The Law of Letters of Credit in China

New Guide to Letter of Credit Law in China

4488_image001New York, N.Y., April 18, 2013 – A new publication from the International Chamber of Commerce (ICC) offers immense help to anyone doing export/import business in China using letters of credit (LC), according to the United States Council for International Business (USCIB), ICC’s American national committee.

The Law of Letters of Credit in China, now available for purchase from the USCIB International Bookstore, 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, based on over 500 court case decisions.

“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, has 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

The Law of Letters of Credit in China is available in English only.

About USCIB:

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.

USCIB’s Trade Services include: ATA Carnet, commonly known as the Merchandise Passport, which allows goods to enter over 85 customs territories tax- and duty-free for up to one year; eCertificates of Origin, fully electronic processing of Certificates of Origin, returned to you by e-mail, fast and complaint with ICC Guidelines for Certificates of Origin; and the USCIB International Bookstore, which enables customers to learn international business through unique titles covering a range of topics.

Contact:

Hsin-Ya Hou, USCIB International Bookstore
+1 212.703.5066, hyhou@uscib.org

More on USCIB’s Banking and Trade Finance Committee

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Staff Contact:   Eric Robinson

Manager, Carnet Claims
Tel: 212.703.5078

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