Fraud, Exceptions to Autonomy and the UCP 600

Argues that art.34 of the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits, 2007 Revision (UCP 600), entitled "Disclaimer on effectiveness of documents", provides a basis not only for the fraud exception to the autonomy principle in letters of credit but for illegality, nullity and unconscionability exceptions as well. Analyses the elements of art.34, including the types of fraud it covers, the bank's right to deny payment when the fraud is discovered and the meaning of conduct in "good faith" in this context.