Leading court cases on letters of credit

More than 15 percent of trade (over $1 trillion a year) is financed using letters of credit. Now universally used, the UCP, as these ICC rules for letter of credit practice are called, are the most successful private rules for commerce ever developed. But rules require interpretation, and courts worldwide have interpreted how the UCP should be applied in daily practice. Here, in a single volume, the most important court cases interpreting the UCP hae been collected, analyzed and explained.