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Soft Law in International Trade Finance
A Comparative Analysis of the Harmonizing Effect of the UCP
Series: - Ius Comparatum, Volume: 1
Expert contributors to this volume offer a comprehensive exploration of the UCP 600's impact on international trade finance law, examining the dynamic interplay between soft law and legal harmonization in 28 jurisdictions across all continents. With a rich array of case studies and insightful analysis, this book provides a nuanced interpretation of how soft law shapes global commerce. Its diverse perspectives and practical insights make it essential reading for practitioners and scholars seeking a deeper understanding of the real-world implications of soft law in trade.
Agatha Brandão de Oliveira is a dual-qualified lawyer based in Switzerland. She coordinates a research project on Choice of Law in International Commercial Contracts at the University of Lucerne and is co-editor of a number of textbooks on private international law, including Global Private International Law: Adjudication without Frontiers (Elgar, 2019).
Lauro Gama is an Adjunct Professor at the Pontifical Catholic Univ. of Rio (PUC-Rio), where he teaches Private International Law, Contracts and International Commercial Arbitration. He has made significant contributions to the field of soft law through his authorship, most notably Les principes dâUNIDROIT et la loi régissant les contrats de commerce (Brill, 2019). He is also a founding partner of Lauro Gama Advogados Associados.
Geneviève Saumier, Dean, Faculty of Law, Université de Montréal, previously Peter M. Laing Q.C. Professor of Law, Faculty of Law, McGill University, is a recognized expert in private international law. Her research focuses on the resolution of international disputes, consumer law and cross-border class actions. She is the co-rapporteur for the Explanatory Report of the HCCH 2019 Judgments Convention.
Lauro Gama is an Adjunct Professor at the Pontifical Catholic Univ. of Rio (PUC-Rio), where he teaches Private International Law, Contracts and International Commercial Arbitration. He has made significant contributions to the field of soft law through his authorship, most notably Les principes dâUNIDROIT et la loi régissant les contrats de commerce (Brill, 2019). He is also a founding partner of Lauro Gama Advogados Associados.
Geneviève Saumier, Dean, Faculty of Law, Université de Montréal, previously Peter M. Laing Q.C. Professor of Law, Faculty of Law, McGill University, is a recognized expert in private international law. Her research focuses on the resolution of international disputes, consumer law and cross-border class actions. She is the co-rapporteur for the Explanatory Report of the HCCH 2019 Judgments Convention.
List of Figure and Tables
1 The Effectiveness of International Legal Harmonization through Soft Law (with a Focus on the UCP 600)
âAgatha Brandão de Oliveira, Lauro Gama and Geneviève Saumier
â1 Part I
ââ1.1 Introduction
ââ1.2 The Role of Soft Law in International Trade
ââ1.3 An Overview of Letters of Credit and the UCP
ââ1.4 The UCP as Soft Law
â2 Part II
ââ2.1 The UCP and How It May Apply to Govern Letters of Credit
â3 Part III
ââ3.1 The Future of the UCP as a Harmonizing Tool
âAnnex 1
âAnnex 2
âAnnex 3
2 Letters of Credit as Products of Transnational Customary Law: What Does That Mean?
âJ.H. Dalhuisen
â1 Introduction
â2 The Issue of Transnationalisation: the Modern Lex Mercatoria, Its Sources, and Their Hierarchy
â3 The Modern Lex Mercatoria, Its Sources, and Their Hierarchy in Respect of the Letter of Credit
â4 Practical Significance of the Transnational Approach
â5 Law, Soft Law, and the Role and Function of an International Commercial Court
â6 Conclusion
3 A Primer on Trade Finance and the UCP
âAlexander R. Malaket
â1 Context: International Trade and Financing
â2 Trade Financing
ââ2.1 Traditional Trade Finance and SCF
ââ2.2 The Four Elements of Trade Finance
ââ2.3 Transaction Flow, Rules and Market Practice
ââ2.4 Documentary Letters of Credit
ââ2.5 Balancing Rules, Guidance and Market Practice
â3 Complementary Rulesets and Guides
â4 icc and the ucp
ââ4.1 Revisions of ucp
ââ4.2 Harmonised Practice in Trade Finance
â5 The Ucp: Harmonisation through Soft Law?
4 Argentina
âAriel G. Dasso
5 Australia
âSheelagh McCracken and Andrew Boxall
6 Austria
âAndreas Schwartze
7 Belgium
âAntoine De Spiegeleir
8 Brazil
âLigia Maura Costa
9 Canada
âMichel Deschamps
10 China
âYanan Zhang
11 Czechia
âNadÄžda Rozehnalová and JiÅà Valdhans
12 Egypt
âMohamed S. Abdel Wahab
13 Finland
âOnerva-Aulikki Suhonen
14 France
âDominique Doise and Valérie Mayer
15 Germany
âOlaf Meyer
16 India
âSaloni Khanderia
17 Japan
âHiroo Sono
18 Mexico
âMiguel Angel Bustamante
19 The Netherlands
âMarta Pertegás Sender and Marielène Wertenbroek
20 Nigeria
âAbubakri Yekini and Kolawole Mayomi
21 Norway
âBerte-Elen Konow
22 Paraguay
âPablo A. Debuchy Boselli
23 Russia
âAndrey Shirvindt
24 South Africa
âMichelle Kelly-Louw and Wilhelm G Schulze
25 Sweden
âLars Gorton, Johan Adestam and Helen Ström Nilsonne
26 Switzerland
âRenato Costantini
27 Turkey
âCeyda Süral Efeçınar, Ekin ÃmeroÄlu and N. TuÄçe Bilgetekin
28 United Kingdom
âAnna-Mari Antoniou
29 Venezuela
âFernando SanquÃrico Pittevil
30 Vietnam
âNguyen Thi Bich Ngoc
Index
PART 1: General Report
1 The Effectiveness of International Legal Harmonization through Soft Law (with a Focus on the UCP 600)
âAgatha Brandão de Oliveira, Lauro Gama and Geneviève Saumier
â1 Part I
ââ1.1 Introduction
ââ1.2 The Role of Soft Law in International Trade
ââ1.3 An Overview of Letters of Credit and the UCP
ââ1.4 The UCP as Soft Law
â2 Part II
ââ2.1 The UCP and How It May Apply to Govern Letters of Credit
â3 Part III
ââ3.1 The Future of the UCP as a Harmonizing Tool
âAnnex 1
âAnnex 2
âAnnex 3
PART 2: Special Report
2 Letters of Credit as Products of Transnational Customary Law: What Does That Mean?
âJ.H. Dalhuisen
â1 Introduction
â2 The Issue of Transnationalisation: the Modern Lex Mercatoria, Its Sources, and Their Hierarchy
â3 The Modern Lex Mercatoria, Its Sources, and Their Hierarchy in Respect of the Letter of Credit
â4 Practical Significance of the Transnational Approach
â5 Law, Soft Law, and the Role and Function of an International Commercial Court
â6 Conclusion
3 A Primer on Trade Finance and the UCP
âAlexander R. Malaket
â1 Context: International Trade and Financing
â2 Trade Financing
ââ2.1 Traditional Trade Finance and SCF
ââ2.2 The Four Elements of Trade Finance
ââ2.3 Transaction Flow, Rules and Market Practice
ââ2.4 Documentary Letters of Credit
ââ2.5 Balancing Rules, Guidance and Market Practice
â3 Complementary Rulesets and Guides
â4 icc and the ucp
ââ4.1 Revisions of ucp
ââ4.2 Harmonised Practice in Trade Finance
â5 The Ucp: Harmonisation through Soft Law?
PART 3: National Reports
4 Argentina
âAriel G. Dasso
5 Australia
âSheelagh McCracken and Andrew Boxall
6 Austria
âAndreas Schwartze
7 Belgium
âAntoine De Spiegeleir
8 Brazil
âLigia Maura Costa
9 Canada
âMichel Deschamps
10 China
âYanan Zhang
11 Czechia
âNadÄžda Rozehnalová and JiÅà Valdhans
12 Egypt
âMohamed S. Abdel Wahab
13 Finland
âOnerva-Aulikki Suhonen
14 France
âDominique Doise and Valérie Mayer
15 Germany
âOlaf Meyer
16 India
âSaloni Khanderia
17 Japan
âHiroo Sono
18 Mexico
âMiguel Angel Bustamante
19 The Netherlands
âMarta Pertegás Sender and Marielène Wertenbroek
20 Nigeria
âAbubakri Yekini and Kolawole Mayomi
21 Norway
âBerte-Elen Konow
22 Paraguay
âPablo A. Debuchy Boselli
23 Russia
âAndrey Shirvindt
24 South Africa
âMichelle Kelly-Louw and Wilhelm G Schulze
25 Sweden
âLars Gorton, Johan Adestam and Helen Ström Nilsonne
26 Switzerland
âRenato Costantini
27 Turkey
âCeyda Süral Efeçınar, Ekin ÃmeroÄlu and N. TuÄçe Bilgetekin
28 United Kingdom
âAnna-Mari Antoniou
29 Venezuela
âFernando SanquÃrico Pittevil
30 Vietnam
âNguyen Thi Bich Ngoc
Index
This book is essential for postgraduate students, academics, and practitioners in international trade finance, law, and economics, offering a crucial insight into the UCP's harmonizing effects.