چکیده:
The increasing expansion of international trade, especially after World War II, on the one hand, and the interest of countries with free economic system to liberalize their commercial rules, on the other hand, have made law scholars to find ways to adapt with these changes. The result of this effort is called "International Trade Law." The necessity of economic and commercial cooperation between governments and the necessity of the cooperation of traders at the international arena as well as the uniformity of the laws and regulations governing documentary credits led the International Chamber of Commerce to for the first time introduce and approve this commercial customs and practice as a legal entity in 1933; these regulations were published under the title of Uniform Customs and Practice for Documentary Credits (UCPDC) and were made available to traders. These regulations have been adapted to the changing commercial customs in line with the rapid changes in the world economy. The regulations are revised every ten years, and its latest revisions were published in 1993 under the title of the Publication 500. This paper will review the Iranian, US, and international law approaches bank documentary credits in order to explain the nature and legal implications of these international trade mechanisms in the light of the studies conducted, and, ultimately, make a comparison between the three legal sources mentioned.
The increasing expansion of international trade, especially after World War II, on the one hand, and the interest of countries with free economic system to liberalize their commercial rules, on the other hand, have made law scholars to find ways to adapt with these changes. The result of this effort is called "International Trade Law." The necessity of economic and commercial cooperation between governments and the necessity of the cooperation of traders at the international arena as well as the uniformity of the laws and regulations governing documentary credits led the International Chamber of Commerce to for the first time introduce and approve this commercial customs and practice as a legal entity in 1933; these regulations were published under the title of Uniform Customs and Practice for Documentary Credits (UCPDC) and were made available to traders. These regulations have been adapted to the changing commercial customs in line with the rapid changes in the world economy. The regulations are revised every ten years, and its latest revisions were published in 1993 under the title of the Publication 500. This paper will review the Iranian, US, and international law approaches bank documentary credits in order to explain the nature and legal implications of these international trade mechanisms in the light of the studies conducted, and, ultimately, make a comparison between the three legal sources mentioned.
خلاصه ماشینی:
/ / Article history: Received date: 17 September, 2017 Review date: 22 October 2017 Accepted date:16 November 2017 Printed on line: 28 December 2017 Keywords: Legal-Social, Comparative Study, Nature-Social Abstract The increasing expansion of international trade, especially after World War II, on the one hand, and the interest of countries with free economic system to liberalize their commercial rules, on the other hand, have made law scholars to find ways to adapt with these changes.
In other definitions, it is stated that documentary credits are irrecoverable obligations guaranteed by the issuing bank in order to pay the shipping documents required by the applicant and the beneficiary's claims in a certain due date in accordance with the terms of credit (Alizadeh, 2012, p.
Today, the authors of the international trade law agree unanimously that documentary credit is somewhat similar to the bill of commercial documents in its specific sense and takes on its important characteristics; accordingly, some of the rules governing the bill of exchange are applied to this bank-commercial document to analyze the legal nature of this commercial paper.
While Article 5 of the Uniform Commercial Code is mainly related to the terms of obligations and responsibilities, UCP It provides a means by which international banking lawyers can become familiar with the practical and procedural aspects of documentary credits.
Second Speech: A Comparative Study of Fraud in Documentary Credits: In the Uniform Commercial Code of America, Paragraph 12 of Article (114-5) has predicted the rules of fraud and stated the rights and obligations of the issuing bank in cases of fraud, with the distinction of different assumptions.