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Can you summarize VACV 8.5A-116?
Uniform Commercial Code Letters of Credit > Choice of law and forum
Short Summary
This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit. The liability is determined based on the law of the jurisdiction chosen by an agreement between the parties or by the law of the jurisdiction where the person is located. Customary rules and practices, such as the Uniform Customs and Practice for Documentary Credits, may also apply. In case of conflict between this document and other titles of the law, this document takes precedence. The document also allows parties to choose the forum for settling disputes arising from the undertaking. Overall, this document provides guidelines for determining liability and resolving disputes related to letters of credit.
Whom does it apply to?
Issuers, nominated persons, and advisers involved in letters of credit
What does it govern?
The liability of an issuer, nominated person, or adviser for action or omission in relation to letters of credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia