The Experts below are selected from a list of 7161 Experts worldwide ranked by ideXlab platform
John F. Dolan - One of the best experts on this subject based on the ideXlab platform.
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the role of attorney s fees in Letter of Credit litigation
Social Science Research Network, 2016Co-Authors: John F. DolanAbstract:In this article Professor Dolan argues that the law should mandate attorney’s fees in much Letter of Credit (“LC”) litigation. The argument rests on the notion that litigation itself, notwithstanding the results it obtains, transforms the LC, a unique commercial bank product, into an insurance industry product, a bond, which does not and cannot support executory obligations in the fashion LCs support them.
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the domestic standby Letter of Credit desk book for business professionals bankers and lawyers
Social Science Research Network, 2016Co-Authors: John F. DolanAbstract:The following preface and chapter describe an effort to convince readers (business people, bankers, and lawyers) that the standby Letter of Credit is a handy, flexible, commercial device that can support virtually any business activity and often without a battery of lawyers or Letter of Credit “experts.” The law of standby Letters of Credit is unique but not exotic. Any educated professional can understand it and can use the standby to enhance the value of an unperformed promise.
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insolvency in Letter of Credit transactions part iii
Social Science Research Network, 2015Co-Authors: John F. DolanAbstract:This article addresses the insolvency of the Letter of Credit transaction’s participants. In this first part of a three-part article, the author discusses the insolvency of the beneficiary of the Credit. The second part and third parts of the article, which will be featured in upcoming issues of The Banking Law Journal, will address the insolvency of the issuer and the insolvency of the applicant, respectively.
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Letter of Credit undertakings and suretyship contracts did the fifth circuit slip in express blower inc v earthcare llc
Social Science Research Network, 2012Co-Authors: John F. DolanAbstract:Professor Dolan discusses the commercial policies disserved by the characterization of Letters of Credit contained in a recent decision by the U.S. Court of Appeals for the Fifth Circuit, and the abundant authority that contradicts the Fifth Circuit’s view.
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Letter of Credit litigation under ucc article 5 a case of statutory preemption
Social Science Research Network, 2011Co-Authors: John F. DolanAbstract:In this article, Professor Dolan maintains that UCC Article 5 fashions a comprehensive remedy scheme for recurring damages claims in Letter of Credit litigation. That scheme, he contends, is upset by the introduction of most common law causes of action in Article 5 litigation. He concludes, therefore, that courts should not entertain those common law claims, which he sees as destructive of Letter of Credit law and of the unique commercial nature of Letters of Credit. Using the economic loss doctrine and similar theories, he urges courts to dismiss actions brought in addition to or in lieu of the remedies Article 5 crafts.
Sankalp Jain - One of the best experts on this subject based on the ideXlab platform.
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commercial instruments bank guarantee and Letter of Credit
Social Science Research Network, 2014Co-Authors: Sankalp JainAbstract:The paper examines the nature and scope of bank guarantee system and Letter of Credit in India. This paper is a doctrinal study which covers the law relating to the bank guarantees particularly embodied in the Indian Contract Act 1872, highlights the economic functions and benefits of the bank, explains the various types of guarantees issued by the banks in India. This paper further discusses the nature, scope, details, structure and troubles of a Letter of Credit. It highlights the imbalance of the rights and duties of the parties in a Letter of Credit transaction by emphasising deficiencies in the Letters of Credit system. It discusses how the risk of the innocent buyer has increased and very often the buyer is paying for the goods he had not contracted for and also throws light on the independence principle and the doctrine of documentary compliance.
Nadezda Butakova - One of the best experts on this subject based on the ideXlab platform.
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Letter of Credit as a payment instrument of the export import deal
Social Science Research Network, 2020Co-Authors: Nadezda ButakovaAbstract:Letter of Credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the Letter of Credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The Letter of Credit allows the businessmen to solve several problems at once. The Letter of Credit guarantees: minimization of possible legal risks; additional insurance against unfair contractors in a foreign trade. Russian companies that have experience of working with international partners on the basis of long-term cooperation are able to reach an agreement on payment for products upon delivery. However, start-up companies have no chance to find a foreign company that would be willing to work on such conditions. In addition, payment in advance is unprofitable and not safe for the start-up traders, making the first steps in foreign markets. In this situation the Letter of Credit is an universal instrument of international payments.
Stephen M Mcjohn - One of the best experts on this subject based on the ideXlab platform.
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assignability of Letter of Credit proceeds adapting the code to new commercial practices
Social Science Research Network, 2007Co-Authors: Stephen M McjohnAbstract:The right to receive payment under a Letter of Credit may be assigned, even if the Letter of Credit prohibits assignment of proceeds. This article argues that this rule should be changed, to give effect to clauses barring assignment of proceeds. The rule made sense where Letters of Credit were primarily used in sales of goods transactions. In that context, the rule simply mirrored the contract law doctrine that the right to receive payment under a sales contract may be freely assigned (subject to any defenses the payor might have). But Letters of Credit are not used in a broader range of transactions, and are often used as a standby security device, as opposed to a primary means of payment. Where such Letters of Credit are more like collateral than a means of payment, the parties should be free to agree on the structure of the transaction, including limits on assignment. In addition, the parties can effectively bar assignment by drafting the conditions for drawing the Letter of Credit. The bar against assignment then, is both outdated and ineffective (and thereby inefficient, because the parties must expend some resources in structuring and drafting around the rule).
Yichian Chen - One of the best experts on this subject based on the ideXlab platform.
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blockchain enabled trade finance innovation a potential paradigm shift on using Letter of Credit
Sustainability, 2019Co-Authors: Shuchih Ernest Chang, Hueimin Louis Luo, Yichian ChenAbstract:This paper explores a potential paradigm shift in trade finance utilizing blockchain technology. Traditionally, the centralized operating model has governed trade finance and the manner in which traders handle business processes. However, such heavy reliance on centralized authorities has made for poor performance, the lack of flexibility and transparency, and vulnerability to malicious alteration. The blockchain, as a distributed ledger technology (DLT), has attracted growing attention and has the potential to disrupt legacy finance procedures such as payment by Letter of Credit (L/C). International trade players may benefit from the technological reengineering of financial processes through the implementation of blockchain- and smart contract-based platforms. From the conceptual perspective of a paradigm shift, this study analyzes the feasibility of blockchain innovation in trade finance through modern blockchain-based L/C initiatives. Moreover, this study also explores blockchain applications in terms of logistics tracking and how it integrates with trade finance procedures. This study contributes to the understanding of a blockchain paradigm shift with a multi-case study. The results may illuminate the potential future application of blockchain finance and provide researchers with an illustrative example of other finance-related capabilities. Studies of trade-related topics such as customs clearances, insurance, and logistics applications need to be addressed in the future to create a comprehensively trustless environment and facilitate the automation of trade.
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exploring blockchain technology in international trade business process re engineering for Letter of Credit
Industrial Management and Data Systems, 2019Co-Authors: Shuchih Ernest Chang, Yichian ChenAbstract:The purpose of this paper is to explore the applicability of blockchain technology in international trade process from a perspective of Letter of Credit payment.,A blockchain-based re-engineering process is designed by employing the blockchain and its affiliated smart contract technology to harvest the benefits of distributed ledger and distributed business workflow automation.,Comparative analysis and feasibility study were conducted to identify and validate the prospects, in terms of facilitating process flow and enhancing overall trade performance, of the proposed blockchain-based international trade process model.,Traditional trade processes suffer from a great number of issues about intermediaries, information latency and trust, which, in turn, hinder overall process efficiency. The emerging blockchain technology may have potentials to mitigate those issues by revolutionizing business processes across enterprise borders in various industries.,This study contributes to the conceptual design of a blockchain- and smart-contract-based process along with a provision of practical case in business process re-engineering. Further endeavors devoted to blockchain research and application across different sectors are suggested to reach better performance of business process operations.