Spotlight on the Letter of Credit year

ICC Publication 954 Format : 28.5 x 22 cm, 411 pages

Paris, 1 November 2003 - The 2003 Annual Survey of Letter of Credit Law and Practice went on sale today, providing a compilation of key articles, case summaries, and the full texts or pivotal letter of credit cases and other relevant material.

Issued every year since 1992, this year's survey is the ICC Book of the Month for November. It is an indispensable tool for letter of credit specialists, containing the year's critical information completely indexed for ease of reference.

Published under hard cover by the Institute of International Banking Law & Practice Inc., the survey is distributed by ICC Publishing. The editors are Professor James E Byrne, Director of the Institute, and Christopher S. Byrnes.

Looking back on 2002, Professor Byrne says the most newsworthy event in terms of letter of credit practice was what he calls "the creeping decision" to revise UCP 500 - ICC's Uniform Customs and Practice for Documentary Credits, which are used by banks all over the world to finance trade.

He adds that the most noteworthy event was the approval by the ICC Banking Commission of the International Standard Banking Practice for the Examination of of Documents.

"This document will have a major impact on litigation, rule-making, and practice at least for the remainder of the decade," Professor Byrne writes.

2003 Annual Survey of Letter of Credit Law and Practice may be ordered from ICC Publishing, in Paris, online from the ICC Business Bookstore, or from ICC national committees around the world.