UM E-Theses Collection (澳門大學電子學位論文庫)
critical appraisal of the law and practice relating to the examination and rejection of documents under letters of credit
English Abstract
Under the financial circumstance, as far as present author is concerned, the LC was used to the instrument of refusal in a long time. ICC commission, therefore, took many actions with a view to reduce the rate of the refusal. One of the essential methods to handle this issue is the adjustment of the main rules regarding the examination and rejection of LC. Accordingly, new UCP modifies the compliance rule of examining documents. It transforms the “Original Compliance Rule” into the “Flexible Compliance Rule”, it gives bankers more rights and freedom in the process of examining documents; additionally, it sets up much stricter standards of rejection for bankers; apart from that, bankers are obtained more options before determining rejection. Accompanying with the promulgation and implementation of the new version of the UCP and ISBP, the aim of ICC has been accomplished to some extent. However, from another angle, the current situation of LC does not mean the happy ending, since it is on the basis of losing some relevant parties’ interest. Although the beneficiaries’ rights can be more protected than before, the applicants’ rights are in the brink of a cliff. Thus, If ICC dose not review this demanding rebalancing system, which is especially in the rules of examining and rejecting documents, it will go to another extreme as soon as possible. For mainland china, the first alike legal Interpretation on LC has been implemented by Chinese Supreme People’s Court since 2006, the announcement was one year earlier than UCP600s’. Meanwhile, this Interpretation has been drafted by more than plentifully experienced Judges and experts, who has not only give full considerations to the former version of the UCP500, but also comprehensively predicted the modifications and improvements in the forthcoming version, that are, UCP600 and ISBP600. But nevertheless, after implementing in practice about six years, this Interpretation undeniably has some improper and imperfect points to prove as well. Therefore, this thesis mainly aims to check and explore the modified articles in 5 UCP600 and the content of newly coming out Chinese LC’s Interpretation, which are relating to the examination and rejection of LC. Furthermore, it is the particular analysis of cases having occurred in recent years that deeply examines UCP600, ISBP2007, as well as the Chinese LC’s Interpretation.
Issue Date
Zhao, Yun Wen
Faculty of Law
Letters of credit
Letters of credit -- China
Documentary credit -- Law and legislation
Documentary credit -- Law and legislation -- China
International Business Law -- Faculty of Law
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TOC & Abstract
1/F Zone C