Abstract
Abstract This chapter introduces the role of banks in financing international trade through documentary credits, demand guarantees, and standby credits. What is interesting is that with the exception of the UN Convention on Independent Guarantees and Stand-by Letters of Credit, all the instruments examined consist of rules promulgated by two non-lawmaking institutions and given effect by contractual incorporation into banking documents. The chapter depicts the unique legal characteristics of independent bank payment undertakings before going on to describe the principal features of documentary credits and demand guarantees and key provisions of the Uniform Customs and Practice for Documentary Credits (UCP 600), the Uniform Rules for Demand Guarantees (URDG 758), and the ICC Uniform Rules for Contract Bonds (URCB), all produced by the International Chamber of Commerce. The Rules on International Standby Practices (ISP98), issued by the Institute of International Banking Law and Practice, are also briefly described.
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