Rev. ed. of: Letters of credit under international trade law. c1985.

Includes bibliographical references (p. 473-487) and index.

Introduction -- The instruments -- The "mechanics" and the simple legal structure of the instruments -- Comfort letters -- Bonds -- Traditional guarantees and sureties -- The function of bank guarantees -- On-demand guarantees -- Letters of credit -- Confirmed letters of credit -- The three main functions of commercial credits -- The function of standby credit -- "Blended" facilities -- Amendments of the instrument -- The right and remedy of set-off -- Security interest in the documents or goods -- Disclaimers -- Transerability -- No "bearer" rights -- Assignability -- Subrogation -- Indemnity agreements -- Reimbursement, and an introduction to indemnity agreements ("services agreements") -- "Good faith" and representations and warranties made by the beneficiary -- Features of the agreement and sample clauses -- Doctrine of (substantive) independence (autonomy) -- Bank-to-bank indemnity -- General -- The role of the underlying agreement and the balance -- Honour and the "moment of death" of the instrument -- Strict compliance doctrine -- The requirement of consistency -- The "as tendered" or è contrario rule -- Interviews with experts -- The liability of the banks -- Fraud -- Fraud ("abuse") or "fraus omnia corrumpit", generally -- Establishing that fraud exists--the necessary sequence -- Duty (right) to refrain from paying -- Fraud and good faith -- Clear proof -- Whose fraud is relevant? -- Links required and risks assumed -- Who bears the loss? -- Nullity exception -- Illegality -- Observation and remarks -- Interpretation of instruments -- General -- Waiver doctrine : express and implied waivers -- Conditions subsequent -- "Pay or extend" claims -- Contractual patterns -- Sample of use of credits and guarantees in a construction contract -- Refusal, dishonour, and remedies -- What constitutes refusal?--teachings from Bank of China -- Dishonor -- Remedies--a substantive or procedural issue? -- Duty to mitigate and contributory negligence -- What remains or may remain to be governed by national laws -- De lege ferenda -- Jurisdiction and choice of law -- Interplay of lex mercatoria, conflict of laws and national law -- Applicable law -- A preference for English law -- Jurisdiction.