A Comparative Study Between Documentary Credit Beneficiary's Obligations in relation to Each Other in the Uniform Customs and Practice for Documentary Credits (UCP600) and Article 5 of the Unifrom Commercial Code of the USA (UCC)

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Abstract

Documentary credit is considered to be the mostly used and the safest method of payment in international trade. These qualities as well as its complication comparing to other methods of payment, proves the necessity of intense focus and study in this method. This research has sought to take some steps in identifying the strengths and weaknesses of these two sets of provisions in order to improve shortages and ambiguities in the Uniform Customs and Practice for Documentary Credits, which is used in our country and subsequently legal problems encountered by people using documentary credit system. This aim is approached by a comparative study of documentary credit beneficiary's and issuer's obligations in the Uniform Customs and Practice for Documentary Credits 600 as the more applicable set of provisions at international level in the field of documentary credit on one side, and article 5 of the Uniform Commercial Code of the USA as an act of the country which works effectively in the area of international trade, on the other.

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International Law Review
Volume 26, Issue 40
January 2009
Pages 313-344

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History

  • Receive Date: 14 January 2016
  • Accept Date: 14 January 2016

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