As we know well there are so many risks in foreign trade transaction, but "payment problem" is one of the most important matters between two parties(buyer and seller). To solve it more reasonably and beneficially, this is the best way to us...
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다국어 초록 (Multilingual Abstract)
As we know well there are so many risks in foreign trade transaction, but "payment problem" is one of the most important matters between two parties(buyer and seller). To solve it more reasonably and beneficially, this is the best way to us...
As we know well there are so many risks in foreign trade transaction, but "payment problem" is one of the most important matters between two parties(buyer and seller).
To solve it more reasonably and beneficially, this is the best way to use the documentary L/C system.
Documentary L/C generally requires seller to present some kinds of transport documents. They are composed like these;
Transport documents, Insurance documents, commercial invoices and other documents. The real purpose of this study is to research these documents and the documentary letter of credit more detailed.
Approaching this subject steadly I found it that something important should be analyzed. They can be abstracted like follows;
1. The principal of bank's document examination
From the Uniform Customs and Practice for Documentary credit(UCP ; 1983 revision, ICC publication No. 400) article three and four, there are two principals. We call it "the principal of L/C independence", and "the principal of L/C abstract".
It is the principal of L/C trade when the above two principals are synthesized.
Documentary credit can accomplish the payment, acceptance, and negotiation of the draft bill in exchange for designated document only when the document corresponds to the L/C conditions.
So the documents specified in L/C should equal to the L/C conditions strictly.
We can call it the principal of strict compliance with L/C terms and conditions. Because of the above principal, applicant for the credit should specify the required responsibilities in the letter of application, and issuing bank also express clearly the needed documents in L/C basically.
In case of the specification of goods being different from the L/C required under the transport document, it is an issue whether the bank permit transport document or not.
2. Documental Examination Duty of Bank
Bank have to inspect all documents carefully for the purpose of confirming in accordance with the L/C conditions and when the documents do not correspond mutually in writing, bank imposes upon a negotiation bank the duty which investigates whether or not a bill and document are in accordance with the conditions of L/C.
1) Whether or not arriving the relative documents in the terms of delivery.
2) Whether or not inconsistency is among the amount of draft.
3) Whether or not presented document is prepared in the L/C condition.
4) Whether or not the sort of conditions of Insurance documents are in accordance with L/C conditions.
5) Whether or not the shipping is performed in accordance with contract, and the form of document, being shortage in signature.
As our nation has emerged as one of the leading countried in the world trade, the importance of the L/C based transaction has increased, Therefore a study in foreign trade field should be continued for the future of out nation.
목차 (Table of Contents)