Document Type
Article
Publication Date
1999
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 "documentary" 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.
Recommended Citation
Jacqueline D. Lipton,
Documentary Credit Law and Practice in the Global Information Age,
22
Fordham International Law Journal
1972
(1999).
Available at:
https://scholarship.law.pitt.edu/fac_articles/472
Included in
Banking and Finance Law Commons, Corporate Finance Commons, E-Commerce Commons, Finance Commons, International Economics Commons, International Relations Commons, International Trade Law Commons, Law and Economics Commons, Law and Society Commons, Political Economy Commons