.36, 7.38, 7.41-7.44, 7.50, 7.55, 7.63

common law jurisdictions 7.02, 7.09-7.18, 7.20,

size=1 color=black face="Times New Roman">7.22, 7.28, 7.32, 7.45, 7.50

documents presented directly to issuer 7.13

documents presented to another bank 7.14-7.18 confirming bank 7.26, 7.50-7.56, 7.61 correspondent bank claims 7.49-7.59

confirming bank 7.50-7.56

nominated bank non-confirmed credit

but honoured/negotiated complying presentation 7.57-7.59 displacing law of issuer's country 7.23-7.28,

7.35-7.45

escape clause 7.19, 7.26, 7.39, 7.41, 7.54-7.55 law of issuer's issuer country's 7.20-7.22, 7.30-7.34 public policy exception 7.46-7.48

Rome Convention 7.03-7.04, 7.11, 7.19-7.29, 7.35,

7.37-7.40, 7.44-7.46, 7.48, 7.51-7.53, 7.56,

7.58,        7.61-7.63

closely connected contracts 7.26-7.28 displacing law of issuer's country 7.723-7.28

law of issuer country's 7.20-7.22

weight of place of performance 7.24-7.25

Rome I Regulation 7.04, 7.11, 7.29-7.46, 7.48, 7.53-7.54, 7.56, 7.59, 7.61-7.63

displacing issuer's country law 7.35-7.45 issuer country's law 7.30-7.34 strict compliance

fraud rule 6.47

letters of credit as contract 2.06

open account, prepayment and supply chain finance 14.01, 14.08, 14.12

soft clause in letters of credit 3.01, 3.04, 3.08, 3.11,

3.15,        3.20, 3.25, 3.37

UCP 900 1.27

substitute cheques 9.34-9.43, 9.48, 9.50, 9.56-9.57, 9.62-9.63

supply chain finance

bank payment obligation 13.08, 13.10, 13.35 competition 1.12-1.13

countertrade 16.37

loan or advance-based 14.37, 14.57

technology 1.14, 1.16

UCP 900 1.29

see also open account, prepayment and supply chain finance; receivables purchase supply chain finance

supply/provision of services contract 7.30-7.31, 7.33, 7.39, 7.59, 8.05

suretyship see guarantee

Sweden 12.46

SWIFT 1.06

blockchain technology 12.08

complying presentation in letters of credit 5.28 electronic bills of lading and insurance

certificates 10.08-10.09

letters of credit as contract 2.06

Model Law on Electronic Transferable

Records 11.18

open account, prepayment and supply chain finance 14.02

pricing model 1.15

UCP 900 1.23, 1.25

SWIFT for Corporates 10.09

SWIFTNet Trade Services Utility 10.08, 10.13,

13.03, 13.10

switch or swap transactions 16.11

Switzerland 14.02

Symphony Gems case 15.51-15.56 synthetic or structured letters of credit 14.10

taxation by regulation strategy 12.50 technological neutrality 11.03, 11.14, 11.17 technology 1.14-1.16, 14.04

see also in particular blockchain finance tender bond 8.05 term draft 9.01 terrorist financing see anti-money laundering and terrorist financing legislation textualism/textual approach 5.12, 5.14, 5.18

Theranos fraud 12.04, 12.11, 12.78-12.79 third parties

bank payment obligation 13.25 countertrade 16.11 electronic bills of lading and insurance

certificates 10.27-10.28

fraud rule 6.28-6.29, 6.32 injunctions and independent guarantees 8.24, 8.30 Islamic trade law 15.32, 15.39-15.40, 15.46 letters of credit as contract 2.27

nominated bank in letters of credit 4.18 open account, prepayment and supply chain

finance 14.16, 14.22, 14.24, 14.26-14.27, 14.42 soft clause in letters of credit 3.24, 3.30 time drafts see bills of exchange trade finance communication networks and

platforms 10.17-10.18

trade finance gap 14.11, 14.13 trade finance platforms: bank's legal position 10.37 TradeIX blockchain trade-finance solutions 12.21 TradeLens 12.21

trade transaction matching scheme 13.10 transaction matching application 13.03, 13.10, 13.13,

13.15-13.18, 13.23, 13.29, 13.33, 13.36 transferable letters of credit 1.29, 1.33, 14.22-14.29 transparency 12.20, 15.68 transport documents 1.19, 1.21, 1.24, 1.28, 5.29,

10.13, 10.19, 14.48

travaux preparatories 5.19-5.20 trust, declaration of 14.53 trust and letters of credit as contract 2.12, 2.28-2.30 trust receipt 2.06, 14.22, 14.30-14.34 twenty-one day requirement 1.28

unconditional guarantees 8.06 unconfirmed letters of credit 7.21, 7.27, 7.30, 7.7.32­

7.7.34, 7.40, 7.42, 7.62 unconscionability

fraud rule 6.02

injunctions and independent guarantees 8.03-8.04,

8.07-8.08, 8.15-8.16, 8.35, 8.48, 8.50-8.51,

8.58-8.59, 8.63-8.64

soft clauses 3.22-3.24, 3.27 underlying contract

fraud rule 6.34, 6.37, 6.53, 6.55 injunctions and independent guarantees 8.07,

8.10-8.11, 8.13-8.14, 8.27, 8.30, 8.34, 8.46­8.48, 8.62-8.64

unfair conduct 3.22

unfair contract terms 8.43

Unfair Contract Terms Act 1977 (UK) 8.41­

8.42, 8.62

unfairness

injunctions and independent guarantees 8.17, 8.29 letters of credit as contract 2.06, 2.08

UNIDROIT Convention on International

Factoring 14.44, 14.54

Uniform Commercial Code 1.35

complying presentation in letters of credit 5.03

electronic bills of exchange 9.28-9.29, 9.37, 9.44,

9.47, 9.49, 9.55, 9.59

fraud rule 6.13-6.14, 6.37, 6.56

injunctions and independent guarantees

8.14,       8.22

letters of credit as contract 2.02

soft clause in letters of credit 3.21, 3.26

size=1 color=black face="Times New Roman">Uniform Customs and Practice for Documentary Credits 1.03-1.36

complying presentation in letters of credit 5.01, 5.03, 5.06 5.08, 5.24, 5.26-5.27, 5.29, 5.31-5.33, 5.35,5.39-5.42,5.47-5.49

consulting group 1.08, 5.09 contractual interpretation of letters of credit 5.10-5.23

general principles of contractual interpretation 5.10-5.15, 14.28-14.29 implications of terms into UCP 600 5.21-5.23 interpretation of UCP 600 5.16-5.20

credit stipulations tying payment to performance of underlying contract 5.31-5.41

drafting group 5.09, 5.19-5.20, 5.24, 5.28 electronic bills of exchange 9.25 electronic bills of lading and insurance certificates 10.19-10.20, 10.22, 10.24

electronic supplement to the UCP 1.06, 1.14,

1.34,                10.13, 10.17, 10.19, 10.21, 10.22, 10.25, 13.02, 14.04

expert testimony 5.24-5.30

fraud rule 6.07-6.12

historical perspective 1.02-1.07

language, development and regulation 1.17­

1.20, 1.24

letters of credit as contract 2.02, 2.04, 2.07, 2.10,

2.15,       2.23, 2.27, 2.33

nominated bank in letters of credit 4.16, 4.22 open account, prepayment and supply chain finance 14.01, 14.08-14.09, 14.11-14.12, 14.24-14.25, 14.29

present context 1.08-1.20

competition 1.12-1.13 language, development and

regulation 1.17-1.20 reliability 1.10-1.11 technology 1.14-1.16 reliability 1.10-1.11 soft clause in letters of credit 3.02, 3.15, 3.17, 3.30 stop payment orders 7.06

UCP 290 5.39

UCP 400 1.05, 1.24, 1.28

UCP 500 1.05, 1.08, 1.24, 1.27, 1.30 complying presentation in letters of credit 5.09, 5.42

open account, prepayment and supply chain finance 14.11

UCP 600 1.07-1.09, 1.25-1.36, 5.07-5.41 background to UCP regime 5.07-5.09 complying presentation in letters of credit 5.50-5.51 nominated bank in letters of credit 4.01-4.02, 4.05-4.09,4.14,4.29-4.34,4.38-4.43

see also under nominated bank as issuing bank's agent

UCP900 1.21-1.35

proceduralquestion 1.23-1.25 standardisation 1.25

substantivequestion 1.26-1.35

Uniform Regulations for Commercial Documentary Credits 1.04, 5.08

Uniform Rules on Bank Payment Obligations 10.13, 10.21, 13.02, 13.04, 13.10, 13.12-13.15, 13.17, 13.19-13.20, 13.23, 13.25-13.27, 13.29

Uniform Rules for Collections 3.31

Uniform Rules for Demand Guarantees 6.07 Uniform Rules for Forfaiting 14.41-14.42 United Kingdom

Bills of Exchange Act 1882 (UK) 9.05, 9.07, 9.09­9.11, 9.16, 9.30-9.31, 9.55, 9.65, 14.59

Business Contract Terms (Assignment of Receivables) Regulations 2018 14.54

Companies Act 2006 2.32

complying presentation in letters of credit 5.11, 5.50 fraud rule 6.02, 6.06, 6.22-6.31, 6.37, 6.57 injunctions and independent guarantees 8.09, 8.12, 8.14-8.16, 8.36-8.37, 8.46, 8.49, 8.56-8.58

letters of credit as contract 2.05, 2.20, 2.27 open account, prepayment and supply chain finance 14.02

Small Business, Enterprise and Employment Act 2015 (UK) 14.54

soft clause in letters of credit 3.18, 3.23 unconscionability exception 8.01-8.04, 8.20 see also English law

United Nations 1.20, 14.09

United Nations Commission on International

Trade Law

countertrade 16.02, 16.18, 16.23, 16.25

electronic bills of lading and insurance certificates 10.38

explanatory note 11.26-11.27, 11.29, 11.31 functional equivalence 11.03, 11.08, 11.14, 11.17­11.18, 11.21, 11.23, 11.33

implementation 11.32-11.33

Model Law on Electronic Commerce 9.17, 9.19,

11.01-11.09, 11.11, 11.18, 11.21

Model Law on Electronic Signatures 11.06

Model Law on Electronic Transferable

Records 9.21, 10.40, 11.01-11.34 non-discrimination 11.03,11.17 operation 11.17-11.31

control, exclusive control and transfer of control 11.28-11.30

identity 11.26-11.27

integrity 11.31

reliable method 11.20-11.25

purpose 11.14-11.16

style='font-size:7.5pt;line-height:115%'>Working Group IV (Electronic Commerce) 11.01, 11.12-11.13, 11.17-11.18, 11.26-11.28

United Nations Conference on Trade and

Development 12.08

Automated System for Customs Data 12.66

United Nations Convention on Contracts for the Carriage of Goods Wholly or Partly by Sea 2008 10.39

United Nations Convention on Contracts for the International Sale of Goods 11.10

United Nations Convention on Independent Guarantee and Standby Letters of Credit 6.09­6.12, 6.57

United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards 11.10

United Nations Convention on the Use of Electronic Communications in International

Contracts 9.20, 11.06-11.11, 11.14, 11.18, 11.21, 11.23, 11.25

United Nations Development Agency 12.33

United Nations Economic Commission for

Europe 12.42

United States

blockchain technology 12.58

Check Clearing for the 21st Century Act

(USA) 9.34, 9.37, 9.40, 9.46, 9.48, 9.55-9.56 complying presentation in letters of credit 5.07,

5.18, 5.25, 5.28, 5.35, 5.39

Customs Automated Commercial

Environment 12.43-12.45

Department of Homeland Security 12.45 electronic bills of exchange 9.23, 9.25 Electronic Check Clearing House

Organization 9.47-9.49

Federal Reserve bank 9.46

Federal Reserve Board 9.50

Federal Reserve regulation or operating circular 9.29, 9.46

fraud rule 6.01-6.02, 6.06, 6.13-6.21, 6.38, 6.45, 6.57-6.58

letters of credit as contract 2.05, 2.23

Regulation CC 9.34, 9.47-9.50, 9.56

Regulation J 9.44, 9.46

Second Restatement of the Conflicts of Laws 9.16

Security and Accountability for Every Port Act (USA) 12.44

size=1 color=black face="Times New Roman">soft clause in letters of credit 3.08-3.13, 3.19, 3.21, 3.26, 3.30

stop payment orders 7.15-7.16, 7.46-7.47, 7.57 Treasury - International Trade Data

System 12.43-12.44 unconscionability exception 8.22 see also Uniform Commercial Code

Universal Time Coordinated 13.16

Universal Trade Network 12.21

valued barter 16.07

vicarious performance 14.24

Visa 12.54

vitiation 1.05

Voltron 10.17, 12.21 warehouse receipts 11.34, 14.48

warranties 14.53

electronic bills of exchange 9.34, 9.41-9.44,

9.49-9.50, 9.53, 9.56-9.58, 9.60-9.61, 9.64 see also double warranties

Warsaw Convention 5.16, 5.20

WAVE Network 10.11, 12.38

web services-enabled business models 12.23, 12.39 we.trade 10.17, 10.37

wilful misconduct 6.10

World Customs Organisation (WCO) 12.08, 12.42

World Economic Forum 12.12

World Food Programme 12.27

World Trade Organisation - Trade

Facilitation Agreement 12.08, 12.40-12.42,

12.66-12.67