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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2023.8
- 수록면
- 231 - 262 (32page)
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초록· 키워드
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Purpose – The main purpose of this paper isto analyze the desirability of the trend of using economic sanctions as the ground for payment refusal for the letter of credit.
Design/Methodology – This paper first explains what the letter of credit is, the laws and key legal principles regulating the letter of credit transaction. It then explains the special features of the recent economic sanctions regulations, and review how the banks are developing the trend of using economic sanctions as a defense to honor the credit. Based on the observation, the desirability of such trend is evaluated in the perspectives of historic trend and the law.
Findings– It is found that the practice of using sanctions as a ground for payment refusal goes against the historic origin of the product, destroys the legal principles with regard to it, and, destroys the practical usefulness of the product, as a result. Therefore, the trend is not desirable, although understandable. Use of such ground for payment refusal should be limited as advised in this paper.
Originality/value – It is expected that this paper could provide someassistance with the banks in developing the best practice with the economic sanctions issue so that they can promote both of the international trade and their own profits, the relevant policy makers such as the International Chamber of Commerce in developing better guidance, the courts when determining the relevant cases, and the international merchants when they review the terms of the letters of credit as suggested by the banks.
Design/Methodology – This paper first explains what the letter of credit is, the laws and key legal principles regulating the letter of credit transaction. It then explains the special features of the recent economic sanctions regulations, and review how the banks are developing the trend of using economic sanctions as a defense to honor the credit. Based on the observation, the desirability of such trend is evaluated in the perspectives of historic trend and the law.
Findings– It is found that the practice of using sanctions as a ground for payment refusal goes against the historic origin of the product, destroys the legal principles with regard to it, and, destroys the practical usefulness of the product, as a result. Therefore, the trend is not desirable, although understandable. Use of such ground for payment refusal should be limited as advised in this paper.
Originality/value – It is expected that this paper could provide someassistance with the banks in developing the best practice with the economic sanctions issue so that they can promote both of the international trade and their own profits, the relevant policy makers such as the International Chamber of Commerce in developing better guidance, the courts when determining the relevant cases, and the international merchants when they review the terms of the letters of credit as suggested by the banks.
목차
Abstract
1. Introduction
2. The commercial letter of credit
3. Economic Sanctions as a Defense to Honor
4. Evaluation of the trend based on history
5. Evaluation of the trend from the legal perspectives
6. Conclusions
References
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