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ABSTRACT
A letter of credit is an important payment method in International Trade.it is particularly useful where there is uncertainty and obscurity in the commercial integrity of the transacting parties. Due the nature of international dealings including factors such as distance, differing laws in each country, and difficulty in knowing each party personally, the use of letter of credit has become a very important aspect of international trade for buyer and seller protection, having regards for a good balance of security between the parties, because both rely on the security of banks and the banking system to ensure that payment is received and goods are provided in order to facilitate trading convenience. This study aims to appraise the various aspects of this subject, the nature and its legal framework in various jurisdictions, deploying comparative and analytical methodology. The work is focused on Letter of credit as an indispensable tool in today’s commercial transactions and the research is also hinged on the need for unification of uniform custom and practice to international trade practice in the world for smooth commercialization and industrialization as much as free flow of trade to nation building, especially the legal relationship arising from a letter of credit contract. Suggestions will also be made in ensuring the encouragement of the use of Letter of Credit in international trade.
TABLE OF CONTENTS
CHAPTER ONE: GENERAL INTRODUCTION
1.1 Background to the Study
1.2 Statement of Problem
1.3 Purpose of Study
1.4 Scope of Study
1.5 Significance of Study
1.6 Methodology
1.7 Literature Review
1.8 Definition of Terms
CHAPTER TWO: THE NATURE AND CHARACTER OF LETTER OF CREDIT
2.1 Nature of Letter of Credit
2.2 The Role and Purpose of Letter of Credit
2.3 The Mechanism of Letter of Credit
2.4 Benefits of Letter of Credit
2.5 Types of Letter of Credit
CHAPTER THREE: LEGAL APPROACHES/STRATEGIES FOR THE APPLICATION OF LETTER OF CREDIT IN NIGERIA
3.1 The Legal Relationship Arising from a Letter of Credit Contract
3.2 Application of the Uniform Code of Customs and Practice for Letters of Credits.
3.3 Jurisdiction
3.4 Doctrine of Strict Compliance
CHAPTER FOUR: COMPARATIVE ANALYSIS OF GENERAL JURISDICTIONAL LAW IN DIFFERENT CONTINENTS
4.1 Jurisdictional Law of Nigeria
4.2 Jurisdictional Law of European Union
4.3 Differences at large
4.4 Jurisdiction in International Letter of Credit Dispute
4.5 Laws Governing International Letter of Credits
CHAPTER FIVE: CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusions
5.3 Recommendations
TABLE OF CASES
ACB Ltd v. Obirimami (1990) 5 NWLR (pt. 149) p. 230 at 241 para A. 11
ACB v. Yesufu (1978) NSCC 76 at 73 18
African Continental Bank v. Eagle Super Pack Nig. Ltd. (1995) 2 NWLR pt. 591 9
Akinsanya v. U.B.A. Ltd (1986) 4 NWLR (pt. 35) p. 273 at p. 278 para H. 27, 32, 43
B.W.H.G.M.B. and Co. v. U.B.N. Plc. (2002) Commercial Law Reports
Quarterly p. 257 at pages 302 – 303 para G – A. 23
Berry v. Soul Circus Inc(1768) The All ER 241. 46
Blivinter Oil S.A. v. Clised Manhattan Bank and ors (1984) 1 Lloyds Report 251. 41
Cape Asbestos Co. Ltd. v. Lloyds Bank (1921) W.W. 274 18
England Scottish and Australia Bank v. Bank of South Africa
(1981) 1 Lloyds Report 68, 74-75 35, 44
Equitable Trust Company of New York v. Dawson Parttos Ltd. (1927) 27
LIL Rep 29, Moralice (London) Ltd v Sand F man (1954) 2 Llyods Rep 526; 44
Guaranty Trust Company of New York v. Hannay& Co (1918) 2 KB at 623; 2
HamzehMalass and Sons v. British Imex Industries Ltd. (1958) 2 WLR. 160 41
Ibwa v. Unakalamba (1998)9 NWLR (pt. 565) CA 245 28
International Shoe Co. v. Washington (1984) 1 Lloyds Rep 251; 45
J.H. Raymond and Co. Ltd. v. Hambros Bank Ltd.(1918) The All ER 151. 35
Jamal Steel Structure Ltd. v. ACB Ltd (1865) 1 Lloyds Rep 512: E 43
Nasaralai v. Arab Bank of Nigeria (1994) 3 NWLR (pt. 149) p. 430 at 141 para B. 43
Pavia & Co. S.P.A. v. Thurman Nielsen (1952) 2 QB 88; (1952) 1 The All ER 492. 3
Union Bank of Nigeria Plc. v. Sparkling Breweries Ltd. (1997) 5 NWLR
(pt. 505) at 344. 7
United City Merchants (Investments) Ltd. v. Royal Bank of Canada 1986
4 N.W.L.R. (pt. 35) p. 273 at p. 278 para H. 26
TABLE OF STATUTES
Art 2 Uniform Customs and Practice of Documentary Credit
Art 5 Uniform Customs and Practice of Documentary Credit
Art 4 Uniform Customs and Practice of Documentary Credit
Art 10 Uniform Customs and Practice of Documentary Credit
Art 6 Uniform Customs and Practice of Documentary Credit
Art 37 Uniform Customs and Practice of Documentary Credit
Art 41 Uniform Customs and Practice of Documentary Credit
Art 13 Uniform Customs and Practice of Documentary Credit
Art 2 Uniform Customs and Practice of Documentary Credit
Art 3 Uniform Customs and Practice of Documentary Credit
Art 8 Uniform Customs and Practice of Documentary Credit
Art 42 (a) Uniform Customs and Practice of Documentary Credit
Art 42 (b) Uniform Customs and Practice of Documentary Credit
Art 44 (a) Uniform Customs and Practice of Documentary Credit
Art 85 Uniform Customs and Practice of Documentary Credit
Art 8 (9) Uniform Customs and Practice of Documentary Credit
Section 251 (d) of the Constitution of the Federal Republic of Nigeria 1999
India Contract Act, 1872, section 28
India Code of Civil Procedure (C.P.C) 1908, section 20
EC regulations No. 44/2001
Art 8 part 1 woods Agreement Order in council 1946
LIST OF ABBREVIATIONS
Art – Article
C.A. – Court of Appeal
C.I.F. – Cost Insurance and Freight
C.P.C – Civil Procedure Code
E.C. – European Council
E.U. – European Union
eUCP – Electronic Uniform Customs and Practice
F.O.B. – Free on Board
I.C.C. – International Chamber Commerce
I.S.P. – International Standby Practice
J.C.A. – Justice of the Court of Appeal
J.S.C. – Justice of the Supreme Court
L.J. – Lord Justice
N.W.L.R. – Nigeria Weekly Law Report
ORS – Others
S.C. – Supreme Court
U.B.A. – Union Bank of Africa
U.C.P. – Uniform Customs and Practice of Documentary Credit
U.CC. – Uniform Commercial Code
U.N – United Nations
U.S.A. – &
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