Dissertations / Theses on the topic 'Documentary credit'

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.

The objective of the diploma thesis is to describe the documentary payment instruments mainly their legal regulation, define their main advantages and disadvantages in connection with foreign trade, describe the types of these payment instruments, define participants of the relationships, the future development of both instruments etc. After the theoretical part the analysis of the documentary payment instruments under chosen criteria is performed. The total volumes of letter of credits issued and confirmed by three czech banks within period 1997 -- 2007 are compared and the trends of their development are theoretically explained. The bank fees regarding to letter of credits and documentary collections are compared as well.

The thesis on "The Bill and real possibilities of its use in the practice of Czech banks" is focused on the characteristics of bills as a directing and payment instrument and possible ways of its use, taking into account both economic and legal aspects. This work includes a wide range of banking products, in which the bills are used, indicating their advantages and disadvantages too. The conclusion provides justification for attractiveness of bills for the banks, but also the reasons for which it is viewed by public with some skepticism.

Les exigences et les risques du commerce international ont fait apparaître, au début du XXème siècle, une technique juridique adaptée au rapport entre exportateurs et importateurs. Il s'agit tout particulièrement du crédit documentaire qui peut être défini comme l'opération par laquelle la banque de l'acheteur s'engage à régler le prix des marchandises au vendeur, lorsque celui-ci remettra les documents attestant l'expédition des marchandises. Ces derniers peuvent être soit un connaissement, une facture, une lettre de transport, soit même une assurance. Toutefois, l'absence d'une règlementation précise concernant le crédit documentaire a mobilisé les praticiens, ce qui a abouti en 1993 à la naissance des «Règles et Usances Uniformes relatives aux crédits documentaires» (RUU), œuvre de la Chambre de Commerce Internationale. Aujourd'hui faute de législation de source nationale ou internationale régulant le crédit documentaire, elles s'appliquent après adhésion volontaire soit par le système bancaire d'un pays donné, soit par adhésion individuelle de banques,«à tous les crédits documentaires sauf dispositions contraires stipulées expressément par les parties». Ces pratiques sont parallèlement efficaces car elles s'appuient sur des techniques bancaires éprouvées dans la règle de l'inopposabilité des exceptions
Requirements and risks of international trade have created, in the early twentieth century, a legal technique adapted to the relationship between exporter and importer. This is especially the documentary credit, which can be defined as a transaction in which the buyer's bank agrees to pay the price of goods to the seller, when he will submit documentation confirming the shipping of the goods. This can be either a bill of lading an invoice, or even an insurance police... However, the absence of specific regulations concerning the documentary credit decided the practitioners to give birth, in 1993, of the «Uniform Customs and Practice on Documentary Credit» (UCP), the creation of the International Chamber of Commerce. Today, because of the lack of legislation regulating national or international documentary credit source, these rules apply, after voluntary decision of the parties or by the banking system of a said country or by individual adoption by the banks, to « all documentary credits unless otherwise as expressly provided by the parties». These practices are also effective because they rely on proven banking techniques in the rule of unenforceable exceptions

This thesis describes the contract of purchase and kinds of terms of payment with regard to the moment of the settlement of the purchase price. The main subject of the thesis is especially the documentary system of payments. The thesis characterizes the documentary letter of credit and the documentary collection as two of the most considerable payment and custodial banking instruments in an international trade. It deals with advantages and disadvantages of their using, their main principles, relations between participants in documentary transactions and with a description of the whole process of operations with these documentary instruments. Further there are captured individual kinds of documentary letter of credits and documentary collections in the thesis. The thesis also deals with a comparison of the documentary letter of credit and the documentary collection from standpoints of advantages and disadvantages, which these instruments may bring to both parties of the contract of purchase. To complete general questions the thesis also deals with documents, that are used by documentary payments. In conclusion, the thesis outlines the current development in the field of the documentary system of payments.

The documentary credit has for a long time served as a very reliable form of financial instrument in the trading of international goods. The certainty of payment guaranteed under the documentary system is attributed to the autonomous nature of the credit contract, which is that it is independent of and unaffected by the contract of sale which it supports. So long as the documents which are presented strictly comply with the terms of the credit, the paying bank will be under an obligation to pay. However, documents which are non-compliant are also frequently presented in practice. The autonomous characteristic of the instrument also gives rise to problems because there are circumstances where, even though compliant documents are tendered, payment made under the credit would be unfair. This thesis attempts to investigate the various grounds which could provide a basis for withholding payment under a documentary credit. From the perspective of all the main parties involved in a documentary credit transaction, issues relating to payment are of utmost importance. Discrepant documents and fraud, which are well established as valid grounds, will be examined. The thesis will also explore other possible grounds to withhold payment such as illegality, nullity, unconscionability and breach of negative stipulations which exist in the underlying contract connected to the credit. The parameters of these grounds will be identified and where appropriate, recommendations will be made.

The thesis is divided into two parts -- theoretical and practical. In first part hedging instruments, namely the Letter of Credit, Documentary Collection, Bill of Exchange, Factoring, Forfaiting and Bank Guarantee are analyzed. The aim of analysis is to describe the basic characteristics of instruments and course of these instruments. Subsequently, the instruments are compared to each other on the basis of the advantages and disadvatages they bring to participants. The next part is devoted to an analysis of charges associated with the use of particular hedging instruments in selected banks and the comparison of instruments based on selected criteria. The specific use of the hedging instrument is shown in the case study.

The main subject of this thesis is the exceptions in documentary credits in English law. The exceptions were established during the development of the documentary credits system to solve drawbacks of the payment means caused by its distinctive feature of autonomy. A rationale of the research is the current decline of the market share of documentary credits as a recognized means of settlement in international trade. This thesis aims to explore an appropriate and efficient way to apply certain necessary exceptions in documentary credits system. And hopefully, the current high rate of the rejection of the documents by banks by relying on the strict compliance principle can be decreased by the improving of the application of exceptions in documentary credits. The research centres primary the application of the exceptions in English law. An early study of the original development of the fraud exception will cover both English and American authorities. Because there is no statute law in English law to regulate the exceptions in documentary credits, the thesis will analyse the exceptions mostly through the case law. The main exceptions analysed in the thesis are the fraud rule, the illegality exception and the nullity exception. The application pattern for the three exceptions will be worked out respectively; the specific application of the injunction rules in applying the fraud rule will be concluded during the analysis of the fraud rule; some common features in the application among the exceptions will also be summarized in the thesis. An effort is made to suggest a prospective development of exceptions, which is in consistent with the autonomy principle. And as the necessary exceptions are applied efficiently, the disputes existing in documentary credits system currently may be settled without the appliance of any explanatory rules.

This thesis critically appraises the exceptions to the principle of autonomy in documentary credits. In appraising the exceptions, the central theme pursued is to address the question whether the application of the exceptions to the principle of autonomy is satisfactory. In addressing this general question, the study pays special attention to English law on documentary credits. However, the thesis also looks at the comparable position in other common law jurisdictions, such as United States, Canada, Australia, Singapore, and Malaysia. Recently, in the different jurisdictions, opinion has not been consistent on what constitutes exceptions to the principle of autonomy in letters of credit. Apart from the traditional exception of fraud, recent English decisions to some extent have recognised illegality and express contractual restrictions on a beneficiary’s right to draw on a credit as compelling grounds on which the autonomy doctrine would be ignored. In other jurisdictions, other exceptions such as nullity and unconscionability have emerged. This dissertation assesses all these exceptions to the principle of autonomy with the aim of answering the question whether these exceptions facilitate documentary credits’ practice or as argued in some quarters, undermine the assurance of payment promised the seller/beneficiary.

Il presente elaborato è dedicato all’analisi della disciplina del credito documentario, in ambito interno e sovranazionale, quale sistema di pagamento ampiamente utilizzato nel commercio internazionale. La prima parte della trattazione è volta all’indagine specifica dell’operazione di apertura di credito documentario e dei benefici ad essa connessi ed analizza, in maniera approfondita, le vari fasi in cui si articola il fenomeno. La seconda parte ha ad oggetto l’analisi dettagliata delle disposizioni delle NUU 600 in materia di documenti di trasporto nell’ambito delle operazioni di credito documentario. In quest’ottica, particolare attenzione è dedicata alla natura e alle funzioni della polizza di carico (bill of lading) e alla sua rilevanza nell’ambito del commercio internazionale. Il percorso traccia poi le linee di sviluppo del dibattito sullo standard di conformità dei documenti di trasporto rispetto ai termini e alle condizioni indicati nella lettera di credito, caratterizzato dal profilarsi di due posizioni contrastanti: la tesi della strict compliance e l’opposta teoria della reasonable compliance. L’ultima parte della trattazione analizza i profili problematici connessi all’utilizzo della lettera di credito, primo fra tutti il rischio di frode documentale, ed offre un’approfondita disamina, in prospettiva comparativa, delle eccezioni al principio di autonomia del credito documentario che gli ordinamenti riconoscono a garanzia delle parti coinvolte e della sicurezza ed efficienza di tale metodo di pagamento.
The PHD Thesis is designed to outline the features of the documentary credit and the its vital role in international sales of goods. After an analysis of the letter of credit process, the thesis mainly examines the principle of autonomy of the documentary credit from the underlying contract between the seller and the buyer. References will be made to the standard for examination of transport documents for a complying presentation in accordance with the requirementes of the credit and to the different approachs in the determination of compliance. Furthermore, this thesis seeks to analyse the specific issue of the “fraud rule”, as an exception to the principles of abstraction and autonomy of the letter of credit, in the light of the interpretation of the Courts and of the provisions of the UCP (Uniform Customs and Practice for Documentary Credits) about the documents compliance, tracing the development of the fraud inquiry in the Common and Civil Law countries.

Il presente elaborato è dedicato all’analisi della disciplina del credito documentario, in ambito interno e sovranazionale, quale sistema di pagamento ampiamente utilizzato nel commercio internazionale. La prima parte della trattazione è volta all’indagine specifica dell’operazione di apertura di credito documentario e dei benefici ad essa connessi ed analizza, in maniera approfondita, le vari fasi in cui si articola il fenomeno. La seconda parte ha ad oggetto l’analisi dettagliata delle disposizioni delle NUU 600 in materia di documenti di trasporto nell’ambito delle operazioni di credito documentario. In quest’ottica, particolare attenzione è dedicata alla natura e alle funzioni della polizza di carico (bill of lading) e alla sua rilevanza nell’ambito del commercio internazionale. Il percorso traccia poi le linee di sviluppo del dibattito sullo standard di conformità dei documenti di trasporto rispetto ai termini e alle condizioni indicati nella lettera di credito, caratterizzato dal profilarsi di due posizioni contrastanti: la tesi della strict compliance e l’opposta teoria della reasonable compliance. L’ultima parte della trattazione analizza i profili problematici connessi all’utilizzo della lettera di credito, primo fra tutti il rischio di frode documentale, ed offre un’approfondita disamina, in prospettiva comparativa, delle eccezioni al principio di autonomia del credito documentario che gli ordinamenti riconoscono a garanzia delle parti coinvolte e della sicurezza ed efficienza di tale metodo di pagamento.
The PHD Thesis is designed to outline the features of the documentary credit and the its vital role in international sales of goods. After an analysis of the letter of credit process, the thesis mainly examines the principle of autonomy of the documentary credit from the underlying contract between the seller and the buyer. References will be made to the standard for examination of transport documents for a complying presentation in accordance with the requirementes of the credit and to the different approachs in the determination of compliance. Furthermore, this thesis seeks to analyse the specific issue of the “fraud rule”, as an exception to the principles of abstraction and autonomy of the letter of credit, in the light of the interpretation of the Courts and of the provisions of the UCP (Uniform Customs and Practice for Documentary Credits) about the documents compliance, tracing the development of the fraud inquiry in the Common and Civil Law countries.

Les relations de long terme entre les banques et les entreprises sont souvent considerees comme un element favorable a l'activite economique. Au plan microeconomique, des contrats de credit de long terme sont preferables a des sequences de contrats de court terme grace aux economies de couts de controle qu'ils impliquent. Notre analyse insiste notamment sur l'importance des effets de reputation dans la determination de ces contrats et montre comment les relations de long terme peuvent conduire a l'emergence de nouveaux types de contrats bancaires combinant des caracteristiques de contrat de dette et de contrat d'action. Notre etude montre egalement que les relations de long terme peuvent conduire les banques a relacher le controle de leurs clients et impliquer, de ce fait, une inefficience dans l'allocation du credit ; cela rend alors ambigu l'effet final de telles relations sur l'equilibre macroeconomique
Long-term relationships between banks and firms are often considered as favourable to economic activity. At the microeconomic level, long-term loan contracts dominate sequences of short-term contracts because of the savings in monitoring costs they imply. Our analysis focuses notably on the importance of reputation effects as incentive devices and shows how long-term relationships can lead to the emergence of new kinds of banking contracts mixing features of debt and equity. Our study also shows that long-term relationships may lead banks to slacken monitoring. Such relationships may thus imply an inefficiency in the allocation of credit, which makes ambiguous the final effect on the macroeconomic equilibrium

Underpinning the law on documentary credits and independent guarantees is a legal principle of autonomy which dictates that these financial instruments should, as a matter of law, be treated separately from a trader’s contractual agreement. However, despite this, fraudulent behaviour may still occur when these financial and legal instruments are used in practice. In response, a fraud exception to the autonomy principle has been recognised by many national and international courts in an attempt to mitigate the effects of fraudulent trade practices. The application of this exception within the English courts is, however, problematic owing to the narrowness of its construction and application. Additionally, the paucity of alternate legal instruments for regulating fraudulent trade practices means that Jordanian courts are not in any better position than their English counterparts, leaving traders confused as to their legal position when a fraud dispute arises. Given the large financial value of fraudulent transactions and the risks involved, the use of these legal instruments has declined as has the banks’ investment in this area creating a problem for legal policy makers. The aim of this dissertation is to, first, critically examine the fraud exception under English and Jordanian law by exploring the problems associated with the application of the fraud exception; and, second, to propose legal reforms which would alleviate both the legal and practical problems associated with the fraud exception as it stands currently. The thesis is that, whilst the autonomy principle plays a vital role in international trade, the courts should facilitate the fraud exception application and recognise other exceptions, such as the non-genuinity and the underlying contract exception, where the former exception would be unable to prevent fraud occurrence. The approach is based upon a critical evaluation of Anglo-American and Jordanian case law, supplemented by secondary sources and a qualitative examination of the Jordanian approach to the fraud exception based upon interviews with Jordanian judges. The dissertation concludes that an effective legal approach to fraudulent transactions using documentary credits and independent guarantees must be founded upon objective rather than subjective principles and that the courts’ use of injunctions should be different in cases involving holders in due course from those not involving such parties. These findings will impact upon legal policy debates within both English common law and international trade law more generally and the examination of the Jordanian position is instructive in that it is the first such study of its kind.

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This report discusses the formation of the tax credit through the act performed by the taxpayer, which are fully identified, based on the elements related to the tax payment: tax base, tax calculation due and subjects active and passive, following what prescribes the article nº 142 of the Law nº 5.172 / 66. The presence of the tax authorities in the tax credit formalized act implied the existence of administrative act that, after being informed of the tax legal fact authorizes the use of the electronic invoice. This change implied the possibility to express approval of the tax credit document promoted by the taxpayer. The electronic invoice use permit will be the focus of the work, analyzed under the approach of Constructivist epistemology
O presente trabalho aborda a constituição do crédito tributário por meio do ato praticado pelo sujeito passivo, no qual são identificados, plenamente, os elementos do lançamento tributário: matéria tributável, cálculo do tributo devido e sujeitos ativo e passivo, a teor do que prescreve o artigo 142 da Lei n 5.172/66. A presença da Administração Tributária no ato de formalização do crédito tributário implicou na existência de ato administrativo que, após tomar ciência do fato jurídico tributário, autoriza a utilização do documento fiscal eletrônico. Esta alteração implicou na possibilidade de homologação expressa do ato de constituição do crédito tributário promovida pelo sujeito passivo. A autorização de uso do documento fiscal eletrônico será o tema central do trabalho, analisado sob o enfoque do Constructivismo Lógico-Semântico

Les promesses de payer sont des contrats par lesquels une personne s’engage envers un créancier à payer ce qui lui est dû. De tels actes sont courants ; leurs applications sont variées. Le cautionnement, l’acceptation d’une lettre de change, la promesse d’exécuter une obligation naturelle, l’engagement du délégué envers le délégataire, le constitut, la garantie autonome, la souscription d’un billet à ordre, etc., sont des promesses de payer. Plus précisément, ces actes sont des applications diverses d’une même figure juridique : la promesse de payer. Cette dernière, déshabillée des particularités propres à chacune de ses applications spéciales, se présente comme une figure juridique unitaire, pourvue d’une nature et de caractères permanents. Ayant pour objet un paiement, elle suppose toujours l’existence d’une dette à acquitter. Cette dette, ou « obligation principale », constitue sa cause objective. Contrairement à une simple reconnaissance de dette, la promesse ne se borne pas à déclarer l’existence de celle-ci. En tant qu’engagement d’exécution, elle donne naissance à une nouvelle obligation, l’ « obligation de règlement », venant s’adjoindre à la première en vue de son paiement. L’obligation de règlement, à ce titre, constitue l’accessoire de l’obligation principale. Son régime, de sa naissance à son extinction, sera donc plus ou moins lié à celui de cette dernière
Promises to pay are contracts by which a person commits to pay to a creditor what is owed to him. Such acts are as common as they are various. For instance, bond, acceptance of a bill of exchange, promise to perform a natural obligation, commitment of the delegate to the delegatee, autonomous guarantee, subscription of a promissory note, etc. are promises to pay. In fact, such acts are different applications of a single legal figure : the promise to pay. Apart from the specificities of each of its applications, the promise to pay reveals itself as a uniform legal act with a permanent nature. Because its subject consists in a payment, the promise to pay always presupposes the existence of a debt. Such debt, or “primary obligation”, is the “objective cause” of the promise. Unlike a simple “IOU”, a promise to pay is not limited to declare the existence of the primary obligation. As a commitment, it also produces a new obligation, the “obligation to pay”, which coexists with the primary obligation. The obligation to pay, as such, is ancillary to the primary obligation. Its legal status, from its birth to its expiration, will be closely linked to that of the primary obligation

L'etude des regles regissant le commerce international de marchandises met en lumiere une preoccupation de premier plan : la recherche de securite. Car en commerce international, les risques ordinaires s'aggravent et les risques particuliers naissent. Pour repondre a ce besoin de securite, il s'est etabli entre les trois principaux instruments de ce commerce, notamment les contrats de vente, le credit documentaire et le contrat de transport, une veritable relation dialectique. Celle-ci assure depuis le debut du siecle, une securite rigoureuse des transactions internationales (premiere partie). Cependant, lorsqu'on met les donnees classiques de la securite ci-sessus decrite face au monde du multimodal, de la conteneurisation, des nouveaux types de vente et des echanges de donnees informatisees, l'exigence de securite est-elle toujours satisfaite? ce travail repond a cette question et propose, le cas echeant, des solutions (seconde partie)
The study of the rules governing the international sales of goods reveals a major concern : the need of security. Because, in international trade, ordinary risks increase and particular risks appear. In order to get an answer to this need of security, there is between the three principal instruments of trade, notably, the contract of sale, the documentary credit and the contract of carriage, a true dialectical relationship. This has insured since the beginning of this century a struct security of the international transactions (first part). Nevertheless, when we put together these classic facts with the multimodal transport, container transport, new types of saling and electronic data interchanges, can we say that the need of security is really reached? this work gives us the answer to this question and suggests, if necessary, some solutions (second part)

Nell’ultimo ventennio, il genere documentaristico ha conosciuto una rinnovata popolarità in Italia, con un considerevole aumento dei volumi produttivi e numerosi autori in grado di ottenere importanti riconoscimenti a livello tanto nazionale quanto internazionale; nonostante ciò, sono tutt’ora ben pochi gli studi dedicati agli aspetti più economici ed industriali alla base di tale “rinascita del documentario”. Scopo di questa tesi è dunque quello di analizzare la contemporanea produzione e distribuzione di documentari in Italia, al fine di individuarne le caratteristiche fondamentali e delinearne le principali dinamiche evolutive. Un’analisi che non può prescindere dal prendere in considerazione il più ampio contesto audiovisivo in cui opera la cinematografia italiana: proprio per questo nel primo capitolo è proposta un’analisi del contemporaneo mercato audiovisivo europeo (con particolare riguardo alle misure di sostegno economico sovranazionali previste dalle principali istituzioni europee), per poi procedere nel secondo capitolo ad analizzare il più delimitato contesto italiano in una prospettiva storico-economica, al fine di individuare appunto le caratteristiche della contemporanea produzione documentaristica italiana; il terzo e ultimo capitolo è invece dedicato all’analisi della produzione e distribuzione di tre documentari del regista Gianfranco Rosi, che appaiono esemplificativi dello stato di salute del documentario italiano contemporaneo e permettono di verificare in maniera operativa quanto analizzato nelle due sezioni precedenti della tesi.

Le commerce international a atteint des dimensions jamais prevues dans le passe et ou la banque est definie comme le centre nerveux de la societe contemporaine. Son intervention dans le marche international est primordial, il est une securite appreciable aux transactions car la concurrence est vive et les partenaires sont souvent lointains. C'est pour cette raison que les engagements bancaires autonomes font figure d'armes sans parade, ils deviennent un element important des operations courantes des activites bancaires. Le charme de ces engagements est d'etre actuel. Si le droit cambiaire remonte au droit romain, il en est autrement du credit documentaire, des cartes de credit et de la garantie independante. Ils sont autonomes. Leur execution ne depend pas de l'execution du contrat principal, ils doivent jouer dans tous les cas sauf fraude manifeste ou abus de droit. Ils sont abstraits mais detaches momentanement de leur cause jusqu'a l'execution du contrat. Cette abstraction est contestee selon les pays. Le droit germanique est favorable, tandis que le droit latin est contre cette abstraction. En cas d'appel de la garantie, la saisie-arret, la mesure en refere et la mise sous sequestre sont souvent defendues, pour ne pas paralyser l'automaticite de ces engagements, sauf la fraude manifeste et l'abus de droit font exception
International trade has reached heights unforeseen in the past : the banks represent the nerve centres of contemporary society. Their intervention on the international market is of paramount importance; representiny an appreciable security for transactions because competition is strong and business partners often far away. Therefare autonomous banking commitments are weapons that cannot be parried; they are becoming a vital part of standard banking procedures. The attraction of these commitments is that they are of this day and age. Though financial exchange dates back to roman law, dowmentary credit, credit cards and independent guarantees are for different. They are autonomous. Their execution does not depend on the execution of the main contract, they must in all cases be handled without obvious fraud or misuse in law. They are abstract, but momentarity detached from their cause until the contract is carried out. This abstraction is more or less controvered according to country, german law is favourable, whereas latin law contests this abstraction. If the guarantee is called up, the garnishee order, the emergency interim proceedinys and the receining order are often defended, so as not to immobilize the automatic nature of these commitments. Only downright fraud and breach of trost legal are exceptions

by Lam Pui-fong Karen.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1993.
Includes bibliographical references (leaves 51-53).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iv
ACKNOWLEDGEMENT --- p.v
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- PROBLEMS AND METHODOLOGY --- p.7
Chapter III. --- TYPES OF INTERNATIONAL TRADE SETTLEMENT --- p.11
International Trade --- p.11
Parties Involved in Doing International Trade --- p.12
Payment Methods Used by Hong Kong Exporters --- p.14
Chapter IV. --- RISK PARAMETERS IN INTERNATIONAL TRADE… --- p.22
General Commercial Risks --- p.22
Additional Risk Parameters --- p.24
Chapter V. --- COMMON TRADE SETTLEMENT METHODS IN HONG KONG --- p.34
Implicit Controls --- p.35
Financing Ease --- p.37
Political Arbitrage --- p.40
Chapter VI. --- CONCLUSIONS --- p.43
Documentary Risks --- p.43
Bank Risks --- p.45
Jurisdiction --- p.46
Summary Observations --- p.47
Concluding Remarks --- p.50
BIBLIOGRAPHY --- p.51

LL.M. (Commercial Law)
Applications for prohibitory injunctions or interdicts against payment under documentary credits are seldom awarded. However, both English and South African law provide alternative forms of relief. These alternative orders focus on how the beneficiary deals with the proceeds of the credit rather than the prevention of payment thereof. One such alternative is the Mareva injunction of English law which, through freezing the beneficiary’s assets, prevents the removal thereof from the area of the court’s jurisdiction once judgment is given. The South African equivalent of the Mareva injunction is known as the anti-dissipation interdict and has yet to be applied to the law of documentary credits by the South African courts. However the South African attachment application has been so applied. Therefore this dissertation seeks to conduct a comparative analysis between South African and English law Marevatype injunctions on the proceeds of documentary credits, focusing especially on the judgments handed down in Intraco Ltd v Notis Shipping Corporation of Liberia and Ex Parte Sapan Trading (Pty) Ltd. Chapters Two, Three and Four will explore the nature, development, requirements and effects of the injunctions and interdicts through local and international case law as well as the prospects of a successful application under each. Finally Chapter Five will critically analyse, comment and draw conclusions from Ex Parte Sapan Trading (Pty) Ltd.

碩士
東吳大學
國際經營與貿易學系
96
Documentary credits (also called letters of credit) facilitate international payments, providing security for both export seller and import buyer. The letter of credit is essentially a document issued by the importer’s bank which undertakes to pay the exporter upon due compliance with documentary requirements. International letter of credit practice is governed by a set of rules produced by the ICC, commonly known as the Uniform Customs and Practice for Documentary Credits (“UCP”). The UCP is sometimes cited as the foremost example of how international business self-regulation can be more efficient than treaties, government regulation or case law. Indeed, legal commentators have called the UCP the most successful act of commercial harmonization in the history of world trade. The latest revision of UCP (UCP600) is implemented on July 1, 2007. This revision is the sixth revision of the rules since they were first promulgated in 1933. There are several differences between the UCP600 and the former 1993 Revision (UCP500). When analyzing from a broad perspective, the UCP600 is composed of 39 articles which is less than UCP500 by 10. In addition, the structural arrangement of the articles is also different. One of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). In providing definitions of roles played by banks and the meaning of specific terms and events, UCP600 avoids the necessity of repetitive text to explain their interpretation and application. This makes it easier for relevant personnel to search and use the articles. Other modifications include: establishing legal responsibilities for respective parties; strengthening the function of the banks operation procedures; distinguishing specific measurements to be taken in refusing to honour or negotiate; and shortening the time incurred to manage discrepant documents. Another overall improvement in UCP600 is that the phrase “unless the credit stipulates otherwise”, or words to that effect is not repeated countless times. It is generally accepted that any credit can be constructed to override various UCP points, and that when this happens the languages in the credit takes precedence. In sum, UCP600 is easier to use than any of its predecessors. Placement of topics is more logical, and titles more accurately reflect the points that users are most likely to seek. While some conditions are bound to displease some users, the fact that UCP600 is less wordy and better organized than its predecessor is a major point in its favour.

Dissertação de mestrado em International Business
In international trade settlement, letters of credit (documentary credit), documentary collections, and remittances are generally accepted international settlement methods. Letters of credit take the leading position, with the characteristics of bank credit and the reciprocal rights and obligations of buyer and seller. It has the function of guaranteeing security to both exporters and importers; therefore, it is relatively safe means of settlement, which guarantees the adequate functioning of international transactions. However, due to their characteristics, letters of credit are not exempt from risks in their practical application. Therefore, the study of the risk and preventive measures of the letter of credit has a strong relevance to the practice of international trade. This dissertation mainly analyzes the risk that the applicant, the bank (issuing bank and negotiating bank) and the beneficiary may face in the process of using the credit, and puts forward the corresponding risk prevention measures. Using a qualitative approach, we found a unique perspective and new findings on the risk and risk prevention measures. The results of this exploratory study suggest that there is a consensus in considering the principle of letter of credit independence as one of its main sources of risk. This consensus suggests that future development of the letter of credit involves reducing their independence, without completely losing its independence essence. The evolution of letters of credit may also include the cooperative development of operations and the use of digital platforms to facilitate the investigation of the credibility of business partners.
No comércio internacional, letras de crédito (crédito documentário), cobranças documentárias e remessas são os métodos de pagamento geralmente aceites. A letra de crédito assume a posição de liderança enquanto forma de pagamento no comércio internacional com as características do crédito bancário e os direitos e obrigações recíprocos do comprador e do vendedor. Tem a função de garantir a segurança a importadores e exportadores, sendo uma forma de liquidação relativamente segura, que garante a condução normal das transações internacionais. No entanto, pelas suas características, as letras de crédito não estão isentas de risco na sua aplicação prática. Portanto, o estudo do risco e das medidas preventivas do risco da carta de crédito tem uma forte relevância para a prática comercial internacional. Esta dissertação analisa principalmente o risco que o ordenador (comprador), os bancos (banco emitente e banco negociador) e o beneficiário (vendedor) podem enfrentar no processo de utilização das letras de crédito e discute as correspondentes medidas de prevenção de risco. Com base numa abordagem qualitativa, foi possível obter uma perspetiva prática sobre os riscos e as correspondentes medidas de prevenção de risco. Os resultados deste estudo exploratório sugerem que existe um consenso em considerar o princípio da independência da carta de crédito como uma das suas principais fontes de risco. Esse consenso sugere que o desenvolvimento futuro da letra de crédito deverá passar por reduzir a sua independência, mas sem perder completamente a sua essência de independência. A evolução também deverá incluir o desenvolvimento cooperativo das operações e o uso das plataformas digitais para facilitar a investigação da credibilidade dos parceiros de negócios.

碩士
龍華科技大學
商學與管理研究所碩士班
92
Electronic global trade has become a trend since electronic commerce has been making greater progress. “The supplement to the Uniform Customs and Practice for Documentary Credits for Electronic Presentation” (or “eUCP”) has been adopted in International Chamber of Commerce (ICC) at the end of year 2002 and has come into force in April 1st, 2003. The eUCP means the coming of the time for electronic letter of credit. With the trend of the times, electronic Letter of Credit and paperless international trade are going to be the mainstream. The use of paperless documentation in various field of business, such as international trade, ocean transportation, air cargo, banker, insurance, customs, customs broker, etc, is coming up to follow the trend. And that will certainly substitute for the traditional use of paper document. The Letter of Credit is one of the main types of payment in import and export business.　The UCP Supplement for Electronic (eUCP) is expected to revolutionize the way documentary credits are used by permitting electronic or part-electronic presentation of documents; it’s been revised due to the trend of electronic global trade. In order to meet the trend, we should combine both for use. The eUCP brings up ideas which are challenging and some of which are different from UCP. For instance, eUCP redefine the “appear on its face,” ”place for presentation,” “sign” to accommodate to electronic presentation. But most proprietors’ comprehension with it is limited. If the proprietors of international trade get themselves to be familiar with the rules, and keep eyes on the controversial issue that may resulted during the electronic process beforehand, the problems occurrence rate will be lowered. This thesis is based on my 20year experiences of working in international trade, maritime industry and customs broker. I point out and analyze the possible reason of problems occurrence, proper handling method, and recommendations of strategy for prevention. This research makes analysis and compare through searching information, and it ends with a conclusion of interviews toward high level manager.

LL.M.
The objective of this study is to identify the legal systems that should be applied in terms of South African private international law to the different contractual relationships in respect of a documentary letter of credit. In South Africa no legislation or (binding) case law in point exists. A comparative study is therefore made of the relevant legal rules and principles in the following countries: the United Kingdom; Germany; the Netherlands; Canada; Australia; and the United States of America. It is submitted that, in the absence of either an express or a tacit choice of a legal system by the parties, the proper law of a documentary letter of credit transaction in South African private international law should be – 1) in respect of the contractual relationship between the applicant and the issuing bank: the law of the country where the issuing bank is situated; 2) in respect of the contractual relationship between the issuing bank and the correspondent bank (whether confirming or merely advising): the law of the country where the correspondent bank is situated; 3) in respect of the contractual relationship between the confirming bank and the beneficiary: the law of the country where the confirming bank is situated; 4) in respect of the contractual relationship between the issuing bank and the beneficiary – a) where a correspondent bank (whether confirming or merely advising) is involved: the law of the country where the correspondent bank is situated; b) where no correspondent bank is involved: the law of the country where the issuing bank is situated.

Thesis (D. Jur.)--York University, 2001. Graduate Programme in Law.
Typescript. Includes bibliographical references (leaves 403-466). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNQ66353.

Le commerce international ne cesse de se développer avec l'évolution des technologies de l'information de nos jours. Le crédit documentaire, qui est un instrument de règlement du prix de prestations commerciales entre un vendeur exportateur et un acheteur importateur, fait partie du domaine touché par l'évolution électronique. C'est la raison pour laquelle la Chambre de commerce international de Paris a adopté récemment le Guide sur le crédit documentaire informatisé (eRUU), supplément aux règles et usances uniformes (les RUU 500) appliqué aux crédits documentaires. Le crédit documentaire doit être basé sur une grande confiance et une énorme sécurité. Ainsi, la fraude nuit au principe de l'autonomie de la lettre de crédit et détruit le besoin de sécurité qu'elle engendre. Les divergences relatives à certains critères de la fraude et la délimitation des obligations de la banque dans la vérification des documents sur support papier sont assez complexes pour les commerçants internationaux et pour les banques. Et même si la dématérialisation des documents a tendance à diminuer la fraude en la matière, le crédit documentaire dématérialisé serait encore loin d'être réalisé sans difficultés, avec l'émergence directe des tiers dans l'opération. Son analyse exhaustive doit donc continuer sur le plan doctrinal. La délimitation du devoir de la banque dans la recherche de cette fraude électronique, et dans le paiement des documents électroniques deviendrait aussi discutable que celle dans le crédit documentaire traditionnel. Les banques devraient, entre autres, être sensibilisées sur la nécessité de prendre dans les meilleurs délais certaines dispositions, pour permettre à la clientèle des entreprises d'effectuer des présentations ou des réceptions électroniques des documents de la lettre de crédit en conformité avec le règlement eUCP.
The international trade does not cease developing with the evolution of information technology nowadays. The documentary credit, which is an instrument of payment of the price of commercial services between an exporting salesman and an importing purchaser, is part of the field touched by the electronic evolution. This is why the international Chamber of Commerce of Paris recently adopted the Guide on the computerized letter of credit (eRUU), supplement to the Uniform Customs and Practice for Documentary Credit (RUU 500). The letter of credit must be based on a great confidence and an enormous safety. Thus, the fraud harms the principle of the autonomy of the letter of credit and destroyes the need for safety which it generates. The divergences relative to certain criteria of the fraud and the delimitation of the obligations of the bank in the checking of the documents on paper medium are complex enough for the international tradesmen and the banks. And even if the dematerialization of the documents tends to decrease the fraud on the matter, the dematerialized credit on security would be still far from being carried out without difficulties, with the direct emergence of the thirds in the operation. Its exhaustive analysis must then continue on the doctrinal level. The delimitation of the duty of the bank in the search for this electronic fraud, and in the payment of the electronic documents would become as debatable as that in the traditional documentary credit. The banks would have to be somewhat sensitized on the need for making certain provisions as soon as possible, to allow companies' customers to carry out presentations or electronic receptions of the documents of the letter of credit in conformity with the eUCP.
"Mémoire présenté à la faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit des affaires (LL.M)"

LL.M. (Banking Law)
It has long been the vogue that the traditional fraud exception is the only exception capable of defeating the doctrine of independence in documentary-credit and performance-guarantee practice. The reason for this is self-explanatory, for it has been stated authoritatively that fraud unravels all. And on construction, this must be the correct legal position. Even then however, the fraud exception is not in itself unassailable. Given the nature and exigency of the contractual relationships peculiar to documentary credits and performance guarantees, it is indubitable for their success that these unique contractual relationships be independent of one another. The latter argument is well established in the law and practice of many jurisdictions. Commercial comity, aspirations, expediency, fair trading and a measure of certainty, inter alia, dictate the necessity for the sanctity and preservation of the doctrine of independence. Without such certainty, international commercial enterprise and entrepreneurship will be the victims. Nevertheless, it would still be fair to state that there is a broad consensus within various jurisdictions regarding the application of a fraud exception to the doctrine of independence, which simply cannot be said for an exception based on unconscionability. There are cogent reasons for this disparity, some in favour of and some against an unconscionability exception. The question which begs an answer is whether the recognition of such an exception would erode the certainty and cash characteristics, inherent and integral to documentary credit and performance guarantee practice. These instruments were, after all, designed and predicated upon tenets of certainty and considered as immediately redeemable cash. Ultimately, this debate involves a choice between embracing commercial certainty on the one hand, and fairness on the other hand. In South Africa however, unconscionability does not exist as a specific concept of law with wide and uncertain parameters. But, the concept of good faith, equally confusing, awkwardly finds its place in the South African general law of contract, but in an informative capacity to the substantive requirements of the law, and not as an independent general defence. A defence in the general law of contract in South Africa, premised on the lack of good faith is bad in law, given the established brocards such as inter alia, caveat subscriptor, caveat emptor, pacta sunt servanda, 5 and the contra proferentem rule. South African legal heritage and precedent have jettisoned the exceptio doli generalis, and this precedent is peculiarly protected by the judiciary at the highest level. Good faith, in the South African context, is not the equivalent of the so called doctrine of unconscionability analysed and discussed in the academic literature and court decisions of certain common-law jurisdictions, but the exceptio doli generalis may have been, or rather, if properly developed, could have been. And so, from a South African perspective, there is the added difficulty of considering the introduction of a foreign broad-based, uncertain and undefinable doctrine grounded in equity, when the narrowly defined concept of good faith, only informative of the substantive law, finds no general application in the law of contract in South Africa. Regard will thus be had to inter alia: the nature, scope and elements (facta probanda) of this exception; certain arguments for and against its recognition; its inability to be defined with the necessary precision required for legal efficacy and practice; its lack of certainty being in essence descriptive of a host of other conduct short of fraud and inclusive of fraud; and whether the case for its recognition might perhaps have merit and applicability in relation to performance guarantees, separate and distinct from documentary credits.

Dissertação de Mestrado em Direito: Especialidade em Ciências Juridico-Forenses apresentada à Faculdade de Direito
The purpose of this dissertation is to refer to the issue of Documentary Credit in view of its increasing use and practical interest in the present day, in which globalization has brought closer international relations.Like this, because the distrust between the parties becomes legitimate - either because they are based in different countries or because there are all other multiplicity of differences, such as cultural, linguistic, that separate them - Documentary Credit emerges as an international means of payment allowing Agents of international trade who use a financial entity as mediator.Thus, documentary credit defines the operation in which two subjects, in the context of the conclusion of a contact, stipulate that the payment will be made through the opening of documentary credit, thus obliging the buyer (payer) to issue with A bank (issuing bank), of its confidence, order that the latter open a credit in favor of the seller (beneficiary), who in turn must deliver, or deliver, through a second bank, the supporting documents Delivery of the goods.From the historical contextualization of documentary credit to the use of precautionary measures to prevent the bank from making the payment several are the topics addressed.In this respect we characterize the documentary credit opening operation, we define its modalities as well as its actors and we also analyze that which is the applicable legal provision, when the parties so wish, the Uniform Rules and Uses of the CCI regarding Documentary Credits.In the absence of indication of which modality intended the rule is that the credit is irrevocable. This is characterized, among other things, by the autonomy in relation to the base contract, i. and. Does not affect irrevocable documentary credit whatsoever happens or does not happen in the relationship that underlies it.In view of their increasing use and the autonomy that is their own, there are several situations in which we are facing an abusive use of this mechanism and, in the face of such abuses, it is necessary to create institutes that may impede such behavior.It was in this context that it was defined that the Fraud in Documentary Credit opens an exception to this Principle of Autonomy in that it allows the bank, justifiably, to refuse payment against the delivery of false or counterfeit.
A elaboração da presente dissertação tem por finalidade aludir ao tema do Crédito Documentário tendo em conta a sua crescente utilização e o seu interesse prático nos dias de hoje, em que a globalização veio aproximar as relações de vizinhança internacionais.Assim e porque se torna legitima a desconfiança entre as partes – quer porque se encontram sediadas em países diferentes quer porque existe toda uma outra multiplicidade de diferenças, como culturais, linguísticas, que as separam – surge o Crédito Documentário como meio de pagamento internacional permitindo aos agentes do comércio internacional que se sirvam de uma entidade financeira como mediadora. Assim, define o crédito documentário a operação em que dois sujeitos, no âmbito da celebração de um contato, estipulam que o pagamento será feito através da abertura de crédito documentário, obrigando-se, deste modo, o comprador (ordenante) a emitir junto de um banco (banco emitente), da sua confiança, ordem para que este abra um crédito a favor do vendedor (beneficiário), tendo este, por sua vez, de entregar, ou fazer chegar, através de um segundo banco, os documentos comprovativos da entrega da mercadoria. Da contextualização histórica do crédito documentário à utilização de providências cautelares para impedir que o banco efetue o pagamento vários são os temas abordados. Neste conspecto caraterizamos a operação de abertura de crédito documentário, definimos as suas modalidades bem como os seus intervenientes e ainda analisamos aquela que é a disposição legal aplicável, quando as partes assim o entenderem, as Regras e Usos Uniformes da CCI relativas aos Créditos Documentários. Na falta de indicação de qual a modalidade pretendida a regra é a de que o crédito é irrevogável. Este carateriza-se, entre outras coisas, pela autonomia em relação ao contrato base, i. e. não afeta em nada o crédito documentário irrevogável aquilo que acontece ou deixa de acontecer na relação que lhe está subjacente. Acontece que, tendo em conta a sua crescente utilização e a autonomia que lhe é própria várias são as situações em que estamos perante uma utilização abusiva deste mecanismo e, face a tais abusos, é necessário a criação de institutos que possam obstar a tais comportamentos. Foi assim, neste contexto que se definiu que a Fraude no Crédito Documentário abre uma exceção ao tal Principio da Autonomia na medida em que permite que o banco, justificadamente, recuse o pagamento contra a entrega de documentos falsos ou contrafeitos.

碩士
義守大學
管理學院管理碩博士班
101
In globalization age, international trade is becoming more and more important for any country. Letter of Credit is considered as the most popular method for payment terms for foreign trade. To carry out the safe mechanism for letter of credit transactions, a good command and knowledge in negotiation for letter of credit is essential for risk management. Thus, with the help of Letter of Credit, it makes payment safer for importers (consignees) by delegation of their obligations to pay to opening bank, while exporters (“Shipper”) undertake the negotiation process by presenting the required documents by compliance with the terms and conditions of Letter of Credit (“L/C’). In negotiation, the negotiating bank will accept the draft once the presented documents comply with the terms, conditions and instructions of Letter of Credit. In order to get the payment or draft to be accepted by negotiating bank, exporters (shippers) must ensure all presented documents correspond with the descriptions of goods in the Letter of Credit. If there exists errors or discrepancies among documents, negotiating bank is entitled to decline payment or refuse to accept the draft that lead exporters (shippers) to expose risks in international trade. This research aims to explore the potential risks of documentary discrepancy in negotiation for whether or not the presented documents has complied with the terms, conditions and instructions of Letter of Credit, while rendering plausible suggestions for Vietnamese Exporters. The main contents of the thesis are to locate the reasonable standard of negotiation in letter of credit transactions in Vietnamese (negotiating) banks. Questionnaires will be dispatched to the banks of Vietnamese for the purpose of collecting their responses to run the analysis by SPSS, together with current applicable standards for negotiation in terms of documentary examination and some cases in dispute.

Plus de soixante-quinze ans après la création des Règles et usances uniformes relatives aux crédits documentaires par la Chambre de commerce internationale, pouvons-nous parler d'un véritable succès international de la lettre de crédit commerciale à titre d'instrument de paiement fiable et sécuritaire ? Nonobstant sa triple finalité et l'application formaliste de ses principes d'incessibilité, de stricte conformité et de double autonomie qui ont su, au cours des années, répondre aux besoins résultant de l'évolution du commerce international, il nous semble utopique de parler d'un tel succès. Mais pourquoi ? Confrontées aux réglementations nationales ainsi qu'aux pratiques nationalistes et protectionnistes des états qui ont pourtant adhéré aux Règles et usances relatives aux crédits documentaires, la malléabilité de ces règles semble avoir dénaturé la lettre de crédit commerciale de ses principaux attributs. À cet égard, nous pouvons nous demander si la lettre de crédit commerciale est une facilité de crédit désuète ou incomprise ? La présente thèse est le fruit de maintes réflexions sur les problèmes liés à l'application et l'interprétation de la lettre de crédit commerciale à titre d'instrument international et plus particulièrement sur les lacunes des Règles et usances uniformes relatives aux crédits documentaires.
More than seventy-five years after the creation of the Uniform Customs and Practice for Documentary Credits by the International Chamber of Commerce, can we talk about a true international success of the commercial letter of credit as a reliable and secured instrument of payment? Notwithstanding its triple functions and the formalistic application of its principles of non-assignability, of strict compliance and of dual autonomy, which have answered the needs resulting from the evolution of international commerce, it seems unrealistic to talk about such success. But why? Confronted with the national regulations as well as nationalist and protectionist practices of the states which have nevertheless ratified the Uniform Customs and Practice for Documentary Credits, the malleability of those rules seems to have been misrepresented of the principal attributes of the commercial letter of credit. ln that respect, we can ask ourselves if the commercial letter of credit is an outdated or misunderstood credit facility? The present thesis is the fruit of many reflections on the problems linked with the application and the interpretation of the commercial letter of credit as an international instrument of payment and more particularly, on the gaps of the Uniform Customs and Practice for Documentary Credits.

O crédito documentário como instituição jurídica originada e singularmente praticada no tráfico internacional de mercadorias nasceu da uniformização das práticas, dos usos e costumes de diversos ordenamentos jurídicos num cenário internacional, permitindo a coordenação e harmonização desses mesmos usos e práticas coordenadas, consideradas até aos inícios do século XX díspares. Desse modo, pôs-se ao serviço do sector da contratação internacional um conjunto de normas uniformes – as Regras e Usos Uniformes sobre os Créditos Documentários, elaboradas e publicadas por uma entidade privada, a Câmara de Comércio Internacional – CCI. Para pagar o preço do contrato de compra e venda internacional com um vendedor estrangeiro, o comprador recorre ao serviço de intermediação de um banco, que a seu pedido pagará ao vendedor, mediante a apresentação por este último de certos documentos que titulam a mercadoria e comprovam o envio das mesmas, em conformidade com o descrito na carta de crédito (L/C) emitida pelo banco designado para efectuar o pagamento. Uma figura que à partida é tripartida por envolver três sujeitos contratuais (o comprador, o vendedor e o banco emissor) tornar-se-á quadripartida (envolvendo mais um banco na relação, o banco confirmador), desembocando-se assim numa complexidade contratual de difícil percepção teórica mas que na prática resulta muito simples. O crédito documentário funciona como instrumento de pagamento: o comprador paga o preço das mercadorias objecto do contrato através da carta de crédito emitida por um banco. Como instrumento de garantia, o vendedor adquiri um compromisso irrevogável de pagamento por parte de uma entidade de reconhecida notoriedade, eliminando assim a insegurança de incumprimento por parte do comprador e este adquire a certeza de que a mercadoria será entregue; como instrumento de crédito, possibilitando o financiamento da operação tanto ao vendedor (antecipação de preço) como ao comprador (concessão de crédito).
The Documentary Credit as a legal institution originated and singularly practiced in international trafficking in goods was born of the standardization of practices, usages and customs of the various legal systems in international scenario, allowing the coordination and harmonization of these same uses and coordinated practice, considered up to the beginning of the XX century. To pay the price of the purchase and sale agreement with a foreign seller, the purchaser resorts to the intermediary service of a bank, that their request will hold the price to the seller, on presentation by the latter of certain documents of the merchandise and prove the sending of same, in accordance with the terms described in the letter of credit (L/C) issued by the bank nominated for payment. A figure that ab initio, involves three subjects in a tripartite contract (the buyer, seller and issuing bank) can become quadripartite, by an another bank (involving over in relation, the confirming bank), if so, ending up on a contractual complexity of difficult theoretical insight but which in practice results very simple The documentary credit works as a payment instrument: the purchaser pays the price of goods is the object of the contract through the letter of credit issued by a bank. As guarantee instrument, the seller purchased an irrevocable commitment of payment by an entity of recognized notoriety, thus eliminating the uncertainty of compliance on the part of the purchaser and this acquires the certainty that the goods will be delivered; as an instrument of credit, thus making the financing of the operation both to the seller (anticipation of price) as the buyer (granting of credit).

This thesis is designed as a comprehensive view of trading on foreign markets. It contains the fields of specifics and practices of the international trade, which the firms in this situation are forced to deal with. The work is focused not only on accounting procedures, even if they include a proportion of mainly practices, but also takes in the areas of taxation and exchange policy. In the practical part I gradually focused on various activities that the company deals with; not only in accounting, but also in the field of exchange and taxation policies or e.g. the obligations on public authorities.