China -  Chinese law firm

What are the principal sources of letter of credit law?

(a): There is no one comprehensive source of law for letters of credit. Some of the more widely used sources include the Uniform Customs and Practice for Documentary Credits (UCP) and Article 5 of the UCC. UCP is like the UNIDROIT principles in that it is not a force-of-law treaty, but rather takes effect through agreement of the parties.

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