Critically analyse the decision in the House of Lords’ decision in the American Accord
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9 word format
document in English
international relations
presentation
published 20/08/2008
review : Completed
level : Advanced
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Summary
The globalisation of trade brings with it greater risks than internal trade, with the differences in business practices, application of local law, combined with external political factors .
The four main risks applicable when dealing with global trade are foreign law and the ambiguity of what law is applicable to the contract, economic risks, political stability, and payment and enforceability of performance risks . For example, the fundamental issue in any sale transaction is the performance and solvency of a contract party as regards payment. The solvency of the importer is vital to cover the manufacturer’s risk and it is arguable that any form of contractual arbitration will not adequately compensate a payment claim .
Key words : American Accord, documentary credits, letters of credit, independence, strict compliance, fraud, fraud exception, international trade, beneficiary knowledge.
The four main risks applicable when dealing with global trade are foreign law and the ambiguity of what law is applicable to the contract, economic risks, political stability, and payment and enforceability of performance risks . For example, the fundamental issue in any sale transaction is the performance and solvency of a contract party as regards payment. The solvency of the importer is vital to cover the manufacturer’s risk and it is arguable that any form of contractual arbitration will not adequately compensate a payment claim .
Key words : American Accord, documentary credits, letters of credit, independence, strict compliance, fraud, fraud exception, international trade, beneficiary knowledge.
Table of Contents
- Abstract.
- Introduction.
- Problems with the doctrine of strict compliance.
- The facts.
- Court of appeal hearing.
- Conclusion.
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