In 1933, the International Chamber of Commerce formulated the UCP, which is now a set of universally accepted governing rules for letters of credit and the most successful private rules for commerce ever developed. But rules require interpretation, and courts worldwide have interpreted how the UCP should be applied in daily practice. In this thesis, some of the most important court cases interpreting the UCP have been collected, analyzed and explained.
Regarding disputes and available remedies in the L/C & INCOTERM contract the UCP soft law has no system of how to calculate contractual damages. So the thesis will give a thorough analysis of contractual damages which will be based on the law for sale of goods and the law of contracts.