Academic literature on the topic 'Documentary credit'

The aim of the research is to clarify the importance of documentary credits in foreign trade and especially their impact on the balance by limiting imports we highlighted the reality of documentary credits in Iraq and the accompanying changes and developments highlighted the indicators of foreign trade and finding solutions for harmonizing the fund Documentary and trade balance in order to achieve long term economic development. The local banks are urged to restore the documentary credit system despite the backwardness and primitive methods used. The documentary credits have increased especially in the last years of the study period. The advantages of the documentary credits have not been used to limit these imports and support the economic development process .

The empirical literature on documentary credit is notoriously lacking. The main reason is the absence of clean statistics. Lebanon is an exception. Documentary credit can be either for import or for export purposes. This paper dwells on export documentary credit. The determinants of such credit can be classified into factors that are derived from the demand for exports, and additional unique factors. The derived factors are foreign demand, and the value of the exchange rate. The unique factors are borrowing costs and business and consumer confidence. Three types of export documentary credit have available data series: opened, utilized, and outstanding. The decision to open depends on all four factors. When the credit is utilized the collateral loans are repaid. Hence borrowing costs should not matter. The other three factors remain statistically significant. Outstanding documentary credit depends solely and surprisingly on foreign demand.

Documentary letters of credit are among most popular trade finance instruments used in international business. Despite the fact that main purpose derived from application of documentary letters of credit is to reduce the risk of trade, their mere documentary nature makes them vulnerable to the problem fraud. There is a huge interest among legal scholars and academicians to analyse the nature of fraud in documentary letters of credit due to its important financial effect on smooth process of international trade and also diversified approach of different legal systems to this particular problem. However, majority of conducted studies are limited to most popular legal systems including British and American law. Need for studying the LC fraud in a comprehensive comparative manner among existing international legal frameworks is well noticed for long time. Due to their international nature, LC operation is subjected to substantial number of legal frameworks which most of them are either taking a silent position towards problem of fraud or do not show uniform approach to the it. In this paper, author tries to study di$erent sources of law in documentary letters of credit and their approach to the problem of fraud in a comparative manner. The main research question is what would be the position of fraud rule in applicable legal frameworks to the international LC operation and how do they approach the problem of fraud committed by beneficiary in documentary letters of credit? For this purpose, paper is divided into four main parts: After the introduction, second part will discuss the sources of law applicable to international LC transaction. Third section will analyse the legal nature of fraud in LC transaction. Fourth section will scrutinize the legal approach of different legal frameworks to fraud in documentary letters of credit and finally, the last section will sum up the discussion with concluding remarks.

This article attempts to analyse the issue of fraud in letters of credit (LC) transactions, also known as documentary credits. There are numerous reported cases of fraud in LC transactions, which remain a continuing risk. The UCP 600 is a popular standard of practice for banks, which confirms that banks must honour payment to the seller upon full compliance with the documentary credit requirements. Such payments have been made despite being presented with falsified documents or substandard goods being delivered. It might not be realistic to expect that the International Chamber of Commerce (ICC) can create global standards relating documentary credits, which cover the practicalities of the existing system and relevant legalities applicable to the letter of credit system in international trading. Each party involved may have a responsibility to take some preventive measures to mitigate the risk of fraud. The doctrinal method is used to conduct this study because it involves an in-depth analysis of the gap within the Malaysian system and the strategies that maybe be adopted to overcome the risks associated with LC fraud. Findings reveal that LC documents can be easily falsified, and the occurrence of LC fraud is not uncommon in Malaysia. However, given the lack of literature it has not been highlighted in the past couple of years. The primary focus of this article is to suggest preventive measures that the respective parties could take to protect themselves from fraudulent dealings involving LCs.

AbstractThere is no doubt about risky nature of international trade. Such risk can be conceptualized as country risk, transportation risk, customer risk and etc. Documentary Letters of Credit (LC) are used as a method of payment in international business for many centuries in order to reduce risk of trade specially when parties are located in different countries and do not have precise information from financial standing of each other. In such occasion LC will reduce the risk of trade by shifting payment obligation from buyer as an individual to a payment guarantee of a bank as a legal entity in return for presentation of complying documents with terms of credit by seller. Familiarity with legal nature and different legal frameworks which govern the international operation of documentary letters of credit can facilitate the process of international trade for businessmen and boost national economies. However, lack of knowledge about them can impose huge losses on international traders. Situation will be more complicated when we understand that there are many internationally recognized legal frameworks which can affect the operation of LC and they get frequently updated in order to address technological and economic developments in global market. In this paper, author tries to answer questions regarding (i) what are international legal frameworks governing operation of documentary letters of credit? (ii) which areas of LC operation has been covered by them and (iii) how do they address the legal questions regarding international operation of documentary letters of credit?

This study aims to present the unique product of the International Chamber of Commerce for dispute resolution in the area of trade finance, namely Documentary Instruments Dispute Resolution Expertise (DOCDEX). The ICC Banking Commission, together with ICC International Court of Arbitration, has designed these distinct set of rules for documentary credit issues, specifically adapted to resolve disputes over interpretation and monitoring of documentary credit implementations. The DOCDEX took effect in 1997 and was reviewed with effect from 2002. According to the DOCDEX, the ICC will engage independent experts who will make their decision. This decision will be considered by the ICC Banking Commission’s technical adviser to ensure that it is in line with the other opinions of the ICC. The decision will be made on the basis of the material provided by the parties, including their arguments. The study discusses the functioning of the DOCDEX Rules, how a DOCDEX decision is made and what law is applicable on the system. Moreover, attention is devoted to an exploration of the difference between DOCDEX system and arbitration. Lastly, the study found that the DOCDEX decision is not binding on the parties but can even more likely be used as evidence if the dispute is referred to a court or an arbitration tribunal.

AbstractDespite the fact that documentary letters of credit (LC) are meant to facilitate the process of international trade, their specific characteristics may increase the risk of fraud while being used as the method of payment in the process of international transaction. Many factors like exclusive use of documents, geographical distance, absence of efficient prosecution, the diversity of legal system at the global level and restricted application of fraud rule can be considered as reasons for LC fraud. While billions of dollars are lost annually due to fraud in the course of LC operations, such vulnerability can result in reducing the global popularity of documentary letters of credit as the main method of payment used in international trade. Meanwhile, it is worth mentioning that fraud risk management is an unexplored territory in the practice of documentary letters of credit operation. Existing research tries to fill the gap in the study on comprehensive methods for mitigating fraud risk in operations with documentary letters of credit by using risk management theory in order to answer the question of how to manage fraud risk in LC transactions? In a quest to answer the research question, the paper is divided into two parts: the first part is dedicated to preventive measures while the latter explores responsive measures of an enterprise to manage fraud risk in LC transactions.

Thesis ((LLD (Law))--University of Stellenbosch, 1996.
424 leaves single sided printed, preliminary pages and numbered pages 1-356. Includes bibliography, digitized at 300 dpi (OCR), used Bizhub 250.
ENGLISH ABSTRACT: The documentary credit is one of the most important methods of payment utilised in international trade. This versatile instrument is encountered in a variety of forms. In its simplest form it is an undertaking by a bank given on application by a buyer-importer (the bank's client) to pay the seller-exporter (the beneficiary) against delivery of stipulated documents. It has two essential characteristics: (i) the bank's undertaking to pay the beneficiary is independent of the contract of sale and the contract between the bank and its client; and (ii) the bank will pay only against the precise documents stipulated in the credit. In Chapter One the different relationships established between the parties involved are dealt with against this background, and the different types of credits are discussed. Documentary credits are, comparatively speaking, modern instruments. Possible historical origins are explored briefly in Chapter Two. Documentary credits are virtually invariably applied for and issued subject to the Uniform Customs and Practice for Documentary Credits (the UCP). The UCP is a set of rules formulated by the International Chamber of Commerce. The modern history of documentary credits as reflected in the development of the UCP is discussed in Chapter Three. The legal nature of the UCP is analysed from a civilian, common-law and South African perspective in Chapter Four. The legal nature of the relationship between the bank and the beneficiary is the focal point of Chapter Five. The question is approached from a civilian (especially German and Dutch), common-law (especially English and American) and South African point of view. Special attention is devoted to the ability (or inability) of the traditional law of contract of the different jurisdictions to provide a theoretical foundation for (i) the independence of the bank's obligation, and (ii) the irrevocability of the bank's undertaking. The conclusion arrived at is that the South African law of contract is able to provide an adequate basis for this relationship in general and these two matters in particular. In the final chapter the defences available to the bank against the beneficiary's claim are scrutinised, as well as the possibility of the bank being interdicted from paying the beneficiary. Related issues such as anti-dissipation interdicts and attachments in the documentary-credit context are also dealt with. These questions are likewise investigated from a civilian, common-law and South African perspective. This investigation leads to the conclusion that the South African law is essentially in harmony with the law elsewhere and that our courts have been successful to date in protecting the integrity of documentary credits.
AFRIKAANSE OPSOMMING: Die dokumentêre kredietbrief is een van die belangrikste betalingsmetodes wat in die internasionale handel aangewend word. Hierdie buigbare middel kan 'n verskeidenheid van vorms aanneem. In sy eenvoudigste vorm is dit 'n onderneming deur 'n bank wat op aansoek van 'n koper-invoerder (die bank se kliënt) aan die verkoper-uitvoerder (die begunstigde) gegee word. Dit het twee essensiele eienskappe: (i) die onderneming van die bank om die begunstigde te betaal is onafhanklik van die koopkontrak sowel as die kontrak tussen die bank en sy klient; en (ii) die bank sal slegs betaal teen lewering van die presiese dokumente vereis in die kredietbrief. In Hoofstuk Een word die verskillende verhoudinge tussen die partye betrokke teen hierdie agtergrond bespreek asook die verskillende tipes kredietbriewe. Dokumentere kredietbriewe is relatief gesproke moderne instrumente. Moontlike historiese oorspronge word kortliks in Hoofstuk Twee verken. Kredietbriewe word bykans sonder uitsondering aangevra en uitgereik onderworpe aan die Uniform Customs and Practice for Documentary Credits (die UCP). Die UCP is 'n stel reels wat deur die Internasionale Kamer van Koophandel opgestel is. Die moderne geskiedenis van kredietbriewe soos in die ontwikkeling van die UCP weerspieel, is die hoofonderwerp van Hoofstuk Drie. In Hoofstuk Vier word die regsaard van die UCP vanuit die perspektief van die regstelsels baseer op die ius civile, die common-law stelsels en die Suid-Afrikaanse reg beskou. In Hoofstuk Vyf word op die regsaard van die verhouding tussen die bank en die begunstigde gefokus. Die aangeleentheid word benader vanuit 'n ius civile (veral Duitse en Nederlandse) perspektief, 'n common-law (veral Engelse en Amerikaanse) perspektief, asook 'n Suid-Afrikaanse perspektief. Besondere aandag word verleen aan die vermoe (of onvermoe) van die tradisionele kontraktereg in die verskillende jurisdiksies om 'n teoretiese grondslag daar te stel vir: (i) die onafhanklikheid van die bank se verpligting; en (ii) die onherroepbaarheid van die bank se betalingsonderneming. Daar word tot die gevolgtrekking geraak dat die Suid-Afrikaanse kontraktereg wel in staat is om 'n bevredigende basis vir die verhouding in die algemeen, en hierdie twee aangeleenthede in die besonder, daar te stel. In die laaste hoofstuk word aandag geskenk aan die verwere wat 'n bank teenoor die begunstigde se aanspraak kan opper, asook aan die moontlikheid dat die bank by wyse van interdik belet kan word om die begunstigde te betaal. Verwante aangeleenthede soos interdikte in securitatem debiti en beslagleggings in die konteks van kredietbriewe word ook bygehaal. Hierdie aangeleenthede word eweneens vanuit 'n ius civile, common-law, en Suid-Afrikaanse perspektief benader. Die ondersoek lei tot die gevolgtrekking dat die Suid-Afrikaanse reg breedweg beskou in harmonie is met ander stelsels en dat ons howe die integriteit van kredietbriewe tot dusver suksesvol beskerm het.

This diploma thesis deals in detail with the matter of amendments to documentary credits. The amendments are analysed in terms of their causes, subjects that may initiate their execution, and their process itself. Also analysis of respective articles of interpretation rules UCP 600 relating to credit's amendments is included. Prior to the above mentioned analysis of amendments there is a part regarding the term of documentary credit, its process, regulation and contemporary position in international trade. In the connection with credit amendments the attention is given to the techniques of their execution, namely through the SWIFT system. The subject of the last part of the thesis is the quantitative analysis of credit amendments on the example of the analysis of real transactions which are assessed from various points of view. Statistical analyses are carried out aiming at considering of the existence of the relation between the region of the credit applicant and the number of credit amendments and between the credit amount and the number of amendments.

El comercio internacional ha sido siempre un ámbito conflictivo. Cualquier persona puede aproximarse a él desde una perspectiva determinada. Sin embargo, es innegable que condiciona la vida diaria de todos nosotros. De ahí que se utilicen todo tipo de recursos humanos para desarrollarlo a nivel mundial. La cuestión normativa ha sido uno de los temas más debatidos en el comercio internacional, entre otros muchos, existiendo muchas discusiones entre prácticos del derecho, empresarios, gobiernos así como académicos. Las raíces del conflicto pueden encontrarse en la existencia de sistemas jurídicos diferentes, normativas, terminología, costumbres, tecnología y métodos de pago diferentes, en ausencia de una autoridad mundial. No obstante, mientras tratamos los aspectos regulatorios del comercio internacional, no debemos olvidar el lado oscuro de los negocios, en el que los infractores dolosamente usan las tecnologías más avanzadas para defraudar a otros en el curso de transacciones globales. El crédito documentario es uno de los métodos de pago más populares en las operaciones transfronterizas. La clave de su éxito es que reduce el riesgo de los exportadores al reemplazar los compromisos financieros con una garantía de pago de un banco. Enmarcado en un proceso complejo, el banco se obliga a honrar la presentación, por parte del vendedor, de documentos que reúnen los requisitos del crédito en nombre del comprador solvente, quien compensará al banco en base al contrato. A través de la aplicación de los dos principios de autonomía y cumplimiento estricto, el crédito documentario mitiga el riesgo comercial existente entre un comprador y un vendedor que están en Estados diferentes y carecen de información sobre la capacidad financiera de su contraparte. En virtud del principio de autonomía, el crédito es separado del contrato de venta subyacente y el banco pagará al beneficiario que presente los documentos requeridos, incluso en caso de disputa sobre la relación subyacente. De este modo, el vendedor tendrá la seguridad del pago antes de que las mercancías se transporten y su interés estará a salvo. Por otra parte, en base al principio de cumplimiento estricto, el beneficiario se verá compensado sólo cuando presente el conjunto de documentos requeridos y cualquier error respecto de los mismos podrá comportar la negativa al pago por parte del banco. La revisión de la historia de los pagos en función de operaciones de crédito documentario en el tráfico internacional evidencia que el hecho de que los bancos sólo presten atención a los documentos y hagan caso omiso de cualquier posible disputa relativa al contrato subyacente puede incrementar el riesgo de una presentación fraudulenta por parte del beneficiario. En muchos países, el incremento en el número de casos de fraude comportó la introducción y adaptación de la excepción de fraude respecto del principio absoluto de autonomía en los créditos documentarios. Al mismo tiempo, conviene no olvidar que los Usos y Prácticas Uniformes relativos a los créditos documentarios, en tanto que conjunto de reglas más aceptadas a nivel mundial, remite totalmente el tema del fraude y del comportamiento fraudulento del beneficiario a los Derechos nacionales. Esto crea otro problema que es relevante para el estándar de prueba y los remedios bajo los diferentes sistemas legales y el conflicto de leyes. La presente tesis doctoral intenta ofrecer una respuesta al problema de la excepción de fraude al principio de independencia en los créditos documentarios conforme al Derecho inglés. Las razones para elegir este sistema jurídico son su popularidad como norma aplicable en muchos ámbitos del comercio internacional así como su naturaleza de Derecho común en ausencia de una norma que rija la regla del fraude en el crédito documentario. Interesa añadir que el Derecho inglés tiene una aproximación casuística a los problemas del fraude en el crédito documentario que crea múltiples problemas en el trabajo de los jueces de salvaguardar la justicia. Como ya se ha dicho, estos artículos científicos desean ofrecer una visión crítica de la práctica de los tribunales del Common Law en el ámbito del fraude en los créditos documentarios. A estos efectos, se revisa con detalle el desarrollo histórico y moderno de las aproximaciones judiciales inglesa y americana a la regla del fraude. También se examina el enfoque de otras jurisdicciones del Common Law cuando es necesario. La tesis se compone de dos partes: un artículo de presentación y las publicaciones. El primero tiene seis capítulos. El primero es la introducción y los antecedentes históricos de los créditos documentarios y su operativa. Mientras que el capítulo segundo explora la naturaleza legal y las fuentes del Derecho, el tercero analiza los principios básicos de los créditos documentarios. El capítulo cuarto se centra en la regla del fraude y se analizan las aproximaciones estadounidense y británica al respecto, en cuanto excepción básica respecto del principio de la independencia de los créditos documentarios. En el capítulo cinco se examinan otras excepciones, como la ilegalidad, la nulidad, la mala fe del beneficiario y la exigencia abusiva de pago. Al final, el capítulo seis proporciona una conclusión sobre el tema de estudio y los materiales cubiertos. La segunda parte contiene doce artículos publicados en revistas internacionales revisadas por expertos que brindan un análisis jurídico exhaustivo y profundo del principio de autonomía y de sus excepciones en el marco de los sistemas de Common Law.
International trade has been always a controversial topic. A person can approach it from any given perspective. However, almost no one can deny its impact on daily life of us. Therefore, all human capacities are employed to help development of it at global level. The regulatory question is one of the most debated issues in international trade among all others which have always been a hot topic for legal practitioners, businessmen, governments as well as academicians. The roots for such controversial issue can be sought in existence of different legal systems, different regulations, different terminology, different customs, different technologies and different methods of payment all in absence of global authority. However, while discussing regulatory issues in international trade, we should not forget about the dark side of business in which perpetrators with bad faith are ready to use the most advanced technologies in order to defraud others in the course of international transactions. The documentary letter of credit is one of the most popular methods of payment in international transactions. The key to their success is reducing risk for exporter by replacing importer’s financial undertakings with a guarantee of payment from a bank. Within the framework of a complicated process, bank will guarantee to honour the seller’s presentation of complying documents with terms of credit on behalf of the creditworthy buyer who will compensate the bank based on other contract. By applying two principles of autonomy and strict compliance, documentary credit mitigates the existing commercial risk of trade between buyer and seller who are in different countries and have no information about financial capacity of each other’s businesses. Within the frame work of the principle of autonomy, credit is separated from underlying contract of sales and bank will pay beneficiary who presents complying documents even in case of dispute over the underlying contract. In this way seller will have the assurance for payment before departing from goods and his interests are safeguarded. On the other hand, based on the principle of strict compliance, beneficiary will be compensated only after presentation of fully complying documents and any error on the face of documents might result in rejection of payment by bank. Review of the history of payment under documentary credit operation in international trade shows that banks focus only on documents and disregard any possible disputer in underlying contract might increase the risk of fraudulent presentation by beneficiary. In many countries, increasing number of fraud cases resulted in introduction and adaptation of fraud exception to an absolute principle of autonomy of documentary credits. At the same time, we should not forget the Unified Customs and Practices for documentary letters of credits as the most accepted set of rules at global level has completely left the issue of fraud and fraudulent behaviour of beneficiary open for national laws. This will create another problem which is relevant to the standard of proof and remedies under different legal systems and conflict of laws. Current doctoral thesis tries to offer an answer to the question of fraud exception to the principle of independence of documentary credits under English law. Reason for choosing the legal system is its popularity as the governing law in many fields of international trade as well is its common law nature and the absence of statute for governing the fraud rule in documentary credits. It is worth adding that English law has the case law approach to the problems of fraud in documentary credits which creates lots of problem on the way of judges to safeguard the justice. As it has been mentioned already, current research paper desires to have a critical approach to practice of Common Law courts in field of fraud in documentary credits. For this purpose, it will review closely historical and modern developments of fraud rule base on the case law approach of English and American courts to the subject matter. Research will also examine approaches of other common law jurisdictions if necessary. Research consists of two main parts. Review article and publications. The review article has six chapters. Chapter one is the introduction to the historical background of documentary letters of credit and their operation. While chapter two explores legal nature and sources of law for letters of credit chapter three will analyse the key principles of documentary letters of credits. Chapter four, will have a focus on fraud rule by analysing American and British approach to it as the first adopted exception to independent principle of documentary letters of credit. Chapter five will scrutinize other exceptions including illegality, nullity, beneficiary’s bad faith and abusive demand for payment. At the end chapter six will provide a conclusion on the subject matter of study and materials covered. The second part includes twelve published papers in international peer reviewed journals providing comprehensive and in depth legal analysis form autonomy principle and its exceptions within the framework of Common Law system.

It is a well-known fact that international trade contracts bear inherently more risk than the trade contracts entered by the parties from the same country. This is due to the differences in business methods and practices used, trade cultures of the parties involved, laws and regulations in the respective jurisdictions. Under these circumstances, it is very important for the seller to have the assurance of that he receives the payment for the goods dispatched and for the buyer to receive the goods what has been ordered. One effective way of having such an assurance is to rely on a letter of credit as an international payment method. But for exporters in particular, this payment method has presented difficulties in meeting the compliance requirements necessary for the payment to be triggered. The UCP 600 published by the International Chamber of Commerce provide the rules that govern letters of credit transactions. At the introduction of the UCP 600, it was aimed to remove wording that could lead to inconsistent application and interpretation, as against the language and style used in the previous version, namely the UCP 500. Highlighting the experiences under UCP 500, the ultimate focus of the revision of the UCP was to minimise the level of litigations that had arisen under the rules provided in the UCP. In several surveys, it has been reported that, nearly 50% of the first presentation for payment under letters of credit are rejected by the banks. This situation implies the fact that the provisions which cover letters of credit transactions are not either clear enough or well understood by the parties involved. Similarly, the decisions made by Courts around the world on issues related to letters of credit have taken different approaches when applying and interpreting the rules. This can clearly be seen by a myriad of controversial judicial standards which have been applied to similar mistakes in documents presented to the bank for payment. This thesis is an investigation into those issues to find out the optimal standards that could be applied to solve the said problems. In doing so, this thesis will strive to ascertain what remedial measures could be taken to address the issues related to examination of documents, the rejection of payment and fraud exception. Key words: International Trade, International Trade Law, Law of Letters of Credit, Uniform Customs and Practice for Documentary Credit 600, Examination of Documents and communicating the decision.

This thesis considers the extent to which ‘fraud unravels all’ explains the judicial response to fraudulent marine insurance claims and fraud in documentary credit transactions. The simplicity of the maxim suggests that fraud does not unduly trouble the courts and gives the impression of a uniform and deterrent approach to fraud within the civil law. The comparison made in this thesis demonstrates this impression to be misleading; the courts have conceived of fraud differently and have employed context-specific policy concerns to justify the shape of each fraud rule. The insurance discussions are dominated by deterrence with legal sanctions placed at the heart of the model. By contrast, the trade finance courts adopt a more laissez-faire attitude which prioritises the efficiency of the credit mechanism and considers deterrence an ex ante issue for the parties. Accordingly, this thesis examines the respective policy justifications and considers their continued validity in light of comparative and empirical evidence. In the insurance context, it is argued that the judicial understanding of deterrence is outdated which renders the resulting legal rule ineffective. An examination of approaches to fraud in other jurisdictions then demonstrates the possibility of constructing a more nuanced remedial framework which would balance the competing policy considerations of deterrence and proportionality. The documentary credit discussion contends that the narrow English approach to fraud is not an inevitable policy decision and moreover, has resulted in detrimental consequences for the credit mechanism. It employs empirical data to develop an explanation of deterrence for the duration of credit transactions. In both contexts, these arguments have important implications for the future development of the law. In summary, this research undermines the utility of ‘fraud unravels all’ and calls instead for courts and academics to resist instinctively attractive solutions in favour of a robust, empirically-informed approach to fraud.

This thesis deals with export payment. Different payment methods that can be used in order to receive and secure payment when conducting international trade are analysed, and relevant risks and problems are examined. Particular focus is given to export trade with China.

International trade offers great possibilities for companies, but also risks. There are several risks that should be taken into consideration, for instance the political risk, the exchange risk and the commercial risk. The commercial risk is the seller’s risk of non-payment or late payment and the buyer’s risk of non-delivery or faulty delivery

Over the last decades the Chinese market has gone through considerable changes and today it is one of the world’s most important markets. The commercial risk is sometimes feared when doing business in China. This is because statements have been made claiming that Chinese buyers are somewhat untrustworthy payers.

Payment is an essential part of all trade transactions. There are a number of payment methods that can be used in order to receive and secure international payment. Which payment method that should be used depends on the circumstances of the transaction. The documentary credit is a frequently used payment method in interna-tional trade. It offers the exporter security of payment because at least one bank adds its promises to pay.

Denna uppsats behandlar betalning vid export. Olika betalningsmetoder som kan användas för att erhålla och säkerställa betalning analyseras, och relevanta risker och problem studeras. Uppsatsen är särskilt inriktad på Kina.

Internationell handel medför många möjligheter för företag, men också en ökad risk. Hänsyn måste tas till bland annat den politiska risken, valutarisken och den kommersiella risken. Den kommersiella risken är risken att betalning eller leverans inte sker i enlighet med vad som har avtalats.

Den kinesiska marknaden har under de senaste årtiondena genomgått en omfattande förändring, och idag är den en av världens viktigaste marknader. Den kommersiella risken är ibland befarad vid kinesisk handel. Detta beror på att det finns en uppfattning att kinesiska köpare ibland kan vara osäkra betalare.

Betalning är en viktig del av alla handelstransaktioner. Det finns ett antal betalningsmetoder som kan användas för att erhålla och säkerställa internationell betalning. Vilken metod som bör användas beror på omständigheterna vid handelstransaktionen. Remburs är en betalningsmetod som är vanligt förekommande vid internationell handel. Metoden ger exportören betalningssäkerhet eftersom minst en bank garanterar betalningen.

The diploma thesis deals with two documentary payment methods commonly used in international trade transactions - a documentary collection and a documentary letter of credit. These instruments are regarded as an important part of both international trade and banking. Both the instruments are characterized in detail. Their advantages and disadvantages are analyzed in comparison with other instruments with same and similar functions. A part of the thesis is devoted to the importance (position) of documentary payment instruments in international trade, and to current trends in their usage. The last part focuses on the documentary collection and the documentary letter of credit in the Czech Republic - from the point of view of their offer, price, and the demand for them.

This paper’s primary research question is to what extent change in mechanisms and instruments of financial management proceeding from trading knowledge improved the efficiency of late-medieval poli-ties. To do so, we have examined a territorial state experience in medie-val Iberia. In the mid-14th century, Aragon designed its autonomous fiscal system managed by a kingdom’s finance. The new supra-local pol-ity made use of financial accounts to keep track of revenues and to ac-cess credit, which led to the refinement of documentary practice and monitoring methods. The analysis brings up the agency of a group of merchants that shaped the functioning of the Aragonese treasury from budgeting to tax collecting. Particular attention is paid to the impact of the increasing prominence of financial numeracy on institutional ac-countability and governance.

This article is centred on baratto, or market exchange, which consisted in making payments in kind even in the context of a monetised economy. Documentary evidence shows how frequently this type of commercial transaction was adopted in late-medieval long-distance trade, and which strategies led to its adoption. Far from being a feature of a ‘primitive’ economy, baratto in international trade implied a network of information, a knowledge of the demand and an ability to connect marketplaces, that only few possessed. Examples are taken mainly from account-books and correspondence of Italian (Florentine) merchants, who we able both to assess the monetary value of each merchandise and to know the market where it would be more profitable to sell it for cash or, again, through baratto.

The difference in the countries to which both the seller and the buyer belong in the commercial exchanges has increased the discrepancy in the laws and rules that govern the conduct of the most important banking count approved for the settlement of such exchanges, which is the documentary credit process, as a result of the different economic, banking and financial systems from the other, so there was a need to unify These customs and customs are in a unified form, which is called today the unified rules and customs of documentary credit, which are applied to the conduct of documentary credit contracts at the global level. Therefore, we consider it necessary to make an amendment in the Iraqi law regarding the organization of the documentary credit process, because the articles related to the provisions of documentary credits are not sufficient in themselves to indicate all the problems that may result from it due to developments in international trade.

As compared to internal trade, international trade involves several risks, which can be specified as commercial, physical, political and legal risks. Cash against documents (documentary collection) is a type of payment method applied to reduce the legal risks in a transaction. This payment method is a reassuring way for the Importer, since he is not under any obligation to make a payment before examining the document and confirming its conformance to the terms of order. Cash against documents is more reliable than cash against goods (open account) on the one hand, but less reliable than letters of credit on the other hand. Cash against document is one of the most commonly used payment methods in international trade as it offers a cost-effective and simple system and processes faster than cash against goods. Rules regarding cash against documents are governed by International Commerce Chamber Brochure no. 522 (Uniform Rules for Collection-URC), which is a set of guiding principles with a non-statutory character. There is no specific regulation exists on cash against documents in Turkish Law. In order to apply the rules on cash against documents in a transaction, “documentary collection/cash against documents clause” should be incorporated into the text of contract. Parties to a documentary collection are the Principal (seller/exporter/drawer), the Remitting Bank, the Collecting Bank and the Drawee (buyer/importer).

Pandemia Covid-19 a destabilit toate sectoarele economice la nivel mondial, fiind o provocare la fel și pentru sectorul bancar, pe care se bazează funcționarea tuturor proceselor economice, respectiv și nivelul de bunăstare a celor sociale. Banca Națională a Moldovei a intervenit cu o politică de suport și stimulare a sectorului bancar, utilizănd așa instrumente ca rezervele minimi obligatorii, regularea ratei de dobănda, oferirea posibilității unor modificări in contractele de credit entităților ce au suferit de consecințele pandemice. În aceasta lucrare, bazăndu-ne pe metode de cercetare precum metode general-stiințifice de cunoaștere, analiză logica, metoda documentară s.a., urmărind scopul general de determinare a influenții autorităților din Republica Moldova asupra sectorului bancar pentru suportul acestuia, considerînd rolul acestui sector ca baza funcționării economice și stabilitații țării.

The subject of this article immerges from a large project of construction, implementation and evaluation in distance learning. The project itself is the result of 14 years of experience and know-how of Bucharest University Distance Learning Department. The research question concerns the importance of group manager's task inside the distance learning process. Is this role still crucial in developing the distance learning process? A sequential question, derived from the main one concerns the evolution of his role and the design of the group manager's task and communication channels developed with the students. The analysis, which has as a background a series of best practices developed by CREDIS Department, tries to offer theoretical arguments for the importance of this role and designs research lines and main stages concerning the subject. Briefly these are: - A documentary stage concerning literature of the domain in Romania and abroad. - Analysis of ethical and moral implication of different types of communication - The design of the ideal profile of the group manager - Methodology leading to the profile development. - A stage of identifying students' need and their perception of different actors implicated in the described project. - Brief overview of CREDIS experience as examples for best practices. In order to achieve an accurate analysis of the group manger's profile some methodological approaches and way of designing the curricula are going to be listed. The study leads to the conclusion that a combination of academic and managerial tutorial activity represents the key to success, as well as the background for developing the21st. century learning system.

Este estudio documenta las afectaciones educativas ocurridas en América Latina a raíz del Covid-19 utilizando los primeros datos “duros” disponibles. Encontramos que, aunque durante el 2020 se observó abandono escolar en cierto grado y para algunos grupos específicos, en los datos aún no se registra aún una salida generalizada y significativa de alumnos del sistema educativo en los países de la región, como podría haberse esperado. En cambio, existen preocupantes afectaciones sobre los aprendizajes derivadas de (i) caídas en el número de horas que el alumnado dedicó al estudio, (ii) reducciones en número las horas de enseñanza que pudieron ofrecer los docentes particularmente en el segundo y tercer trimestre del año, y (iii) porcentajes elevados de alumnos que no pudieron permanecer conectados por restricciones tecnológicas y que tuvieron reducida interacción con sus pares y docentes durante el ciclo escolar. La evidencia sugiere que es posible que, de no atenderse, los rezagos acumulados podrán materializarse en el futuro en mayores caídas en la asistencia escolar. Documentamos también que el número de jóvenes que no estudia ni trabaja creció de manera importante, aunque se estabilizó a la baja en los últimos meses del año, con una convergencia más rápida a niveles prepandemia entre los hombres.