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Christopher Hare

This chapter maps the notions of consolidation and disintegration as they apply to the payment obligation in international sales transactions. In recent times, trade finance has increasingly come under pressure to accommodate political, economic, regulatory and technological concerns, which in turn has led to divergences in practice and an abandonment of rule-bound approach in favour of increasing flexibility in financing mechanisms. These divergences have led to a disintegration of the unity of the documentary credits mechanism, as governed by the Uniform Customs and Practices on Documentary Credits (UCP) 600. This chapter examines the forces behind that disaggregation.

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Christopher Hare and Keith T. Poole