Research Handbook on International and Comparative Sale of Goods Law
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Research Handbook on International and Comparative Sale of Goods Law

Edited by Djakhongir Saidov

This thorough and detailed Research Handbook explores the complexity of governance of sales contracts in the modern world. It examines many topical aspects of sales law and practice, with considerable emphasis being placed on the diversity of: commercial and transactional contexts; in which sales contracts are made and performed, including digital technologies, long-term contracts and global supply chains and sources governing such contracts, particularly those emanating from commercial players, such as standard form contracts, trade usages and trade terms. Written by leading experts from an international and comparative perspective, the Research Handbook is relevant to anyone with an interest in commercial sales and contract law.
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Chapter 16: Consolidation and disintegration in trade finance

Christopher Hare

Abstract

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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