Independence principle and its exception in letter of credit law: Suggestions for Vietnam
Even though the letter of credit was invented from a long time ago, however, its legal personalities are very new to the Vietnam Legal Framework. The International Chamber of Commerce (“ICC”) has issued principles for the documentary credit which is the Uniform of Customs and Practice (“UCP”) since 1933 and kept updating it until now, the latest version of UCP is UCP 600 which is presented in 2007.
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