Full bibliography

TERMINOLOGY AND LEGAL FRAMEWORK Three categories of international rules may govern letters of credit: * The Uniform Customs and Practice for Documentary Credit, 2007 Revision, ICC Publication 600 (UCP), which were prepared by the International Chamber of Commerce; * The International Standby Practices ISP98, 1998, ICC Publication 590 (ISP98), which were prepared by experts in the United States and subsequently endorsed by the International Chamber of Commerce; * The Uniform Rules for Demand Guarantees, 2010 Revision, ICC Publication 758 (URDG), which were prepared by the International Chamber of Commerce. By contrast, a standby letter of credit is generally an undertaking to pay the purpose (but not the legal nature) of which is similar to a guarantee:2 for example, the issuing bank will undertake to make a payment to the beneficiary upon presentation of a demand by the beneficiary stating that the applicant is in default to perform its obligations under a certain contract. [...]letters of credit are frequently used in purely domestic transactions. The leading Canadian case in the area of letters of credit is the Supreme Court of Canada decision in Bank of Nova Scotia v. Angelica-Whitewear Ltd. and Angelica Corporation3 (AngelicaWhitewear).

Num Pages: 245-259 Place: Toronto, Canada