Letter of credit - Knowledge

1060:. At this point, the nominated bank will inform the beneficiary of the discrepancy and offer a number of options depending on the circumstances after consent of applicant. However, such a discrepancy must be more than trivial. Refusal cannot depend on anything other than reasonable examination of the documents themselves. The bank then must rely on the fact that there was, in fact, a material mistake. A fact that if true would entitle the buyer to reject the items. A wrong date such as an early delivery date was held by English courts to not be a material mistake. If the discrepancies are minor, it may be possible to present corrected documents to the bank to make the presentation compliant. Failure of the bank to pay is grounds for a chose in action. Documents presented after the time limits mentioned in the credit, however, are considered discrepant. 1450:, the bank will give an undertaking (or promise), on behalf of buyer (who is often the applicant) to pay the beneficiary the value of the goods shipped if acceptable documents are submitted and if the stipulated terms and conditions are strictly complied with. The buyer can be confident that the goods he is expecting only will be received since it will be evidenced in the form of certain documents, meeting the specified terms and conditions. The supplier finds his confidence in the fact that if such stipulations are met, he will receive payment from the issuing bank, who is independent of the parties to the contract. In some cases, a letter of credit will require the documents to be collected. Another form of payment is the 1211:

providing those goods to a buyer. It does this by ensuring that the seller is paid for presenting the documents which are specified in the contract for sale between the buyer and the seller. That is to say, a letter of credit is a payment method used to discharge the legal obligations for payment from the buyer to the seller, by having a bank pay the seller directly. Thus, the seller relies on the credit risk of the bank, rather than the buyer, to receive payment. As will be seen, and is observed in Image 2, the bank will pay the seller the value of the goods when the seller provides

1264:: Whether an LC is revocable or irrevocable determines whether the buyer and the issuing bank are able to manipulate the LC or make corrections without informing or getting permissions from the seller. According to UCP 600, all LCs are irrevocable, hence in practice the revocable type of LC is increasingly obsolete. Any changes (amendment) or cancellation of the LC (except when expired) is done by the applicant (buyer) through the issuing bank. It must be authenticated and approved by the beneficiary (seller). 1761:, drafted in 1952, provided a basis for codifying many UCP principles into state law and created one of the only extensive specific legal regulations of letters of credit worldwide, although the UCC rules do not cover all aspects of letters of credit. New York effectively subjugated the UCC rules to the existing UCP rules, and as a result the UCP rules continued to govern letters of credit under New York law. Article 5 was revised in 1995 to reflect the latest international practices as codified in the UCP. 47: 874: 1045:(the seller) receives the letter of credit, it will check the terms to ensure that it matches with the contract and will either arrange for shipment of the goods or ask for an amendment to the letter of credit so that it meets with the terms of the contract. The letter of credit is limited in terms of time, the validity of credit, the last date of shipment, and how late after shipment the documents may be presented to the 862: 1318:: A pair of LCs in which one is to the benefit of a seller who is unable to provide the corresponding goods for unspecified reasons. In that event, a second credit is opened for another seller to provide the desired goods. Back-to-back is issued to facilitate intermediary trade. Intermediate companies such as trading houses are sometimes required to open LCs for suppliers and receive export LCs from buyers. 1668:) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. Note that under the scheme of letters of credit, banks are neither benefactors of sellers nor benefactors of buyers and the seller receives no money in gratuity mode. Thus is possible that a “letter of credit” was one of those contracts that needed to be masked to disguise the “ 1352:. A bank is not obligated to transfer a credit. It can further be transferred to more than one alternate beneficiary as long as it allows partial shipments. The terms and conditions of the original credit must be replicated exactly in the transferred credit. However, to keep the workability of the transferable letter of credit, some figures can be reduced or curtailed, including: 1699:. These rules of practice are incorporated into the transaction by agreement of the parties. The latest version of the UCP is the UCP600 effective July 1, 2007. Since the UCP are not laws, parties have to include them into their arrangements as normal contractual provisions. However, they still form a substantial part of market practice and crucially underpin financial law. 1579:

seller with the certainty of payment for documentary duties, it would seem necessary that banks should honor their obligation in spite of any buyer allegations of misfeasance. If this were not the case, financial institutions would be much less inclined to issue documentary credits because of the risk, inconvenience, and expense involved in determining the underlying goods.

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consideration in these circumstances is past. However, the performance of an existing duty under a contract may be a valid consideration for a new promise made by the bank, provided that there is some practical benefit to the bank A promise to perform owed to a third party may also constitute a valid consideration.

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obligation to identify that the correct documents exist, they are not expected to examine whether the documents themselves are valid. That is to say, the bank is not responsible for investigating the underlying facts of each transaction, whether the goods are of the sufficient – and specified – quality or quantity.

1215:, documents which themselves represent the goods. Upon presentation of the documents, the goods will traditionally be in the control of the issuing bank, which provides them security against the risk that the buyer (who had instructed the bank to pay the seller) will repay the bank for making such a payment. 1608:

Legal writers have failed to satisfactorily reconcile the bank's obligation to pay on behalf of the applicant with any contractually-founded, academic analysis. That is to say, they have not examined legal effect of the banks obligation through a conclusive theoretical lens. This has produced several

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The fundamental principle of all letters of credit is that letters of credit deal with documents and not with goods. The payment obligation is independent from the underlying contract of sale or any other contract in the transaction. The bank's obligation is defined by the terms of the LC alone, and

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in international trade. It is particularly useful where the buyer and seller may not know each other personally and are separated by distance, differing laws in each country, and different trading customs. It is a primary method in international trade to mitigate the risk a seller of goods takes when

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Once the goods have been shipped, the beneficiary will present the requested documents to the nominated bank. This bank will check the documents, and if they comply with the terms of the letter of credit, the issuing bank is bound to honor the terms of the letter of credit by paying the beneficiary.

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With the UCP 600 rules the ICC sought to make the rules more flexible, suggesting that data in a document "need not be identical to, but must not conflict with data in that document, any other stipulated document, or the credit", as a way to account for any minor documentary errors. If this were not

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that is linked with non-payment of the buyer. This is advantageous because the issuing bank often has a personal banking relationship with the buyer. The whole commercial purpose for which the system of confirmed irrevocable documentary credits has been developed in international trade is to give to

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by the applicant where the goods are damaged or are of inferior quality. While he may be sued by the applicant at a later point, the issuing bank cannot reduce the payment owed to correspond with the damage occurred. This is crucial in mitigating the risk to insolvency. Crucial to a letter of credit

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The issuing bank is also exposed to risks which it may seek to mitigate through various techniques. It will be exposed to the insolvency risk of the applicant, that is, the risk the applicant runs insolvent before it is able to repay the letter of credit. Secondly, the bank will be exposed to a risk

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as the use of a title document such as this is critical to the functioning of the letter of credit. However, the list and form of documents is open to negotiation and might contain requirements to present documents issued by a neutral third-party evidencing the quality of the goods shipped, or their

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The exporter has the right to make the credit available to one or more subsequent beneficiaries. Credits are made transferable when the original beneficiary is a "middleman", who does not supply the documents himself, but procures either goods or documents from other suppliers and arranges for them

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instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract. This is a security against an obligation which is not performed. If the bank is presented with demands of non-payment it is not

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In the international banking system, a letter of undertaking (LOU) is a provisional bank guarantee, under which a bank allows its customer to raise money from another bank's foreign branch in the form of short-term credit. The LOU serves the purpose of a bank guarantee. However, to be able to raise

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Documents required under the LC, could in certain circumstances, be different from those required under the sale transaction. This would place banks in a dilemma in deciding which terms to follow if required to look behind the credit agreement. Since the basic function of the credit is to provide a

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The only exception to this may be fraud. For example, a dishonest seller may present documents which comply with the letter of credit and receive payment, only for it to be later discovered that the documents are fraudulent and the goods are not in accordance with the contract. This would place the

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given by the beneficiary to the banker prior to the tender of documents. In such transactions the undertaking by the beneficiary to deliver the goods to the applicant is not sufficient consideration for the bank's promise because the contract of sale is made before the issuance of the credit, thus

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The first beneficiary may demand from the transferring bank to substitute for the applicant. However, if a document other than the invoice must be issued in a way to show the applicant's name, in such a case that requirement must indicate that in the transferred credit it will be free. Transferred

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In the event that the buyer is unable to make payment on the purchase, the seller may make a demand for payment on the bank. The bank will examine the beneficiary's demand and if it complies with the terms of the letter of credit, will honor the demand. Most letters of credit are governed by rules

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as a means of controlling costs, and in 1983 the UCP was amended to allow "teletransmission" of letters of credit. By the 21st century, the vast majority of LCs were issued in electronic form and entirely "paperless". LCs were becoming more common. Marcell David Reich (commonly known as Marc Rich)

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However, whilst the details of the letter of credit can be understood with some flexibility the banks must adhere to the “principle of strict compliance” when determining whether the documents presented are those specified in the letter of credit. This is done to make the banks' duty of effecting

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Financial institutions do not act as 'middlemen' but rather, as paying agents on behalf of the buyer. Courts have emphasized that buyers always have a remedy for an action upon the contract of sale and that it would be a calamity for the business world if a bank had to investigate every breach of

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There is the possibility that performance of a documentary credit may be disturbed by legal action relating directly to the parties and their rights and obligations under the documentary credit or performance may be prevented by government action outside the control of the parties. Alternatively,

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Similar to other financial law instruments, a letter of credit utilises several legal concepts to achieve the economic effect of shifting the legal exposure from the seller to the buyer. The policies behind adopting this principle of abstraction are purely commercial. Whilst the bank is under an

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UCP 600 (2007 Revision) regulates common market practice within the letter of credit market. It defines a number of terms related to letters of credit which categorise the various factors within any given transaction. These are crucial to understanding the role financial institutions play. These

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The actions available to the buyer arising out of the sale contract do not concern the bank and in no way affect its liability. Article 4(a) of the UCP600 states this principle clearly. This is confirmed within the market-practice documents stated by Article 5 of UCP600. As is a core tenet of

1717:, the German civil code, does not directly address letters of credit. German case law indicates that the relationship between the issuing bank and customer is a contract for execution of a transaction, while the relationship between the issuing bank and the beneficiary is a promise of a debt. 1311:

Before sending the products, seller can take the pre-paid part of the money from the bank. The first part of the credit is to attract the attention of the accepting bank. The first time the credit is established by the assigner bank, is to gain the attention of the offered bank. The terms and

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has historically had the most substantial and consistent body of case law in the United States with regard to letters of credit, due to the prominence of New York banks in international trade. The New York Bankers Commercial Credit Conference of 1920 provided the first set of voluntary LC

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Because the transaction operates on a negotiable instrument, it is the document itself which holds the value - not the goods to which the reference. This means that the bank need only be concerned with whether the document fulfils the requirements stipulated in the letter of credit.

1284:: Either the one advising bank can purchase a bill of exchange from the seller in the case of a restricted LC, or the confirmation bank is not specified, which means that the exporter can show the bill of exchange to any bank and receive a payment on an unrestricted LC. 1531:

Issuance charges, covering negotiation, reimbursements and other charges are paid by the applicant or as per the terms and conditions of the LC. If the LC does not specify charges, they are paid by the applicant. Charge-related terms are indicated in field 71B.

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performance of a contract – including an obligation under a documentary credit relationship – could also be prevented by external factors such as natural disasters or armed conflicts. These risks, however, are often seen as secondary to the risk of non-payment.

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Letters of Credit are often used in international transactions to ensure that payment will be received where the buyer and seller may not know each other and are operating in different countries. In this case, the seller is exposed to a number of risks such as

1294:: A credit that is not paid or assigned immediately after presentation, but after an indicated period that is accepted by both buyer and seller. Typically, seller allows buyer to pay the required money after taking the related goods and selling them. 1227:. The current version, UCP 600, became effective July 1, 2007. Banks will typically require collateral from the purchaser for issuing a letter of credit and will charge a fee which is often a percentage of the amount covered by the letter of credit. 1517:

The beneficiary will be exposed to the risk of its own failure to comply with credit conditions or failure of, or delays in payment from, the issuing bank. These risks are considered remote. Crucially, the beneficiary is not exposed to the risks of

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Letters of credit are sometimes used to defraud banks through presentment of false documentation indicating that goods were shipped when they actually were not. Letters of credit are also sometimes used as part of fraudulent investment schemes.

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Some banks will offer to "Telex for approval" or similar. This is where the nominated bank holds the documents, but sends a message to the issuing bank asking if discrepancies are acceptable. This is more secure than sending documents in trust.

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is a bank mentioned within the letter of credit at which the credit is available (in this respect, UCP600 Article 2 reads: "Nominated bank means the bank with which the credit is available or any bank in the case of a credit available with any

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is the bank that will inform the beneficiary or their nominated bank of the credit, send the original credit to the beneficiary or their nominated bank, and provide the beneficiary or their nominated bank with any amendments to the letter of

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has assessed the buyer's credit risk – i.e. that the applicant will be able to pay for the goods – it will issue the letter of credit, meaning that it will provide a promise to pay the seller upon presentation of certain documents. Once the

1552:, market practice comprises a substantial portion of how parties behave. Accordingly, if the documents tendered by the beneficiary or their agent are in order, then, in general, the bank is obliged to pay without further qualifications. 1649:

suggests that because letters of credit are prompted by the buyer's necessity, the cause of an LC is to release the buyer of his obligation to pay directly to the seller. Therefore, an LC theoretically fits as a

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applies specifically to standby letters of credit; and the United Nations Convention on Independent Guarantees and Standby Letters of Credit applies to a small number of countries that have ratified the

1067:; effectively in the hope that the applicant will accept the documents. Documents forwarded in trust remove the payment security of a letter of credit so this route must only be used as a last resort. 1509:

of fraud by the seller, who may provide incorrect or falsified documents to receive payment. If the bank ought to have known that the documents were a fraud, then the bank will be exposed to a fraud.

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In some cases, the middleman does not want the buyer and supplier to know each other. The middleman is entitled to substitute his own invoice for the supplier's and acquire the difference as profit.

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is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued").

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The letter of credit has been used in Europe since ancient times. Letters of credit were traditionally governed by internationally recognized rules and procedures rather than by national law. The

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to be sent to the issuing bank. A letter of credit can be transferred to the second beneficiary at the request of the first beneficiary only if it expressly states that the letter of credit is

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is the beneficiary's (the seller) attempt to isolate itself from the credit risk of the buyer. That is to say, it is concerned primarily with the ability of the buyer to pay for the goods.

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of 1911 did not directly address letters of credit, which were still rare in the country at the time. Courts eventually dealt with the device by treating it as a hybrid of a mandate (

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It further does not permit of any dispute with the buyer as to the performance of the contract of sale being used as a ground for non-payment or reduction or deferment of payment.

1274:: An LC is said to be confirmed when a second bank adds its confirmation (or guarantee) to honor a complying presentation at the request or authorization of the issuing bank. 2447: 1094:

issued by a relationship bank, which allowed the beneficiary to withdraw cash from other banks along their journey. This type of letter of credit was eventually replaced by

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The range of documents that may be requested by the applicant is vast and varies considerably by country and commodity. Several methods of verifying the documents exist. A

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Additionally, a letter of credit may also have specific terms relating to the payment conditions which relate to the underlying reference documents. Some of these include

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is a bank other than the issuing bank that adds its confirmation to credit upon the issuing bank's authorization or request thus providing more security to the beneficiary.

1118: 1246:(commercial): The same credit can be termed an import or export letter of credit depending on whose perspective is considered. For the importer it is termed an 1609:

conflicting theories as to the contractual effect of a letter of credit. Some theorists suggest that the obligation to pay arises through the implied promise,

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However, in practice, many banks still hold to the principle of strict compliance, since it offers concrete guarantees to all parties. The general legal maxim

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The specified documents are often bills of lading or other 'documentary intangibles' which 'A' and 'B' have previously specified in their original contract.

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caused by the distance, differing laws and difficulty in knowing each party personally. Some of the other risks inherent in international trade include:

2448:"Letter of Credit Transactions: The Banks' Position in Determining Documentary Compliance-A Comparative Evaluation under US, Swiss and German Law" 1384:

To receive payment, an exporter or shipper must present the documents required by the LC. Typically the letter of credit will request an original

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The payment will be obtained for nonexistent or worthless merchandise against presentation by the beneficiary of forged or falsified documents.

1423:(ocean or multi-modal or charter party), airway bill, lorry/truck receipt, railway receipt, CMC other than mate receipt, forwarder cargo receipt 1658:

where the buyer participates as the third party beneficiary with the bank acting as the stipulator and the seller as the promisor. The term

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Several risks could relate to the parties of the applicant themselves. These may include situations where there is a non-delivery of Goods,

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risk on the buyer, but it also means that the issuing bank must be stringent in assessing whether the presenting documents are legitimate.

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the LOU, the customer is supposed to pay margin money to the bank issuing the LOU and accordingly, he is granted a credit limit. In 2018,

1500:, the goods are of inferior quality, are damaged, or are late. The applicant is also exposed to the failure of the bank to make payment. 904: 836: 1017:, when the reliability of contracting parties cannot be readily and easily determined. Its economic effect is to introduce a bank as an 2560: 1629:

and the guarantees. Although documentary credits are enforceable once communicated to the beneficiary, it is difficult to show any

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Several categories of LCs exist which seek to operate in different markets and solve different issues. Examples of these include:

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is a set of documents that meet with the requirements of the letter of credit and all of the rules relating to letters of credit.

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a guarantee; the trigger is not non-payment but documentation. UCP600 Article 1 provides that the UCP applies to standby LCs;

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to the bank in exchange for payment. The seller's bank then provides the bill to buyer's bank, who provides the bill to buyer.

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has been negotiated, and the buyer and seller have agreed that a letter of credit will be used as the method of payment, the

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regulations for major banks in the United States, but these banks transitioned to the international UCP standard by 1938.

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the case, the bank would be entitled to withhold payment even if the deviation is purely technical or even typographical.

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After a contract is concluded between a buyer and a seller, the buyer's bank supplies a letter of credit to the seller.

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Menendez, Andres (2010-07-30). "Letter of Credit, its Relation with Stipulation for the Benefit of a Third Party".

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requirement”. As a result, this kind of arrangement would make letter of credit to be enforceable under the action

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If the corrected documents cannot be supplied in time, the documents may be forwarded directly to the issuing bank

897: 2332:

J. H. Rayner & Co., Ltd., and the Oil seeds Trading Company, Ltd. v.Ham bros Bank Limited 73 Ll. L. Rep. 32

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A few countries have created statutes in relation to letters of credit. For example, most jurisdictions in the

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is the person or company who has requested the letter of credit to be issued; this will normally be the buyer.

1183:, allowing the beneficiary to further reduce payment risk, although confirmation is usually at an extra cost. 235: 2106: 1305:: A credit that the announcer bank immediately pays after inspecting the carriage documents from the seller. 497: 2005: 1645:, because three different entities participate in the transaction: the seller, the buyer, and the banker. 1122: 846: 66: 56: 2637: 1087:(UCP) in 1933, creating a voluntary framework for commercial banks to apply to transactions worldwide. 890: 840: 370: 360: 2323:

United City Merchants (Investments) Ltd v Royal Bank of Canada (The American Accord) 1.A.C.168 at 183

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credit cannot be transferred again to a third beneficiary at the request of the second beneficiary.

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This article is about commercial financial credit instruments. For personal letters of credit, see

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Although letters of credit first existed only as paper documents, they were regularly issued by

2622: 1803: 1695:(UCC). These statutes are designed to work with the rules of market practice including UCP and 1673: 1212: 692: 537: 275: 215: 172: 119: 2406: 1939:"Practical Effect of the Uniform Commercial Code on Documentary Letter of Credit Transactions" 1884:

United City Merchants (Investments) Ltd v Royal Bank of Canada (The American Accord) 1 AC 168

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the seller an assured right to be paid before he parts with control of the goods under sale.

1397: 826: 507: 482: 467: 325: 265: 245: 240: 1775: 1095: 1022: 577: 399: 350: 315: 255: 220: 124: 114: 61: 1977: 1749:, although they had been used in American foreign trade for some time prior. The state of 1454:

where the supplier ships the goods and waits for the buyer to pay, on open account terms.

1328:): Operates like a commercial letter of credit, except that typically it is retained as a 1056:

If the documents do not comply with the terms of the letter of credit they are considered

8: 2586: 1651: 1638: 1002: 803: 612: 434: 375: 300: 290: 260: 187: 95: 472: 2469: 2394: 2208: 2048: 1958: 1914: 1833: 1662:

is not used properly in the scheme of an LC because a beneficiary (also, in trust law,

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is an undertaking from a bank other than the issuing bank to pay the beneficiary for a

831: 787: 592: 429: 424: 404: 355: 295: 285: 230: 225: 197: 192: 162: 30: 1596:(literally "The law does not concern itself with trifles") has no place in the field. 1389:

place of origin or place. Typical types of documents in such contracts might include:

2402: 2398: 2233: 2086: 1793: 722: 697: 607: 487: 444: 380: 345: 335: 167: 129: 85: 2473: 2263:"United Nations Convention on Independent Guarantees and Stand-by Letters of Credit" 2262: 647: 2459: 2386: 2200: 2040: 1950: 1906: 1750: 1726: 1610: 1429:— license, embassy legalization, origin certificate, inspection certificate, 772: 717: 702: 687: 672: 602: 582: 562: 517: 390: 340: 310: 305: 2598: 1157:

is the bank that issues the credit, usually following a request from an applicant.

652: 2632: 2343: 2227: 866: 777: 742: 707: 642: 567: 552: 439: 414: 409: 385: 157: 152: 2140: 1664: 1556: 1497: 1420: 1385: 1207: 1117:

in the latter half of the 20th century. Beginning in 1973 with the creation of

1029: 966: 951: 936: 797: 782: 747: 732: 712: 682: 502: 419: 109: 105: 1090:

In the late 19th century and early 20th century, travelers commonly carried a

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Letters of credit came into general domestic use in the United States during

1684: 1669: 1630: 1549: 1519: 1411: 1014: 762: 752: 727: 667: 662: 657: 637: 627: 597: 587: 492: 395: 2464: 2163: 46: 2589:, document hosted at Faculty of Law, Universidade Nova de Lisboa, Portugal. 1618: 1018: 878: 792: 737: 632: 622: 617: 542: 90: 2561:"PNB-Nirav Modi Fraud: What Had Transpired At Mumbai's Brady Road Branch" 2390: 1746: 1464: 1099: 1036:

will contact a bank to ask for a letter of credit to be issued. Once the

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to an exporter of goods. Letters of credit are used extensively in the

677: 477: 1677: 1626: 1006: 958: 943: 928: 917: 527: 458: 38: 2606: 2204: 2044: 1954: 1910: 2515:"Internationalization of Revised UCC Article 5 (Letters of Credit)" 1622: 1614: 2191:

McCurdy, William E. (March 1922). "Commercial Letters of Credit".

1407: 998: 861: 1438:— insurance policy or certificate, but not a cover note. 2065: 1897:

Mead, Carl A. (April 1922). "Documentary Letters of Credit".

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provides security for both buyer and seller. Outlined in the

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The seller consigns the goods to a carrier in exchange for a

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conditions were typically written in red ink, thus the name.

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It might also be feasible to typify letters of credit as a

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popularised the use of letters of credit in the oil trade.

1010: 2366:

William v Roffey Brothers & Nicholls (contractors) Ltd

2085:(5 ed.). California: World Trade Press. p. 172. 2519:

Northwestern Journal of International Law & Business

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Alternative Power Solutions v Central Electricity Board

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suffered from such a breach of documentation protocols.

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Menendez, Andres, Letter of Credit, a Masked Contract

1600:

payment against documents easy, efficient and quick.

1809:

Uniform Customs and Practice for Documentary Credits

1225:

Uniform Customs and Practice for Documentary Credits

1085:

Uniform Customs and Practice for Documentary Credits

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Ficom S.A. v. Socialized Cadex 2 Lloyd’s Rep. 118.

2133:"Understanding and Using Letters of Credit, Part I" 2296:Standard Chartered Bank v Dorchester LNG (2) Ltd . 2006:"E-Commerce and Letter of Credit Law and Practice" 1976:McKeever, Kent; Ditcheva, Boriana (October 2006). 1555:As a result, it is the issuing bank who bears the 1379: 1368:Latest shipment date or given period for shipment. 2305:Standard Chartered Bank v Dorchester LNG (2) Ltd 2229:International Trade Finance: A Pragmatic Approach 2004:Barnes, James G.; Byrne, James E. (Spring 2001). 2614: 1975: 1856:Fortis Bank SA/NV v Indian Overseas Bank (2011). 2107:"Letters of credit for importers and exporters" 969:to the carrier and takes delivery of the goods. 2345:Legal Aspects of Commercial Letters of Credit 2225: 898: 1880: 1878: 1876: 1874: 1872: 1870: 1868: 1866: 1864: 1862: 2341: 2003: 2287:Equitable Trust Co of NY v Dawson Partners 1838:UN Trade Facilitation Implementation Guide 1654:accepted by conduct or in other words, an 1025:of the buyer paying the seller for goods. 905: 891: 16:Document issued by a financial institution 2463: 2080: 2026: 1859: 1359:Unit price of the merchandise (if stated) 2489: 2384: 1541:the contract of sale is not considered. 957: 942: 927: 916: 2190: 2164:"The UCP 600 rules in Letter of Credit" 1936: 1680:because of its promissory connotation. 2615: 2512: 2445: 2161: 2066:Javier Blas & Jack Farchy (2022). 2492:"Code Treatment of Letters of Credit" 2485: 2483: 2441: 2439: 2437: 2162:Hashim, Rosmawani Che (August 2015). 1943:University of Pennsylvania Law Review 1733:) and authorization-to-pay contract ( 1083:oversaw the preparation of the first 1999: 1997: 1932: 1930: 1928: 1896: 1892: 1890: 2342:Finkelstein, Herman Norman (1930). 1535: 1206:A letter of credit is an important 13: 2480: 2434: 1342: 14: 2664: 2580: 1994: 1925: 1887: 1250:and for the exporter of goods an 1221:International Chamber of Commerce 1113:in the late 19th century, and by 1081:International Chamber of Commerce 2226:Bhogal, T.; Trivedi, A. (2007). 2029:"The Paperless Letter of Credit" 2027:Kozolchyk, Boris (Summer 1992). 1740: 1702: 1457: 1015:financing of international trade 872: 860: 45: 2553: 2541:Federal Bureau of Investigation 2529: 2506: 2378: 2369: 2360: 2335: 2326: 2317: 2308: 2299: 2290: 2281: 2267:United Nations General Assembly 2255: 2246: 2219: 2184: 2155: 2125: 2099: 2083:Glossary of International Trade 2074: 1978:"The Circular Letter of Credit" 1764: 1503: 1380:Documents that may be requested 147:Concepts, theory and techniques 2059: 2020: 1969: 1850: 1826: 1720: 1603: 1512: 1482: 1129: 1: 2643:International trade documents 2490:Harfield, Henry (Fall 1962). 2452:Pace International Law Review 2081:Hinkelman, Edward G. (2010). 2033:Law and Contemporary Problems 1820: 2070:. Penguin Books. p. 61. 1491: 1121:, banks began to migrate to 7: 1937:Chadsey, Horace M. (1954). 1781: 1201: 1123:electronic data interchange 10: 2669: 2137:Credit Research Foundation 1707: 1526: 1074: 18: 2593:Letter of Credit in China 2513:Barnes, James G. (1995). 2446:Grassi, Paolo S. (1995). 1799:Circular letter of credit 1431:phytosanitary certificate 1104:automated teller machines 1092:circular letter of credit 987:bankers commercial credit 21:Circular letter of credit 2537:"Letter of Credit Fraud" 2232:. Springer. p. 59. 2010:The International Lawyer 1982:library.law.columbia.edu 1656:implied-in-fact contract 1593:de minimis non curat lex 1474: 1322:Standby letter of credit 1230: 950:The seller provides the 135:JEL classification codes 2465:10.58948/2331-3536.1297 1789:Bank payment obligation 1759:Uniform Commercial Code 1714:Bürgerliches Gesetzbuch 1693:Uniform Commercial Code 1643:third-party beneficiary 1005:to provide an economic 965:The buyer provides the 321:Industrial organization 178:Computational economics 2422:Cite journal requires 2139:. 1999. Archived from 1804:Documentary collection 1213:negotiable instruments 1195:complying presentation 1181:complying presentation 970: 955: 940: 925: 173:Experimental economics 2648:International finance 2496:Cornell Law Quarterly 2348:. Columbia University 991:letter of undertaking 961: 946: 931: 920: 2391:10.2139/ssrn.2019474 2171:University of Malaya 1404:Commercial documents 1009:from a creditworthy 400:Social choice theory 1899:Columbia Law Review 1834:"Letters of credit" 1652:collateral contract 1639:collateral contract 1436:Insurance documents 1400:, co-accepted draft 1394:Financial documents 1365:Presentation period 1219:promulgated by the 1028:Typically, after a 1003:international trade 981:), also known as a 867:Business portal 188:Operations research 168:National accounting 2595:from ExamineChina. 2269:. 11 December 1995 2193:Harvard Law Review 2143:on 14 October 2012 2068:The World for Sale 1444:documentary credit 1427:Official documents 1417:Shipping documents 983:documentary credit 971: 956: 941: 926: 198:Industrial complex 193:Middle income trap 2638:Letters (message) 1757:Article 5 of the 1691:Article 5 of the 1096:traveler's checks 1023:counterparty risk 1021:that assumes the 999:payment mechanism 915: 914: 2660: 2609:(July 30, 2010). 2601: 2575: 2574: 2572: 2571: 2557: 2551: 2550: 2548: 2547: 2533: 2527: 2526: 2510: 2504: 2503: 2487: 2478: 2477: 2467: 2443: 2432: 2431: 2425: 2420: 2418: 2410: 2382: 2376: 2373: 2367: 2364: 2358: 2357: 2355: 2353: 2339: 2333: 2330: 2324: 2321: 2315: 2312: 2306: 2303: 2297: 2294: 2288: 2285: 2279: 2278: 2276: 2274: 2259: 2253: 2250: 2244: 2243: 2223: 2217: 2216: 2188: 2182: 2181: 2179: 2177: 2168: 2159: 2153: 2152: 2150: 2148: 2129: 2123: 2122: 2120: 2118: 2103: 2097: 2096: 2078: 2072: 2071: 2063: 2057: 2056: 2024: 2018: 2017: 2001: 1992: 1991: 1989: 1988: 1973: 1967: 1966: 1934: 1923: 1922: 1894: 1885: 1882: 1857: 1854: 1848: 1847: 1845: 1844: 1830: 1727:Swiss Civil Code 1536:Legal principles 1398:bill of exchange 975:letter of credit 907: 900: 893: 879:Money portal 877: 876: 875: 865: 864: 361:Natural resource 153:Economic systems 49: 26: 25: 2668: 2667: 2663: 2662: 2661: 2659: 2658: 2657: 2653:Payment systems 2613: 2612: 2599: 2587:Text of UCP 600 2583: 2578: 2569: 2567: 2559: 2558: 2554: 2545: 2543: 2535: 2534: 2530: 2511: 2507: 2488: 2481: 2444: 2435: 2423: 2421: 2412: 2411: 2383: 2379: 2374: 2370: 2365: 2361: 2351: 2349: 2340: 2336: 2331: 2327: 2322: 2318: 2313: 2309: 2304: 2300: 2295: 2291: 2286: 2282: 2272: 2270: 2261: 2260: 2256: 2251: 2247: 2240: 2224: 2220: 2205:10.2307/1328326 2189: 2185: 2175: 2173: 2166: 2160: 2156: 2146: 2144: 2131: 2130: 2126: 2116: 2114: 2113:. 1 August 2012 2105: 2104: 2100: 2093: 2079: 2075: 2064: 2060: 2045:10.2307/1191864 2025: 2021: 2002: 1995: 1986: 1984: 1974: 1970: 1955:10.2307/3310135 1935: 1926: 1911:10.2307/1111302 1895: 1888: 1883: 1860: 1855: 1851: 1842: 1840: 1832: 1831: 1827: 1823: 1818: 1784: 1767: 1743: 1723: 1710: 1705: 1606: 1538: 1529: 1515: 1506: 1494: 1485: 1477: 1460: 1382: 1345: 1343:Transferability 1233: 1204: 1188:confirming bank 1132: 1077: 911: 873: 871: 859: 852: 851: 822: 812: 811: 810: 809: 573:von Böhm-Bawerk 461: 450: 449: 211: 203: 202: 158:Economic growth 148: 140: 139: 81: 79:classifications 24: 17: 12: 11: 5: 2666: 2656: 2655: 2650: 2645: 2640: 2635: 2630: 2625: 2611: 2610: 2604: 2596: 2590: 2582: 2581:External links 2579: 2577: 2576: 2552: 2528: 2505: 2479: 2433: 2424:|journal= 2377: 2375:Scotson v Pegg 2368: 2359: 2334: 2325: 2316: 2307: 2298: 2289: 2280: 2254: 2245: 2239:978-0230594326 2238: 2218: 2199:(5): 539–592. 2183: 2154: 2124: 2098: 2091: 2073: 2058: 2019: 1993: 1968: 1949:(5): 618–628. 1924: 1905:(4): 297–331. 1886: 1858: 1849: 1824: 1822: 1819: 1817: 1816: 1811: 1806: 1801: 1796: 1794:Buyer's credit 1791: 1785: 1783: 1780: 1766: 1763: 1742: 1739: 1722: 1719: 1709: 1706: 1704: 1701: 1665:cestui que use 1605: 1602: 1537: 1534: 1528: 1525: 1514: 1511: 1505: 1502: 1498:Short shipment 1493: 1490: 1484: 1481: 1476: 1473: 1459: 1456: 1452:direct payment 1440: 1439: 1433: 1424: 1421:bill of lading 1414: 1401: 1386:bill of lading 1381: 1378: 1370: 1369: 1366: 1363: 1360: 1357: 1344: 1341: 1340: 1339: 1319: 1313: 1306: 1296: 1295: 1285: 1275: 1265: 1255: 1232: 1229: 1208:payment method 1203: 1200: 1199: 1198: 1191: 1184: 1174: 1166: 1162:nominated bank 1158: 1151: 1144: 1131: 1128: 1076: 1073: 1047:nominated bank 1030:sales contract 967:bill of lading 952:bill of lading 937:bill of lading 913: 912: 910: 909: 902: 895: 887: 884: 883: 882: 881: 869: 854: 853: 850: 849: 844: 834: 829: 823: 818: 817: 814: 813: 808: 807: 800: 795: 790: 785: 780: 775: 770: 765: 760: 755: 750: 745: 740: 735: 730: 725: 720: 715: 710: 705: 700: 695: 690: 685: 680: 675: 670: 665: 660: 655: 650: 645: 640: 635: 630: 625: 620: 615: 610: 605: 600: 595: 590: 585: 580: 575: 570: 565: 560: 555: 550: 545: 540: 535: 530: 525: 520: 515: 510: 505: 500: 495: 490: 485: 480: 475: 470: 464: 463: 462: 456: 455: 452: 451: 448: 447: 442: 437: 432: 427: 422: 417: 412: 407: 402: 393: 388: 383: 378: 373: 368: 366:Organizational 363: 358: 353: 348: 343: 338: 333: 328: 323: 318: 313: 308: 303: 298: 293: 288: 283: 278: 273: 268: 263: 258: 253: 248: 243: 238: 233: 228: 223: 218: 212: 210:By application 209: 208: 205: 204: 201: 200: 195: 190: 185: 180: 175: 170: 165: 160: 155: 149: 146: 145: 142: 141: 138: 137: 132: 127: 122: 117: 112: 103: 98: 93: 88: 82: 76: 75: 72: 71: 70: 69: 64: 59: 51: 50: 42: 41: 35: 34: 15: 9: 6: 4: 3: 2: 2665: 2654: 2651: 2649: 2646: 2644: 2641: 2639: 2636: 2634: 2631: 2629: 2626: 2624: 2623:Financial law 2621: 2620: 2618: 2608: 2605: 2603: 2597: 2594: 2591: 2588: 2585: 2584: 2566: 2562: 2556: 2542: 2538: 2532: 2524: 2520: 2516: 2509: 2501: 2497: 2493: 2486: 2484: 2475: 2471: 2466: 2461: 2457: 2453: 2449: 2442: 2440: 2438: 2429: 2416: 2408: 2404: 2400: 2396: 2392: 2388: 2381: 2372: 2363: 2347: 2346: 2338: 2329: 2320: 2311: 2302: 2293: 2284: 2268: 2264: 2258: 2249: 2241: 2235: 2231: 2230: 2222: 2214: 2210: 2206: 2202: 2198: 2194: 2187: 2172: 2165: 2158: 2142: 2138: 2134: 2128: 2112: 2108: 2102: 2094: 2092:9788131807552 2088: 2084: 2077: 2069: 2062: 2054: 2050: 2046: 2042: 2039:(3): 39–101. 2038: 2034: 2030: 2023: 2015: 2011: 2007: 2000: 1998: 1983: 1979: 1972: 1964: 1960: 1956: 1952: 1948: 1944: 1940: 1933: 1931: 1929: 1920: 1916: 1912: 1908: 1904: 1900: 1893: 1891: 1881: 1879: 1877: 1875: 1873: 1871: 1869: 1867: 1865: 1863: 1853: 1839: 1835: 1829: 1825: 1815: 1814:Financial law 1812: 1810: 1807: 1805: 1802: 1800: 1797: 1795: 1792: 1790: 1787: 1786: 1779: 1777: 1771: 1762: 1760: 1755: 1752: 1748: 1741:United States 1738: 1736: 1732: 1728: 1718: 1716: 1715: 1703:National laws 1700: 1698: 1694: 1690: 1686: 1685:United States 1681: 1679: 1675: 1671: 1670:consideration 1667: 1666: 1661: 1657: 1653: 1648: 1644: 1640: 1635: 1632: 1631:consideration 1628: 1624: 1620: 1616: 1612: 1601: 1597: 1595: 1594: 1588: 1584: 1580: 1576: 1572: 1568: 1564: 1561: 1558: 1553: 1551: 1550:financial law 1545: 1542: 1533: 1524: 1521: 1510: 1501: 1499: 1489: 1480: 1472: 1470: 1466: 1458:Risk exposure 1455: 1453: 1449: 1445: 1437: 1434: 1432: 1428: 1425: 1422: 1418: 1415: 1413: 1409: 1405: 1402: 1399: 1395: 1392: 1391: 1390: 1387: 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271:Environmental 269: 267: 264: 262: 259: 257: 254: 252: 249: 247: 244: 242: 239: 237: 234: 232: 229: 227: 224: 222: 219: 217: 214: 213: 207: 206: 199: 196: 194: 191: 189: 186: 184: 181: 179: 176: 174: 171: 169: 166: 164: 161: 159: 156: 154: 151: 150: 144: 143: 136: 133: 131: 128: 126: 123: 121: 118: 116: 113: 111: 107: 104: 102: 101:International 99: 97: 94: 92: 89: 87: 84: 83: 80: 77:Branches and 74: 73: 68: 65: 63: 60: 58: 55: 54: 53: 52: 48: 44: 43: 40: 37: 36: 32: 28: 27: 22: 2628:Contract law 2600:(in Persian) 2568:. 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Retrieved 1837: 1828: 1772: 1768: 1765:Use in fraud 1756: 1744: 1734: 1730: 1724: 1712: 1711: 1687:(U.S.) have 1682: 1663: 1659: 1636: 1617:, reliance, 1607: 1598: 1591: 1589: 1585: 1581: 1577: 1573: 1569: 1565: 1562: 1554: 1546: 1543: 1539: 1530: 1516: 1507: 1504:Issuing bank 1495: 1486: 1478: 1461: 1451: 1447: 1443: 1441: 1435: 1426: 1416: 1412:packing list 1403: 1393: 1383: 1375: 1371: 1350:transferable 1349: 1346: 1329: 1325: 1321: 1316:Back-to-back 1315: 1308: 1302: 1297: 1291: 1287: 1282:unrestricted 1281: 1277: 1271: 1267: 1261: 1257: 1251: 1247: 1243: 1239: 1234: 1217: 1205: 1194: 1187: 1180: 1177:Confirmation 1176: 1169: 1161: 1155:issuing bank 1154: 1147: 1140: 1133: 1108: 1100:credit cards 1089: 1078: 1069: 1064: 1062: 1057: 1055: 1051: 1046: 1042: 1038:issuing bank 1037: 1033: 1027: 994: 990: 986: 982: 978: 974: 972: 962: 947: 932: 921: 837:Publications 802: 425:Sociological 398: / 296:Geographical 276:Evolutionary 251:Digitization 216:Agricultural 120:Mathematical 91:Econometrics 2602:What is LC? 1747:World War I 1721:Switzerland 1660:beneficiary 1604:Legal basis 1513:Beneficiary 1483:Legal risks 1465:credit risk 1362:Expiry date 1338:convention. 1309:Red clause: 1272:unconfirmed 1262:irrevocable 1148:beneficiary 1130:Terminology 1043:beneficiary 1019:underwriter 673:von Neumann 326:Information 266:Engineering 246:Development 241:Demographic 183:Game theory 125:Methodology 2617:Categories 2570:2018-02-17 2546:2018-10-30 2525:: 215–223. 2458:: 81–127. 2352:31 October 2273:31 October 2176:31 October 2147:31 October 2117:31 October 1987:2018-10-31 1843:2018-10-30 1821:References 1647:Jean Domat 1611:assignment 1583:contract. 1469:legal risk 1278:Restricted 1058:discrepant 832:Economists 703:Schumacher 608:Schumpeter 578:von Wieser 498:von Thünen 459:economists 435:Statistics 430:Solidarity 351:Managerial 316:Humanistic 311:Historical 256:Ecological 221:Behavioral 115:Mainstream 2502:: 92–107. 2399:168539668 1735:Anweisung 1678:assumpsit 1625:and even 1492:Applicant 1268:Confirmed 1258:Revocable 1252:export LC 1248:import LC 1223:known as 1141:applicant 1135:include: 1111:telegraph 1034:applicant 1007:guarantee 748:Greenspan 713:Samuelson 693:Galbraith 663:Tinbergen 603:von Mises 598:Heckscher 558:Edgeworth 376:Personnel 336:Knowledge 301:Happiness 291:Financial 261:Education 236:Democracy 130:Political 96:Heterodox 39:Economics 2565:NDTV.com 2474:55007374 2016:: 23–29. 1782:See also 1751:New York 1623:estoppel 1615:novation 1419:— 1406:— 1396:— 1303:At sight 1288:Deferred 1202:Function 1065:in trust 1001:used in 997:), is a 963:Image 4: 948:Image 3: 933:Image 2: 922:Image 1: 841:journals 827:Glossary 778:Stiglitz 743:Rothbard 723:Buchanan 708:Friedman 698:Koopmans 688:Leontief 668:Robinson 553:Marshall 457:Notable 405:Regional 381:Planning 356:Monetary 286:Feminist 231:Cultural 226:Business 31:a series 29:Part of 2407:2019474 2213:1328326 2053:1191864 1963:3310135 1919:1111302 1731:Auftrag 1708:Germany 1689:adopted 1674:privity 1527:Pricing 1520:set-off 1448:UCP 600 1408:invoice 1330:standby 1173:credit. 1165:bank"). 1075:History 847:Schools 839: ( 798:Piketty 793:Krugman 658:Kuznets 648:Kalecki 623:Polanyi 513:Cournot 508:Bastiat 493:Ricardo 483:Malthus 473:Quesnay 445:Welfare 415:Service 86:Applied 62:Outline 57:History 2633:Credit 2472: 2405: 2397: 2236: 2211: 2111:Gov.uk 2089: 2051: 1961: 1917: 1641:for a 1619:agency 1467:, and 1356:Amount 1292:usance 1244:export 1240:Import 783:Thaler 763:Ostrom 758:Becker 753:Sowell 733:Baumol 638:Myrdal 633:Sraffa 628:Frisch 618:Knight 613:Keynes 588:Fisher 583:Veblen 568:Pareto 548:Menger 543:George 538:Jevons 533:Walras 523:Gossen 391:Public 386:Policy 341:Labour 306:Health 163:Market 2470:S2CID 2395:S2CID 2209:JSTOR 2167:(PDF) 2049:JSTOR 1959:JSTOR 1915:JSTOR 1697:ISP98 1627:trust 1475:Fraud 1335:ISP98 1231:Types 1119:SWIFT 1115:telex 989:, or 820:Lists 788:Hoppe 773:Lucas 738:Solow 728:Arrow 718:Simon 683:Lange 678:Hicks 653:Röpke 643:Hayek 593:Pigou 563:Clark 478:Smith 440:Urban 420:Socio 410:Rural 110:Macro 106:Micro 67:Index 2428:help 2403:SSRN 2354:2017 2275:2017 2234:ISBN 2178:2017 2149:2017 2119:2017 2087:ISBN 1725:The 1557:risk 1326:SBLC 1168:The 1160:The 1153:The 1146:The 1139:The 1102:and 1011:bank 804:more 528:Marx 518:Mill 503:List 2460:doi 2387:doi 2201:doi 2041:doi 1951:doi 1947:102 1907:doi 1776:PNB 1737:). 1672:or 1290:vs 1280:vs 1270:vs 1260:vs 1242:vs 995:LoU 985:or 768:Sen 488:Say 346:Law 2619:: 2563:. 2539:. 2523:16 2521:. 2517:. 2500:48 2498:. 2494:. 2482:^ 2468:. 2454:. 2450:. 2436:^ 2419:: 2417:}} 2413:{{ 2401:. 2393:. 2265:. 2207:. 2197:35 2195:. 2169:. 2135:. 2109:. 2047:. 2037:55 2035:. 2031:. 2014:35 2012:. 2008:. 1996:^ 1980:. 1957:. 1945:. 1941:. 1927:^ 1913:. 1903:22 1901:. 1889:^ 1861:^ 1836:. 1621:, 1613:, 1410:, 1193:A 1186:A 1106:. 1098:, 1049:. 979:LC 973:A 108:/ 33:on 2573:. 2549:. 2476:. 2462:: 2456:7 2430:) 2426:( 2409:. 2389:: 2356:. 2277:. 2242:. 2215:. 2203:: 2180:. 2151:. 2121:. 2095:. 2055:. 2043:: 1990:. 1965:. 1953:: 1921:. 1909:: 1846:. 1324:( 1254:. 993:( 977:( 939:. 906:e 899:t 892:v 843:) 23:.

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