<abstract xmlns="http://www.w3.org/1999/xhtml"><p>In this article, the author reviews the approach of English courts to limits of autonomy principle and tries to answer the following research questions: What obligations should the applicant fulfil while opening a credit in accordance with the underlying contract? What are the seller’s remedies when the buyer fails to perform his duties regarding opining and performance of the credit? On the other hand, what are the seller’s duties in the process of opening the credit and what will be the buyer’s remedy in case of his failure? What is the legal position regarding variation of the credit? What is the position of court regarding absolute or conditional nature of the credit? In order to answer the above research questions, paper is divided into seven parts: after the introductory comments, the second part will review the nature of the buyer’s obligation in opening the credit. The third part is focused on effect of non-compliance by the buyer and the fourth part studies the variation of the credit and its effect on party’s rights within the underlying contract. Part five deals with the buyer’s rights after opening the credit while part six will discuss the absolute or conditional nature of the payment obligation to pay under the LC. Last but not the least, the final part will provide some concluding remarks.</p></abstract>

In this article, the author reviews the approach of English courts to limits of autonomy principle and tries to answer the following research questions: What obligations should the applicant fulfil while opening a credit in accordance with the underlying contract? What are the seller’s remedies when the buyer fails to perform his duties regarding opining and performance of the credit? On the other hand, what are the seller’s duties in the process of opening the credit and what will be the buyer’s remedy in case of his failure? What is the legal position regarding variation of the credit? What is the position of court regarding absolute or conditional nature of the credit? In order to answer the above research questions, paper is divided into seven parts: after the introductory comments, the second part will review the nature of the buyer’s obligation in opening the credit. The third part is focused on effect of non-compliance by the buyer and the fourth part studies the variation of the credit and its effect on party’s rights within the underlying contract. Part five deals with the buyer’s rights after opening the credit while part six will discuss the absolute or conditional nature of the payment obligation to pay under the LC. Last but not the least, the final part will provide some concluding remarks.

Limits of Autonomy Principle in Documentary Letters of Credit; Perspective of English Law

Journal of Legal Studies

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

In this article, the author reviews the approach of English courts to limits of autonomy principle and tries to answer the following research questions: What...

Limits of Autonomy Principle in Documentary Letters of Credit; Perspective of English Law

Published Online: Aug 02, 2017

Page range: 18 - 42

Received: Dec 01, 2016

Accepted: Mar 01, 2017

DOI: https://doi.org/10.1515/jles-2017-0002

Keywords
Documentary Letters of Credit, Autonomy Principle, Limits, English Law

© 2017 Hamed Alavi, published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Limits of Autonomy Principle in Documentary Letters of Credit; Perspective of English Law

Published Online: Aug 02, 2017

Page range: 18 - 42

Received: Dec 01, 2016

Accepted: Mar 01, 2017

DOI: https://doi.org/10.1515/jles-2017-0002

KeywordsDocumentary Letters of Credit, Autonomy Principle, Limits, English Law

© 2017 Hamed Alavi, published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Documentary Letters of Credit, Autonomy Principle, Limits, English Law