Dissertations / Theses on the topic 'Irrevocable letter of credit'

The letter of credit continues to play an indispensable role in the financing and securing of international commercial transactions. Its usefulness and efficacy derives primarily from the fact that it is independent from the underlying relationship between buyer and seller. In a considerable number of cases, however, the independence of the letter of credit has been challenged as a result of fraud in the underlying transaction. After analyzing recent reforms of the regulatory framework governing letters of credit, this fraud exception to the independence principle will be reappraised in the light of current developments in Canada and the United States. Finally, the author argues that arbitration can and indeed should play an increasingly important role in the resolution of international letter of credit disputes involving fraud in the transaction.

The legal relationships under commercial letter of credit are discussed in this thesis under the United States and the United Kingdom law, with occasional reference to the law of some civil law countries. An introductory overview of documentary letter of credit is put forward in chapter one of this thesis, in which the definition and development of documentry letter of credit, and an illustration of how it operates in an international transaction have been discussed. The thesis is divided into two parts, the first part deals with the relationships between the main parties of documentary letter of credit. Chapter two discusses the relationship between the applicant for the credit and its beneficiary. Chapter three dicusses the relationship between the applicant for the credit and the issuing bank with emphasis on the legal nature of their relationship. In chapter four the discussion is directed to the relationship between the issuing bank and the beneficiary in which a large part of this thesis is devoted to the theoretical analysis of the nature of their relationship. In part two, the thesis discusses the relationships between the main parties of letter of credit and the other participating parties. Chapter five discusses the relationships between the main parties (i.e., the issuing bank (or requesting bank)), the applicant for the credit and the beneficiary - and the intermediary bank (i.e., intermediary - issuer, confirming and advising bank.) Discussed in chapter six are the relationships between the main parties of documentary letter of credit and the holder of the beneficiary's draft whether it is a collecting bank, unauthorized negotiating bank, authorized negotiating bank or discounting bank. The thesis ends with a summary and conclusion.

The documentary letters of credit transaction is the most common method of payment for goods in international trade. Its use has been considered so important that it is referred to as the �lifeblood� of international commerce. The purpose of this thesis is, through analysing the present regime of documentary credit established under the The Uniform Customs and Practice for Documentary Credits, 1993 Revision (�UCP�), to identify the rights and duties of all parties in such transactions and the reasons for the frequent occurrence of fraudulent activities associated with the documents required under the credits. It identifies that the present system fails to either encourage or implement substantial realisation of �reasonable care� or �good faith� on the part of the banks, or realisation of the requirement of �good faith� from beneficiaries. As a result, the independence principle has been left without substance, with resulting huge opportunities for fraudsters to cheat on the documents and obtain payment without the need to actually perform their duties to banks and buyers. Such issues have become more acute against the background of an underlying shift in the allocation of risk between the respective parties to letters of credit. There has been a depreciation in the value of the primary document of title and security held by the issue, the bill of lading, with the advent of container shipping. As the letter of credit system is wholly dependent on the integrity of the documents, it is being undermined by these developments. This has represented a shift in the traditional scheme of risk allocation from the seller to the bank. In practice, banks have taken countermeasures by insisting that applicants provide other types of collateral, and by subjecting applicants to rigorous credit checks. Thus, applicants ultimately have had to bear the brunt of costs associated with this reallocation of risk. It will be demonstrated that the UCP does not incorporate adequate or clear enough duties to be exercised on the part of issuers toward applicants, and severely restricts the applicant�s right to sue if the issuer has wrongfully honoured. Ultimately, a balance must be struck between the desirability of protecting the applicant from the beneficiary�s fraud against the benefits gained by maintaining the letter of credit as a commercial instrument and business device. Obviously, there is public interest in protecting both of these commercial values. This thesis advocates that a mechanism in addition to the fraud exception must be introduced to safeguard the system against the ramifications of these changes � increased fraud. The thesis is structured into five chapters. Chapter 1 sets out to demonstrate the circumstances under which the respective risks are borne by each participant in the letter of credit transaction, and how developments in trade practice have caused the burden of certain of these risks among the parties to a letter of credit transaction to shift. Chapter 2, after briefly visiting the historical origins of the letter of credit and the birth of the UCP, explores the implications of the dominance of banking interests over the drafting and interpretation of the UCP, how the UCP has in practice excluded the intrusion of other sources of law and the general reluctance of courts to intervene by applying non-letter of credit principles, the implication of the UCP�s assumption of the law in practice, the resulting marginalisation of local laws, and the inequality in bargaining power between banks and applicants that precludes a choice of law other than the UCP. Chapter 3 explores the independence principle and question of documentary compliance, why the system is ridden with non-compliant documents and the lack of incentive and meaningful duty for the banks to check for �red flags� that may indicate fraud on the documents or in the transaction. It will be emphasised that documentary validity, rather than mere documentary compliance, should be the focus under the letter of credit. Chapter 4 examines the fraud exception to the independence principle, the typical high thresholds of proof that applicants had to overcome to estopp payment, and explores recent trends towards the gradual lowering of such thresholds. Finally, Chapter 5 considers practical measures and proposals for reform that would help to redress the imbalance in the allocation of risk identified in the thesis.

In today’s competitive market there is a high pressure on companies to continuously improve and make their internal processes more efficient. There is a high demand from customer regarding receiving the products with shorter lead times, and pressure on reducing market price, and also to reduce the supply chain cost. In order to stay competitive, companies need to respond fast to changes in demand, keep good margins in order to be able to invest in product development and secure its position in the market. Company A is an OEM company that provides its customers with end-to-end customer unique solutions. Having a large product portfolio, the company not only produces its own products, but also buys products from third part companies which are later integrated in their solutions. Being a global company with subsidiaries, factories and customers around the world, result in a very complex supply chain.The purpose of this study is to look more closely to one of Company A’s customer’s order fulfilment process. The Customer is located in Northern Africa and has a customized order fulfilment process due to the contractual terms and conditions. The contract requires Letter of Credit as a payment term and inspection need to be performed before the material can be shipped to the customer. In order to identify the bottlenecks and areas of improvement a case study has been performed. The Case Study shows that there are several areas that can be improved. Analysis of four Customer Purchase Orders shows that the average lead time from signing the Customer Purchase Order to have the order placed and sent to the suppliers is 37 days. By improving the internal communication, proactively work on getting the CPO ready for ordering, and reducing the Early Start approval steps the lead time can be reduced significantly. The way the Letter of Credit is handled in this customer unique flow result in many stored finished goods days. The Company A has a strategy not to keep the material ready in the warehouse for more than 30 days. The analysis shows that material is stored in most of the cases for more than 30 days due to non-operative L/C and need to wait until the Letter of Credit is operative. Another bottleneck that the case study made visible is the days that the shipment cannot be shipped and need to wait for the insurance to be secured. By investigating the Incoterm and changing from existing CPT to DAT or CIP, the insurance can automatically be covered by Company A’s global insurance agreement.
I dagens konkurrensutsatta marknad har företag stor press på sig att ständigt förbättra och effektivisera sina interna processer. Det finns en efterfrågan från kunden om att få produkterna levererade med kortare ledtider och även press på att minska priserna och minska kostnader. För att kunna behålla sin konkurrenskraft, behöver företaget kunna reagera snabbt på förändringar i efterfrågan och ha goda marginaler för att kunna investera i produktutveckling och säkra företagets position i marknaden. Företaget A är en OEM-tillverkare som förser sina kunder med kopletta och även kundunika lösningar. Företaget A har en bred produktportfölj, som inte enbart innehåller egna produkter, utan företaget säljer även tredjepartsprodukter som integreras i den egna lösningen. Att vara ett globalt företag med flera dotterbolag, fabriker och kunder runtom i världen resulterar i en mycket komplex flödeskedja. Syftet med detta arbete är att titta närmare på ett av Företaget A’s kundorderflöde. Kunden finns i Nordafrika och har ett kundanpassad orderflöde på grund av gällande avtalsvillkor. Enligt kontrakten ska betalning ske via remburs och materialen behöver inspekteras innan godset kan skeppas till kunden. En fallstudie har genomförts för att identifiera flaskhalsar och hitta förbättringsområden. Fallstudien visar att det finns flera områden som har potentiell till förbättring. Analys av fyra kundordrar visar att det tar i genomsnitt 37 dagar från att kundordern är signerad tills ordrarna processas i systemet och beställningen skickas till leverantörerna. Genom att förbättra interna kommunikationen, vara mer proaktiv för att få kundordern redo för beställning tidigare och förbättra godkännandet av tidig orderläggning kan ledtiden minskas betydligt. Sättet som Remburs hanteras för detta kundorderflöde resulterar i många dagar som färdig material ligger i lager. Företag A har som mål att inte ha material liggande i lager i mer än 30 dagar. Analysen visar att i de flesta fallen blir material liggande i lager i mer än 30 dagar och väntar på att rembursen ska vara operativ. En annan flaskhals som fallstudien påvisade är dagar som skeppnigen inte kan skeppas på grund av att godset inte är försäkrad av kunden. Genom att se över gällande Incoterm CPT och ändra till DAT eller CIP, täcks försäkringen av företagets globala försäkring och leder till att kunden inte behöver täckna försäkring för varje sändning.

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

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 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 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.

The goal of the thesis is to evaluate effectiveness of bank instruments used in international trade to compare individual instruments as for advantages and disadvantages and to focus on their use in connection with other bank products. The thesis is divided in four main areas - risks in international trade, bank instruments, documents used in international trade and other bank products.

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.

Syftet med detta examensarbete är att analysera packinspektionsflödet samt att presentera förbättringsförslag för att effektivisera transportpackningsprocessen och reducera platsbristen på packytan. Arbetet är utfört på Siemens Industrial Turbomachinery AB (SIT) i Finspång under sommaren och hösten 2009.

 

SIT är en del av det tyskägda företaget Siemens AG och är ett världsledande företag inom tillverkning av gas- och ångturbiner. Ett påtagligt problem är den platsbrist som råder och företaget har inga egna möjligheter att lagra ytterligare produkter, vare sig kortidslagring eller långtidslagring. Vidare är tillverkningskedjan ursprungligen utformad för att klara av ett fåtal kontinuerliga beställningar. I nuläget befinner sig företaget i en situation där de tillverkar fler turbiner än någonsin, vilket medför att både maskiner och personal utsätts för en högre belastning och tillverkningsprojekten måste bedrivas parallellt utan störningar för att kunna produceras i tid. En störning som företaget vill begränsa är den som uppstår vid packinspektioner. Under leveransfasen transportpackas leveransen och i ett fåtal av projekten kräver kunden en packinspektion innan leverans sker.

 

För att kartlägga packinspektionsmomentet har en nulägesbeskrivning av befintlig process konstruerats. Därifrån konstaterades att den störning som en packinspektion medför är en dominoeffekt som påverkar flera avdelningar i företaget såsom, spedition, transportpackning samt kvalitetsavdelningen. Nulägesbeskrivningen har sedan utgjort underlag för att ta fram de förbättringsförslag som presenteras för att reducera platsbristen på packytan. Majoriteten av förbättringsförslagen baseras på Lean-konceptet, där huvudsyftet har varit att minimera påverkan av packinspektionerna i verksamheten för att få ett bättre flöde, hålla hög kundservice samt minimera ytan som en packinspektion upptar. Ett exempel på detta kan vara att strukturera befintlig packinspektionsprocess.

 

Resultatet av de förbättringsförslag som redovisats i analysdelen påvisar att det går att få ett bättre flöde genom packinspektionsmomentet samtidigt som packytan inte blir lika belastad vid en packinspektion. I framtiden kommer de förbättringsförslag som behandlas att kunna tillämpas på andra avdelningar och företag som tillämpar packinspektioner. 

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.

This thesis deals with the possibilities of financing export contract in the company. The theoretical part provides an insight into the opportunities that companies currently have in financing their activities. There is an overview of the various forms of internal and external financing and their basic characteristics. The practical part is focused on a specific business case and options for financing various parts of the contract. The conclusion provides a comprehensive overview of the variations, their comparisons and recommendations of the best one from the complex perspective.

The first part of the thesis deals with a description of legal relationships in the international trade and explains the term "international element." Further there is a short description of private international law and international trade law. The second part of the thesis is focused on securing of contractual obligations in the international trade. The third part concerns with explanation of the basic forms of legal relationships in the international trade regulation with regard to securing of contractual obligations. The final part of the thesis deals with a description of securing instruments used in the international trade. At the end of this part there are listed factors which influence the choice of a suitable securing instrument.

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This thesis discusses the financial, commercial, political and legal risks of international trade operations involving International Bank Guarantees. It starts by defining the most usual international trade instruments and, then, defining Standby Letters of Credit, Performance Bonds and Bid Bonds issued according to the ISP 98, URGD 758 or UCP 600 as International Bank Guarantees. Later, it explores each specific risk. The financial risks are divided into foreign exchange risk, applicant's default risk and bank reputation risk. It is considered as a commercial risks frauds and low quality products. Legal risks are legal battles and local legislation. There is a topic that discusses specifically the U.S. related risks, as the country has a very particular legislation when it comes to International Bank Guarantees. The political risks are related to commercial embargoes and sanctions, changes in foreign policy and to the deterioration of commercial reations. The following section discusses how to mitigate each of the risks discussed. It shows whether or not this risk can be mitigated and if it also affects internation trade operations that do not use International Bank Guarantees. Lastly, the thesis discusses about the ideal international trade instrument. At the moment, International Bank Guarantees are the best instrument, still not the perfect one as it has some limitations.
Esta tese debate os riscos financeiros, comerciais, políticos e legais relacionados a operações de comércio internacional. A tese começa definindo os principais instrumentos usados em transações de comércio internacional. Em seguida, define como Garantia Bancária Internacional as Standby Letters of Credit, Performance Bonds e os Bid Bonds, emitidos de acordo com a ISP 98, URGD 758 ou UCP 600. Depois, a tese explora os riscos específicos das Garantias Bancárias Internacionais. São considerados riscos financeiros o risco cambial, o risco de calote da parte que solicitou a garantia e o risco de reputação dos bancos envolvidos na transação. Riscos comerciais são as fraudes e produtos de má qualidade. Os riscos legais analisados são referentes a batalhas judiciais e legislação local. Além disso, há uma parte da tese dedicada a discutir especificamente os riscos relacionados a legislação americana, que é muito diferente dos outros países em relação a Garantias Bancárias Internacionais. São considerados riscos políticos embargos e sanções comerciais, mudanças na política externa e a deterioração das relações comerciais entre dois países. A última seção da tese discute como mitigar os riscos involvidos em transações com Garantias Bancárias Internacionais. Nesta parte, discute-se quais riscos podem ou não ser mitigados eq quais riscos são inerentes a transações comerciais internacionais, independentemente do uso de Garantias Bancárias Internacionais. Conclui-se que, no momento, Garantias Bancárias Internacionais ainda são o melhor instrumento para assegurar transações comerciais internacionais. Contudo, estes intrumentos ainda não são perfeitos e estão sujeitos a muitos riscos e limitações.

This thesis describes basis of blockchain technology implementation for SAP Cloud platform with emphasis to security and safety of critical data which are stored in blockchain. This diploma thesis implements letter of credit to see and control business process administration. It also compares all the possible technology modification. Thesis describes all elementary parts of software which are necessary to implement while storing data and secure integrity. This thesis also leverages ideal configuration of each programable block in implementation. Alternative configurations of possible solutions are described with pros and cons as well. Another part of diploma thesis is actual working implementation as a proof of concept to cover letter of credit. All parts of code are design to be stand alone to provide working concept for possible implementation and can source as a help to write productive code. User using this concept will be able to see whole process and create new statutes for whole letter of credit business process.

Para entender cuáles son las dificultades que afrontan las pequeñas empresas exportadoras e importadoras y lograr una expansión internacional, el presente estudio tiene como objetivo principal identificar los factores que limitan el uso de la carta de crédito en el estrato empresarial de la pequeña empresa. Para ello se identificó cuatro factores limitantes relacionados al uso de la carta de crédito y basados en el marco teórico pre-configurado de la investigación, los cuales son: Altos precios, falta de conocimiento limitaciones en el acceso al sistema financiero burocracia en el trámite documentario y la informalidad en las pequeñas empresas la cual se volvió a replantear en el proceso de la investigación conviniendo en el factor burocracia en el tramite documentario Por tal motivo, se realizó una investigación cualitativa exploratoria, con diseño de teoría fundamentada, con la finalidad de recolectar información basada en los conocimientos, experiencias, vivencias y opiniones de 18 participantes. Con una muestra de 12 pequeñas empresas exportadoras e importadoras y se realizaron 6 entrevistas a expertos. Asimismo, se pretende lograr un cambio en sus costumbres, hábitos actuales o decisiones en el tema de investigación. En primera instancia se planteó a través del plan de investigación tres factores importantes para la investigación. Sin embargo, al iniciar la validación de contenido, recopilación de información y según los resultados del programa Atlas, Ti, se identificó un factor fundamental que no había sido considerado al inicio la investigación, el factor altos precios en el uso de instrumentos financieros de comercio exterior “Carta de crédito”. Por tal motivo se determinó la existencia de cuatro factores y como objetivo principal conocer los factores que limitan el uso de las cartas de crédito en las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, 2019. Además, el planteamiento de la hipótesis inicial la cual es enfrentar las dificultades a las que se enfrentan las pequeñas empresas exportadoras e importadoras para limitar el uso de la carta de crédito en sus operaciones de comercio exterior son la falta de conocimiento en los instrumentos financieros de comercio exterior, asimismo las barreras existentes para el acceso al financiamiento al sector MIPYMES. Los cuales han logrado hacer entender los obstáculos por los que atraviesan las empresas de este sector, finalmente, se han descrito las conclusiones y recomendaciones según el análisis de los resultados. Para el primer objetivo de la presente investigación; percepción sobre los costos de la carta de crédito que tienen las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, este factor es muy importante al momento de decidir el uso de este instrumento en sus operaciones internacionales, consideran que son altas las comisiones en su emisión, así como el tener una escasa información y asesoramiento para carta de crédito ha conllevado al poco uso de la carta de crédito. Sin embargo, este medio de pago internacional abre un número de oportunidades financieras, permitiendo estos beneficios reducir los costos en otros financiamientos, así como brindar seguridad y respaldo en sus transacciones comerciales internacionales. Por otro lado, el segundo objetivo de estudio, grado de conocimiento en el manejo de carta de crédito en las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, se confirma que existe una falta de conocimiento en cartas de crédito, así como la poca difusión que se da por parte de los funcionarios de las entidades bancarias en ofrecer la carta de crédito, a pesar que existen instituciones del estado que brindan información relacionada a la carta de crédito no es muy conocida por parte del segmento PYMES, así como el desconocimiento que se tiene respecto a las ventajas y beneficios por usar la carta de crédito. Para el tercer objetivo de estudio, sobre las dificultades por las que atraviesan las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, se identificó barreras que presentan las instituciones financieras a las pequeñas empresas al solicitar una carta de crédito, como lo son: el exceso de garantías, pocos años de constitución, experiencia bancaria, falta de documentación financiera, conocimientos administrativos y financieros, alto porcentaje de informalidad, hacen que el sector pyme no accedan a un medio de pago más formal y seguro. Para el cuarto objetivo sobre los procesos administrativos por los que atraviesa la pequeña empresa exportadora de Lima Metropolitana para solicitar la carta de crédito, se confirma que existe trámites excesivos al solicitar un financiamiento con carta de crédito, según la presente investigación, existe controversia entre los especialistas y las pequeñas empresa, debido a que estos segmentos no concuerdan con la existencia de Burocracia en el trámite documentario, se deduce en la presente investigación las dificultades y molestias en el tramite documentario son de manera mayoritarias por el segmento pyme. Se recomienda la capacitación continua de las pequeñas empresas para lograr un correcto manejo empresarial y contar con información idónea para las instituciones financieras. Además, a las instituciones financieras, se les recomienda realizar cambios en las estrategias de negocio para el sector PYMES, así como la capacitación de los funcionarios bancarios en medios de pago internacional para lograr mayor frecuencia en el uso de esta herramienta. Adicionalmente, a los organismos del Estado, se les recomienda difundir, promover y fomentar los programas que mantienen con el Estado para el apoyo en el crecimiento de las pequeñas empresas exportadoras. Asimismo, se recomienda a las instituciones académicas y centros de formación realizar cursos y capacitaciones basados en las prácticas y vivencias de las PYMES peruanas, referidas a las barreras que enfrentan día a día.
In order to understand the difficulties faced by small exporting and importing companies and achieving international expansion, the main objective of this study is to identify the factors that limit the use of the letter of credit in the business stratum of small companies. For this, four limiting factors related to the use of the letter of credit were identified and based on the pre-established theoretical framework of the, which are: High prices, lack of knowledge, limitations in access to the financial system, bureaucracy in the documentary process and informality in small companies, which was reconsidered in the research process, agreeing on the bureaucracy factor in the documentary process For this reason, an exploratory qualitative research was carried out, with a grounded theory design, in order to collect information based on the knowledge, experiences, experiences and opinions of 18 participants. With a sample of 12 small exporting and importing companies and 6 interviews with experts. Likewise, it is intended to achieve a change in their customs, current habits or decisions in the research topic. In the first instance, three important factors for the investigation were raised through the research plan. However, when starting the content validation, information gathering and according to the results of the AtlasTi program, a fundamental factor was identified that had not been considered at the beginning of the investigation, the factor high prices in the use of financial instruments of commerce exterior "Letter of credit". For this reason, the existence of four factors was determined and as the main objective to know the factors that limit the use of letters of credit in small exporting and importing companies of Metropolitan Lima, 2019. In addition, the initial hypothesis statement which is facing the difficulties faced by small exporting and importing companies to limit the use of the letter of credit in their foreign trade operations are the lack of knowledge in foreign trade financial instruments, in addition to the existing barriers to access to the financing to the MIPYMES sector. Which have managed to understand the obstacles that companies in this sector face, finally, the conclusions and recommendations have been described according to the analysis of the results. For the first objective of the present investigation; Perception about the costs of the letter of credit that small exporting and importing companies of Metropolitan Lima have, this factor is very important when deciding to use this instrument in their international operations, they consider that the commissions in its issuance are high, as well as having little information and advice for letter of credit has led to little use of the letter of credit. However, this international payment method opens up a number of financial opportunities, allowing these benefits to reduce costs in other financing, as well as providing security and support in your international commercial transactions. On the other hand, the second objective of the study, degree of knowledge in the handling of letters of credit in small exporting and importing companies of Metropolitan Lima, confirms that there is a lack of knowledge in letters of credit, as well as the little diffusion that It is given by the officials of the banking entities in offering the letter of credit, although there are state institutions that provide information related to the letter of credit, it is not well known by the SME segment, as well as the ignorance that is has respect to the advantages and benefits of using the letter of credit. For the third objective of the study, on the difficulties faced by small exporting and importing companies of Metropolitan Lima, barriers that financial institutions present to small companies when requesting a letter of credit were identified, such as: excess of guarantees, few years of incorporation, banking experience, lack of financial documentation, administrative and financial knowledge, high percentage of informality, mean that the SME sector does not have access to a more formal and secure means of payment. For the fourth objective on the administrative processes that the small exporting company of Metropolitan Lima goes through to request the letter of credit, it is confirmed that there are excessive procedures when requesting financing with a letter of credit, according to the present investigation, there is controversy between the specialists and small companies, because these segments do not agree with the existence of bureaucracy in the documentary process, it is deduced in the present investigation the difficulties and inconveniences in the documentary process are in the majority by the SME segment. Continuous training for small businesses is recommended to achieve proper business management and have suitable information for financial institutions. In addition, financial institutions are recommended to make changes in business strategies for the SME sector, as well as training bank officials in international means of payment to achieve greater frequency in the use of this tool. Additionally, State agencies are recommended to disseminate, promote and encourage the programs they maintain with the State to support the growth of small exporting companies. Likewise, academic institutions and training centers are recommended to carry out courses and training based on the practices and experiences of Peruvian SMEs, referring to the barriers they face every day.
Tesis

The thesis deals with the topic of bank guarantees in the construction industry focusing on the contractor of the construction commission. The aim of this paper is the definition of bank guarantees in legal and economic terms, and on the basis of available literature, and also a proposal for the application of a bank guarantee in construction contracts. This thesis includes an overview of the products offered by national bank institutions in the field of bank guarantees and their comparison. The thesis contains an overview and description of bank guarantees used in the construction industry. The thesis focuses on a bank guarantee for the proper execution of the work (for the correct execution of the contract for work). There is described the progress of the guarantee from the contract for work until the warranty exercise and any dispute over the amount paid under the guarantee. Further, the paper deals with the use of bank guarantees in practice from the point of view of construction companies, focusing on the guarantee for the proper execution of the work. The thesis also describes solutions in the field of bank guarantees of construction companies, ways of surety, credit limits and bank charges for bank guarantees. In conclusion, there are described terms of the bank guarantee in the contract for work for the specific construction contracts and a method of preparation of the bid price for the contract with regard to where the cost appears applying the bank guarantee at the contractor's bid price. The contribution of this thesis is a comprehensive overview of bank guarantees in the construction industry and their application intended for a contractor of the construction commission.

Ericsson has recently experienced difficulties to meet the customer demand, which has led to lost market shares. This is mainly due to the long and unpredictable lead times within their supply chains. Therefore, Ericsson seeks to increase their ability to meet the customer demand by reducing the customer order lead time. A shorter lead time would imply a greater responsiveness and improved service level towards the customers. A directive from the company was to base the study on the supply chain for the customer Algeria Telecom Mobile. The purpose of the study is to give recommendations for improvements that reduce the total lead time in a supply chain perspective in order to improve the customer service level.  To be able to fulfill the purpose, four objectives were distinguished and supported with existing frameworks for analyzing supply chains. The first step was to create a current state map, which was achieved by conducting 24 interviews with people working within the supply chain. The second step was to identify potentials for lead time reduction. This was done by categorizing the supply chain parts and the problems that were gathered during the current state mapping into meaningful groups, and thereafter prioritize the categories with the greatest potential. The third step was to generate alternative solutions by conducting a second literature review based on the potentials that was identified during the prior step. The general solutions were later modified in order to fit the current supply chain. It resulted in eight Ericsson specific solutions. The fourth step was to evaluate these solutions in combination, which led to a recommended combination of solutions that provided the greatest lead time reduction. Also the requirements for implementing these solutions were presented in this step.  The recommendation for Ericsson is to rearrange their current supply chain for the studied customer and use two different supply chains; the Regional supply chain and the Alternative supply chain. The two arrangements will both be based on the implementation of a supply hub, which implies a movement of the customer order decoupling point closer to the customer. The Regional supply chain will cover the main flow and be used when the customer orders products from a product portfolio that has been agreed within the region. The Alternative supply chain will act as a complement and cover the flow of products outside the regional product portfolio.   The estimated customer order lead time for the Regional supply chain is 17 days, which is a reduction of 80 % in the normal case for the studied supply chain. The lead time for the Alternative supply chain is more difficult to estimate precisely, but it will be reduced in comparison with the current situation. Moreover, the service level towards the customer will be increased for both the Regional and the Alternative supply chain. To summarize the recommendations that are forwarded to Ericsson, they are listed below: 

Implement a regional supply hub 

Agree on a regional product portfolio 

Implement time slots for inbound flows 

Use BPO as a payment method instead of Letter of Credit 

Use a CIP, DAP or DAT Incoterm 

Implement a product configurator and let the customer place orders on commercial descriptions or a solution id. 

Integrate processes and activities throughout the supply chain and establish a greater information exchange.

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).

Bank demand guarantees have become an established part of international trade. Demand guarantees, standby letters of credit and commercial letters of credit are all treated as autonomous contracts whose operation will not be interfered with by courts on grounds immaterial to the guarantee or credit itself. The idea in the documentary credit transaction/demand guarantee transaction is that if the documents (where applicable) presented are in line with the terms of the credit/guarantee the bank has to pay, and if the documents do not correspond to the requirements, the bank must not pay. However, over the years a limited number of exceptions to the autonomy principle of demand guarantees and letters of credit have come to be acknowledged and accepted in practice. In certain circumstances, the autonomy of demand guarantees and letters of credit may be ignored by the bank and regard may be had to the terms and conditions of the underlying contract. The main exceptions concern fraud and illegality in the underlying contract. In this thesis a great deal of consideration has been given to fraud and illegality as possible grounds on which payment under demand guarantees and letters of credit have been attacked (and sometimes even prevented) in the English, American and South African courts. It will be shown that the prospect of success depends on the law applicable to the demand guarantee and letter of credit, and the approach a court in a specific jurisdiction takes. At present, South Africa has limited literature on demand guarantees, and the case law regarding the grounds upon which payment under a demand guarantee might be prevented is scarce and often non-existent. In South Africa one finds guidance by looking at similar South African case law dealing with commercial and standby letters of credit and applying these similar principles to demand guarantees. The courts, furthermore, find guidance by looking at how other jurisdictions, in particular the English courts, deal with these issues. Therefore, how the South African courts currently deal/should be dealing/probably will be dealing with the unfair and fraudulent calling of demand guarantees/letters of credit is discussed in this thesis.
Jurisprudence
LL.D

碩士
國立中興大學
高階經理人碩士在職專班
92
The Financial Assets Securitization Act was passed by the Legislative Yuan in 2002. It provides a way of fund collecting for enterprises and financial institutions. Investors get more chances to choose financial products. The underwriting of securitization has been practiced and developed for over a year. All of the new financial products of securitization are becoming popular, that includes; assets backed securities (ABS), collateralized mortgage obligation (CMO), collateralized loan obligation (CLO), collateralized debt obligation (CDO), credit card account receivable securitization, etc. However, when the International Account Receivables are considered for securitization, they need credit enhancement to avoid country risk and credit risk. The Export Credit Agency (ECA) represents the government, and provides export insurance to protect the account receivables of the international transaction. Export insurances are usually used to guard against risks, but the responsibility is excluded when the risks are caused by the suppliers. The Export - Import Bank of the Republic of China (Eximbank) is a specialized government financial institution. Eximbank plays a complementary role to the commercial banks, and offers a wide range of financing programs to assist the exporters. However, some limitations prevent the Eximbank's business growth, such as; the concentration of firms, foreign bank guarantee credit line, high country risk exposure, or lack of funding. The purpose of this study is to propose a solution to assist local firms in expanding external trade. The first step of this paper was to research the existing literature about securitization. The purpose of financial assets securitization in general is to raise funds for the originator, and to ensure a true sale for assets. Assets securitization can raise banks'' capital adequacy in addition to the current ratio. In the initial stage of securtization, banks will lower risky assets and then will increase business to its original size. By way of assets securitization, investors can use asset-backed securities to diversify their portfolios. Secondly, the paper describes the payment terms of international trade and categories of financing services. The major ECA's functions, activities and performances are compared by analyzing the relevant data. Thirdly, samples of export credit that were based on letter of credit were collected and analyzed. Some phenomena were found that raised Eximbank''s risk. Furthermore , according to the literature , the credit risk, political risk , foreign exchange risk , interest rate risk and liquidity risk , were defined. Finally , letters of credit export insurance can be used to enhance the credit of securitization. The practice data was sampled to explain the cash flow of the securitization of export credit. In the conclusion, we suggest that some aspects of the act for the Eximbank of the ROC could be deregulated. The cooperative relationship with commercial banks needs to be built up. The EDI system, and other related processing systems need to be developed , and this will increase the performance of export credit transaction between banks. Through the EDI system, business growth and development will be stimulated. Through securitization, the risk is moved away from the Eximbank to the market. In addition, securitization has a multiple effect on business. Therefore, securitization is the most effective way to increase the quantity of International Account Receivables transaction , and to enhance the role of the Eximbank.

碩士
世新大學
資訊管理學研究所(含碩專班)
99
For recently years, the rapid development of the Internet, Communication and information technology has not only promoted the fast growth of E-Commerce, also urged the International trade electronic services development. The credit transaction that is under the framework of the various trade processes are mostly attected.Credit transactions is using a considerable number of trade documents and the relevant rules, and in the application that has a certain status, it is conducting international trade of electronic, the electronic credit of it is a major focus of research. The UCP for trade correlation jobholders when letter of credit work observes together rules, sinces 1993 already lasted many years. The International Chamber of Commerce collected all quarters opinion positively had been through repeatedly many year widespread discussions and the revision consultation. In October, in 2006 bank board meeting through new edition UCP600 and eUCP1.1, and scheduled in July 1, 2007 to starts to implement. In the revision, UCP600 letter of credit continues to provide written documentation to all parties to comply with the rules, and the pace of electronic eUCP1.1 was more forward in the new millennium. In response to the development of E-Commerce, credit and payment of development is bound to move towards paperless, electronic credit for the recent birth of a new issue, post on the electronic security control and procedures are still many problems on the possible.This thesis on the electronic credit system developed after the analysis of the process, hoping to help understand the process of establishment of electronic and that future optimization of the proposal.

碩士
東吳大學
法律學系
101
Standby letters of credit, as so its named, is developed from commercial letters of credit. The key question is whether it has fundamental divergences from the traditional commercial letters of credit. The thesis started by review and analyzes the history of the guarantee system in United States, briefly discuss the environment to nurture the emergence of standby letters of credit and the evolutional definitions. Secondly, the thesis further explores the rules of international trade, which created by International Chamber of Commerce, to form the basis of the thesis. The preamble of the thesis described the evolution from traditional commercial letter of credit to standby letter of credit and touched upon the variation between these two instruments. In the main part of the thesis, the main focus firstly illuminate the examples in the International Standby Practices (ISP98) classified descriptively based on functions, including the various ruling of transferable letter of credit in Uniform Customs and Practice for Documentary Credits(UCP600) and that in ISP98. The distinction between confirmed standby letter of credit and counter standby letter of credit also mention in this part. Secondly, the thesis further revisit all major researches on the study of the key features of letters of credit trading including its main feature being an legitimate payment instrument. Regarding the standby feature on the letter or credit essence, the study has compared other similar guarantee instrument, such as independent bank guarantee, guarantee insurance, and general guarantee, etc. The study also investigated the relevant juridical judgment and commercial practice in Taiwan to submit the results. Finally, the thesis offers some practical suggestions.

碩士
逢甲大學
國際貿易所
94
In past several decades, the payment terms of international sales of goods change a lot. We use L/C in 80s and 90s but now the remittance payment becomes more important payment terms. We assert that the change of international trade environment affects the payment terms. Lately our product structure changes so dramatically that current payment terms are different from those before. Moreover, we should not only focus on the direction of payment terms but take notice of pricing, contract, export insurance, international factoring etc. Accordingly, the companies in our country should pay attention to the change of payment terms to reduce losses incurred. In past several decades, the non letter of credit payment terms have never been discussed in detail. This study focuses on our companies in relevant industries to analyze their payment terms. The results of this study are as follows： 1. Risk control is the most important factor that companies decide to choose what terms to be paid. Contrastly negotiation ability is a less important factor. 2. High-tech industries can take more risks than traditional industries. 3. Open Account payment terms become one of popular payment terms. 4. When we making a contract, pricing and payment terms are the most two important conditions. 5. If companies can manage their financial plans effectively and cultivate persons making professional payment decisions, we just can make more profits.

碩士
東吳大學
法律學系
104
There are three issues a court should consider in order when judging disputes involving foreign negotiable instrument: 1. Whether foreign elements are involved; 2. In which country the case should be judged—an issue of international jurisdiction; and 3. What is the applicable law (lex causae) according to the international private laws of the country enjoying the said jurisdiction, an issue not to be confused with decisions on jurisdiction. The present study starts with an analysis of how decisions on international jurisdiction have been made. It shows that, as there are no established laws governing the jurisdiction of international civil litigations except for regional international treaties, factors such as legal theories and judicial practices must be consulted as an aide in making judgments. The second part of the thesis discusses the choices of the applicable laws in disputes arising from foreign negotiable instruments. It is argued that, when the international jurisdiction over disputes involving foreign negotiable instrument belongs to a country, its courts should decide on the applicable laws according to its international private laws and should by no means apply foreign international private laws. The third part gives a detailed analysis of the legal relationships involved in the bill(s) of exchange according to the terms and conditions of the L/C. The discussion focuses its analysis on how ROC courts decide on whether ROC has the jurisdiction in question and, if it does and has become the country enjoying the said jurisdiction, how applicable laws governing disputes involving foreign negotiable instruments are related to its domestic laws according to the 21th clause of Act Governing the Choice of Law in Civil Matters Involving Foreign Elements of ROC, the ROC’s international private law. The discussion is further supplemented with actual practices, taking into account the current UCP600 and ISBP745 as the theoretical bases in its analysis of the legal issues involved with the bill(s) of exchange specified in the L/C in international trade practices. Keywords: international jurisdiction、UCP、ISBP、foreign negotiable instrument、L/C、Bill(s) of Exchange

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.

Over the years, the electronic letters of credit evolved as one of the developments to meet the international trade demands coupled with the exponential technology advancements of the current times which whetted an appetite for superfluous trade and competitiveness in the trade industry. Just like legal discrepancies pursuant to the use of the letter of credit in international trade, this too demanded some legal architecture to govern its utilization. However, unlike the traditional letters of credit, there are more legal stumbling blocks concerning this form of letters of credit. The primary legal constraints being, lack of legal recognition by the courts because of their nature (being data messages); lack of recognition in the laws of contracts (digital signatures, digital contracts), public perception more especially most of the developing countries, who because of lack of technology, resources and skilled man power, lacked knowledge on the advantages of technology advancement. So, the study interrogates the legal implications of an electronic letter of credit in the international trade transactions using Botswana as a case study. Importantly, it investigates the completeness and sufficiency of the legal regimes in Botswana to enable operation of the electronic letter of credit. The conclusions are that the Botswana e-legislation drafts so far are complete as regard to the legal principles enabling electronic transactions. It also argues that the laws are comprehensive enough, receptive to the electronic documents including the upcoming developments in technology and more importantly, the fact that it provides a level playing field for all the players by protecting the rights of the users of electronic transactions in general.
tm2017
Centre for Human Rights
LLM
Unrestricted

碩士
中國文化大學
國際企業管理研究所
99
ince the opening up of cross-strait economic and trade policies, some Taiwan-based banks have already landed, the banks are now activelyexpanding the mainland financial market in order to upper hand, and credit business for the bank's most important business, and credit spreads due to the mainland much higher than in Taiwan, that the successful grasp opportunities, banks must re-division of the financial landscape, this study decision-making laboratory analysis (DEMATEL), look for the introduction of capital on the mainland banking sector during the credit business in Taiwan, important factor affecting the credit business, and to identify factors and the causal rela-tionship and importance. The results found that "with or without collateral," "loan amount size" and "borrowing house-hold factors" affecting the mainland before the three important factors in credit business, "political risk" in the overall measure, the most significant and the impact of other indicators than to be af-fected more than other indicators, as an important catalyst affect other indicators, it is suggested that Taiwanese banks in mainland China Taiwan business credit, you should consider "whether the col-lateral," "loan amount size" and "borrowing household factors" and other factors, Taiwan and the mainland government should be more active consultation with the principles of equality and mutual benefit under the framework of cross-strait financial exchanges to accelerate the establishment of related systems, will minimize political interference in order to reduce cross-strait political risk, the key factor in this study in the future credit possible impact on practice, to analyze and give sugges-tions for improvements one by one, hope the findings based on the domestic banking sector by pro-viding credit for mainland-based Taiwanese business viable proposals to be put can receive, under-stand exactly what risk and make profits.

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.

碩士
東吳大學
法律學系
107
As an important payment system for international trade, Letter of credit (LC) is a conditional payment promise made by issuing banks. It is independent and unconstrained to the underlying contract. Once the documents and conditions required submitted by the beneficiary are in accordance with the credit conditions, the issuing bank shall perform the payment service, and the bank as well as the applicant shall not invoke any underlying contract other than the credit condition as a defense. The foundation stone of the special payment system for the achievement of LC is the legal characteristic of the principle of literalness and independence. The literalness principle is that the transaction is limited to documents recorded on the surface. And the bank's sole consideration is whether a request for beneficiary to honour is accompanied by documents that appear, on their surface, to comply with the terms of the credit. The independence principle insulates the LC from underlying contract and is generally unaffected by the circumstances of the underlying commercial transaction. Therefore, it has the function of ensuring the stability and clarity of the law and protecting the security of the transaction. The unique payment system of LC ensures the security of transactions between importer and exporter, but the system is not invulnerable and results in the dilemma of failing to control the fraud and illegality. There are two defenses to the principle of independence-fraud defense and illegal defense. Based on these two defenses, fraud may sometimes act to destroy the independence of LC, so the issuing bank may be justified in refusing to honour an LC where evidence of fraud is present. And it is clear that illegality in the underlying commercial transaction should allow the bank the same discretion. In recent years, money laundering control and the terrorist financing control have become an important issue in the world. As standards are raised ever higher for AML and Counter Terrorist Financing (CTF) events, trade-based financial crime is one of the new techniques criminals are using. As the most covert way of money laundering, Trade Based Money Laundering (TBML) is increasingly attached importance to by various countries and international organizations on anti-money laundering. Under the policy of anti-TBML, this study discusses the measures taken by local banks and the influence to the principle of literalness and independence of credit. At the same time, the study puts forward some suggestions on how to protect the good development of credit system in the fight against financial crime.

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)"

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
美和科技大學
企業管理系經營管理碩士班
104
The purpose of this research is seeking solutions to maintain and further develop the number of customers using international payment by letter of credit of Binh Phuoc branch. This paper tries to find out factors affecting customer satisfaction of international payment by letter of credit of Binh Phuoc branch. The research model is designed after literature review on related theories and models of bank service. A survey by questionnaire is conducted and samples are the customers of the international payment by letter of credit of Binh Phuoc branch. Factor analysis and regression analysis statistics packages SPSS 18.0 used to test the hypotheses of the study. The empirical results demonstrate Tangible, Security, Credibility, Assurance & Variety, Responsiveness, Price, Communication, Reliability, and Empathy are crucial focus factors impact to customer satisfaction of international payment by letter of credit of Binh Phuoc branch. The empirical results indicate that factor “Accessibility” is not significant to customer satisfaction. This study try to identify and analyze research questions apply to the service providers and opens measures to improve customer satisfaction with the international payment by letter of credit of Binh Phuoc branch.

碩士
美和科技大學
企業管理系經營管理碩士班
102
These days all the banks are realizing the significance of customer – centered philosophies. One of the key challenges of them is how they manage service quality which holds a great importantce to customer satisfication. The purpose of this thesis is to gain a better understanding of the service quality dimensions that affect customer satisfaction from customer perspective. Based on detail literature review, a frame of reference was developed. The thesis is to explore the service quality features (tangible, reliability, responsiveness, assurance and empathy) affect to International Payment by L/C in the context of Vietnam. The empirical data are drawn from 200 customers of ACB bank in Vietnam. The results indicate important findings: the interation of services quality into international payment by L/C. In addition, implications and limitations of this thesis as well as directions for future research are dicussed. It is against this background that this research tries to evaluate factors that affect to service quality for bank performance in Asia Commercial Bank of Vietnam. Finally price, speed of installation, speed of delivery was new dimensions found in this thesis.

The thesis focuses on the impact of the banking regulation Basel III on bank-intermediated trade finance. The theoretical part of the thesis explains details of Basel III requirements, history of Basel Accords and their future in the form of Basel IV, characteristics of trade finance products and of the whole industry. Trade finance industry voiced worries about the negative effect that these new requirements might have on trade finance business. The thesis estimates determinants of bank-intermediated trade finance and includes a regulatory variable. We use trade finance data from the Czech Republic and Hong Kong in 2000−2014 and from India in 2007−2014. A negative effect of Basel III on trade finance growth is found using pooled OLS regression. Contrary to previous research, we also estimate a negative coefficient of banks' capital to assets ratios. To the best of our knowledge, the thesis provides the first empirical analysis of the impact of Basel III on trade finance. Trade finance research usually focuses more on the relationship of trade finance and trade flows and the thesis provides an extensive literature summary of this topic. The final part of the thesis contrasts different levels of risk of trade finance and shows that the imputed low-riskiness does not apply to the Czech data.

Выпускная квалификационная работа (магистерская диссертация) посвящена характеристике расчетно-кассового обслуживания клиентов в коммерческих банках, включающее в себя открытие и ведение банковских счетов юридических и физических лиц, является для банков очень важным видом деятельности. Расчетно-кассовое обслуживание в совокупности с проведением операций по привлечению денежных средств физических и юридических лиц во вклады и размещением этих средств от имени и за счет банка является классической банковской операцией.
Final qualification work (master thesis) is devoted to the cash management customer service in commercial banks, including opening and maintaining Bank accounts of legal and natural persons to banks is a very important activity. Cash management services in conjunction with the operations on attraction of funds of physical and legal persons into deposits and placement of these funds on behalf of and for the account of the Bank is a classic Bank transaction.

The letter of credit contract and the collection contract The diploma thesis deals with the topic of the Direct Debit Contract and the Letter of Credit. A Letter of Credit is a special payment instrument issued as a rule by a bank that the principal has undertaken to pay to the person in whose interest the Letter of Credit is open and designated as the authorized amount up to the amount agreed. The Direct Debit is the commitment of the collector of receivables to obtain from the third party a receipt of a sum of money or other Direct Debit. Current legislation, contained in the Civil Code, took over the legal regulation of the Letter of Credit and the Direct Debit from the Commercial Code without any major changes. Both institutes show a number of identical and different elements. From a practical point of view, it is not possible to look for serious application problems in the Letter of Credit or Direct Debit. Keywords: Letter of Credit, Direct Debit, Banking, Bank, Payment Instruments, The Collection Contract

A letter of credit contract and a collection contract This final thesis is focused on two important payment instruments - the letter of credit and the collection. The aim of this thesis is to analyze the letter of credit and the collection. Its main target is to describe both payment instruments and to introduce their use in real life situations and to point out advantages and disadvantages of both instruments. Both domestic and international legal arrangements as well as expert literature and articles were used to write the thesis. As a main source was used Commercial Code and unification of trade customs by the International Chamber of Commerce. The thesis is divided in 5 chapters which furthermore divide themselves into several more subchapters. Because of the fact that contract on the letter of credit and the contract on collection are fundamental for the creation of commercial law obligation the first chapter discusses the general characteristics of commercial obligations from the point of view of the Civil Code and from the point of view of the Commercial Code. Furthermore the letter of credit and the collection are one of the many of bank contracts and these are explained in detail in the second chapter. The bank itself is a party to such contracts and that is why a lot of attention is paid in the...

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.

The legal nature of the bill of lading as a negotiable document of title has allowed it to provide the basis of a system in which bankers provide credit for the financing of international sales contracts on the strength of the security afforded by the goods represented in the bill. The sea waybill has appeared as a substitute for the bill of lading and, despite its nature as a nonnegotiable document, it can be employed in a manner which allows it to provide collateral security to banks. Multimodal transport documents which may be issued in negotiable or non-negotiable form assume the same legal role as the bill oflading or sea waybill respectively. The inclusion of specific articles in the 1993 Revision of the UCP relating to non-negotiable sea waybills and multimodal transport documents affirms their acceptability to banks financing international sales contracts under documentary letters of credit.
Law
LL.M.