1999 L/C Monitor Yearbook
By: Continental Publishing
The January 1999 Issue contains the following articles:
- ISP 98 - Analysis of the new Standby Practices from a Beneficiary's perspective.
- TIPS ON FRAUD PREVENTION - A monthly column devoted to intricate trade transactions.
- "WITHOUT RECOURSE..." - Robert Parson's monthly report on current legal issues affecting commodity bankers and traders.
- DISCREPANCIES OF A FALLING MARKET - Should issuing banks be afforded protection of UCP?
The February 1999 Issue contains the following articles:
- Holder In Due Course - Find out if you qualify as "King of the Hill". A US legal perspective on Holder In Due Course.
- Without Recourse... Forfaiting - "Selling the risk of litigation," Robert Parson evaluates advantages and scope for profit and loss in Forfaiting.
- Discrepancy or Excuse for Non-Payment - Gerry Gross looks at some "real" discrepancies brought up by unmentionable banks as reasons for rejection of documentary credit presentations.
- ISP 98 - Applicant's Perspective - Part II of L/C Monitor's review of International Standby Practices.
The March 1999 Issue contains the following articles:
- Silent Confirmations - MYTH OR MAGIC? Gerry Gross explains why banks are hesitant to confirm silently, and much more.
- UCP 500 vs. ISP 98 - Comparative analysis of UCP 500 and ISP 98 rules as they apply to standby letters of credit.
- Two Million Dollar 'FCR' - Ukrainian forwarder reports on an attempted fraud involving a Forwarders Certificate of Receipt.
- Troubles Over the Date of a Bill of Lading - Loading on Board and date of B/L issue. T.O. Lee applies Murphy's Law to UCP 500 Article 23(a) ii.
- Give Me Back My Money - In this month's Without Recourse... column, Robert M. Parson looks at whether or not paying banks under an unconfirmed L/C have an automatic right of recourse to beneficiaries.
The April 1999 Issue contains the following articles:
- Chinese 'Salted Fish Doctrine' - T.O. Lee looks at theory and practice with regard to a bank's right to recourse in L/C negotiation.
- Good Faith 'White Heart Empty Head' - Stunning reversal in the Regent Corp V. Azmat Bangladesh case.
- Dangerous Precedent for Assignments of Proceeds - Gerry Gross points out pitfalls in assignments of proceeds.
- Controlling The Destiny of Assignment - Jacob Katsman explains how a supplier can receive an assignment of proceeds in his favour and limit the risk of non-performance by the assignor.
- When a Silent Confirmation Agreement Is Just Too Good to Be True - Robert Parson highlights issues that bankers tend to gloss over when structuring their silent confirmation agreements.
The China Special Report (May 1999 Issue) contains the following articles:
- Chinese Letters of Credit From The Horse's Mouth - T.O. Lee takes us on to the battle field and exposes the tricks and traps used by issuing banks in China to delay or reject payment. Readers will gain insight into and practical advice on the action that can be taken when payment is dishonoured due to fabricated or technical discrepancies.
- Chinese Bank Risk - The Post GITIC Era - In this month's 'Without Recourse...' column, Robert M. Parson shows how to avoid being trapped into Chinese bank failure, and how documentary credit jurisdiction can 'influence' the credit's autonomy.
- Living Under The Shadow of 'Injunction' - Gerry Gross looks at practical use of court orders to stop payment of letters of credit in China.
- Do Your L/Cs Guard Against Asian Longhorn Beetles? - Gerard A. Genevieve recommends protective measures that can be used in import L/Cs, issued in favor of Chinese exporters, to guard against 'Alien Invaders,' the Asian Longhorn Beetles.
The June 1999 Issue contains the following articles:
- L/C Negotiation Fraud Taiwan Style - L/C Monitor’s new contributing editor, Alan C.Y. Liu, gives a taste of actual frauds in Taiwan and advises on prevention techniques.
- Oral Rejection or ‘Bill Clinton’s Art. 14(d)’ - Gerry Gross looks at the implications of oral rejection of documents as a valid means by which to advise refusal.
- A Hard Lesson for the Issuing Bank - All issuing banks must read Zahoor Dattu’s case about an issuing bank that failed to state all discrepancies. The facts are never the same.
- 'We Shall Dispose of the Proceeds on Your Instructions' - Robert M. Parson examines how communication and non-communication of the applicant’s and beneficiary’s instructions can produce some unexpected results.
- Is Negotiation without Recourse Required for a Nominated Bank to Be Entitled to the Rights of a ‘Negotiating Bank’ under the UCP? - A thought provoking analysis by Robert M. Rosenblith. A must read for bankers, lawyers, and L/C practitioners.
The July 1999 Issue contains the following articles:
- Sink or Swim in Shipbreaking Letters of Credit - Gerry Gross takes a dip into intricate details of shipbreaking letters of credit, exposing documentary conditions not apparent in standard L/C transactions.
- The Amigo Files - ‘This L/C was misdirected to you.’ Meet Mr. Amigo and learn solutions to near impossible problems.
- How (Not) To Handle The Discrepant Drawing - This month Robert M. Rosenblith explains how NOT to handle discrepant drawings by probing deep into Article 14 and analysing court cases on this subject.
- Without Recourse ... - Robert M. Parson analyzes the contrasting approaches of the English Commercial Court in Czarnikow-Rionda -v- Standard Bank, and Banco Santander -v- Bayfern, two important decisions dealing with the application of the ‘fraud exception’ in letter of credit disputes.
The August 1999 Issue contains the following articles:
- Risks & Concerns With Documentary Collections Part I - Gerard Genevieve provides an inside look into the IFSA Collection Reference Manual and points out some of the risks and concerns surrounding documentary collections.
- Avalization in Addition to Acceptance - Alan C. Y. Liu looks at the use of Avals in documentary Collections. A must read for anyone who is involved in Collections.
- MV ‘Rustbucket II’ - A vessel that never surfaced Gerry Gross examines a shipbreaking L/C fraud and suggests some ways to avoid such frauds.
- ‘Packing List’ of Controversies - Ravi R. Singh Mehta attempts to settle controversies with regard to the preparation of packing lists by bringing out the implicit meaning of UCP 500 ‘other documents.’
- Credits That Amend Contacts - Robert M. Parson demonstrates the pitfalls of having letters of credit issued not in accordance with the sales contracts citing important legal decisions by the English courts.
The September 1999 Issue contains the following articles:
- The ‘Hong Kong Clause’ Documentary Collection - Robert M. Rosenblith explores the 'Hong Kong Clause' documentary collection and makes recomendations how to amend Article 7 of Uniform Rules for Collections ICC Publication Nu. 522.
- To Be Or Not To Be Operative - Gerry Gross decides ‘not to be’ with non-operative letters of credit, examining rationale behind such credits.
- Washouts That Will Not Wash In Court - Robert M. Parson focuses on the fine print of cash flow forecasts that indicate a forthcoming receipt subject to an arbitration award. A must read for anyone involved in trade finance.
- Collections Reference Manual Part II - Gerard A. Genevieve continues with Part II of the Collection Reference Manual.
The October 1999 Issue contains the following articles:
- Claims And Risks Associated With Bank Guarantees - Gerry Gross gives a crash course on Bank Guarantees.
- ‘Hong Kong Clause’: The Far East Perspective - T.O. Lee explains the rationale behind the Hong Kong Clause documentary collection.
- The Pitfalls Of Imprecise Drafting - Robert M. Rosenblith provides an in depth analysis of the Ocean Rig, ASA -v- Safra National Bank case.
- Time For Some ‘Original’ Ideas - Robert M. Parson suggests a solution to the problem of defining what is an ‘original’ document for the next UCP revision.
The November 1999 Issue contains the following articles:
- Future Of UCP 500 & Top Eight Picks For Revision - Dan Taylor and Gary Collyer offer their views on the next UCP 500.
- A Taste of the Uniform Rules for Electronic Trade and Settlement (URETS) - Valerie Slowther gives a taste of the new ICC rules for e-commerce.
- Confirmation of Argentinian Risk - Martin Stalman and Juan Francisco Barreto suggest how confirming banks can recover from applicants amounts paid under letters of credit in Argentina.
- Trapped By Their Own Words - N.D. George gives a lesson in communication with Chinese banks.
- URR 525 Update - Henry J. Pfeiffer highlights Articles of URR 525 which may be updated in the next revision.
The December 1999 (special on letters of credit in Russia and Ukraine) Issue contains the following articles:
- Letters of Credit From Ukraine - Robert Chagalian offers an inside look into the background of L/C transactions in Ukraine and explains the challenges of the local law and how they are being dealt with.
- Taking the Russian Credit - Gerry Gross gives an overview of the Russian situation with letters of credit before and after Perestroyka and the financial crisis.
- The U.S. / Russian Steel Wars, The Death of Free Trade? - Robert M. Parson reveals how trade protectionism can add excitement to lives of international commodity traders and their bankers.
- What is an ‘On Board’ Marine Bill of Lading - Robert M. Rosenblith shows that not all bills of lading are created equal, examining Robalen, Inc. -v- Generale De Banque S.A., 1999 case.
NUMBER OF PAGES: 12 issues