Abstract:
THE ROME CONVENTION AND LETTERS OF CREDIT Marconi v. Pan Indonesia Bank Whilst the Uniform Customs and Practice for Documentary Credits (“UCP 500”) has harmonized considerably the substantive principles governing the issue and operation of letters of credit, it does not purport to be a comprehensive code. 1 Accordingly, those issues, which fall outside the scope of UCP 500, will be determined according to the substantive principles of the legal system selected by the forum’s choice of law rules. 2 For an English court, these are contained in the Rome Convention 1980 (“the Convention”). ...