ICC publishes guide to letter of credit law in China
The International Chamber of Commerce’s (ICC) publication entitled The Law of Letters of Credit in China: Commentary and Materials on the Chinese Supreme People’s Court’s Judicial Interpretations of Letters of Credit (LC) offers immense help to anyone doing export/import business in China.
The publication, based on over 500 court case decisions, provides detailed commentary, in-depth explanations and critical analyses that help shed light on how Chinese LC disputes are resolved and the judicial interpretations that define China’s LC system.
“Although China has not yet enacted any LC law, over the past 20 years, the Supreme People’s Court has promulgated a series of judicial interpretations, provisions and meeting minutes that combine to form the legal authority on LCs in China,” said Li Jian, General Counsel of the Export-Import Bank of China. “The present work is an indispensible guide for law, trade and banking professionals trying to understand and apply these judicial interpretations.”
The publication’s author Jin Saibo, who was involved in the eight-year drafting process of The Supreme People’s Court of China’s LC Judicial Interpretations, structured the book to cover such critical issues as:
- Conformity of China’s LC system with international practices, i.e International Standard Banking Practice
- Consolidation of disputes concerning LCs and underlying practices
- Statutory limitations of action
- Recovery for damages
- Reasonable legal fees
An expert in the field, Mr Jin also has more than 15-years experience in practice and has given more than 100 lectures and trainings in China.
The publication is available in English from the ICC Bookstore.
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