Documentary letters of credit have historically been an important and popular method of payment in international trading transactions. In fact, they have been described as the "lifeblood of international commerce." A number of uniform international practices have developed for their use, many of which are codified in international rules such as Uniform Customs and Practice for Documentary Credits. In the global information age, as the nature of international commerce changes, so too must the operation of such payment mechanisms. With the increase in electronic trading, the "documentary" nature of these credits may require some revision. This Essay examines ways in which the law and practice relating to documentary credits may need to be modified to accommodate electronic transactions.
Jacqueline D. Lipton,
Documentary Credit Law and Practice in the Global Information Age,
22 Fordham Int'l L.J. 1972
Available at: http://ir.lawnet.fordham.edu/ilj/vol22/iss5/3