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Volume & Issue no: Volume 3, Issue 11, November 2014

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Title:
The Obligation of the Issuing Bank towards Beneficiary in the System of International Documentary Credit
Author Name:
Dr. Nashat Mahmoud Abdalla Jaradat
Abstract:
ABSTRACT The paper focuses on the need for this system of the documentary credit. The paper also analyzes the entire procedure involved in the implementation of the documentary credit system. The paper further analyzes the basic principles of Documentary Credit: the independence principle (that letter of credit is independent of the underlying sales contract) and strict compliance principle (that the documents submitted by the seller must conform to the terms of the credit in the strictest sense). The body of the paper will analyze in detail the legal obligations and duties of the issuing bank towards the beneficiary, in the light of basic principles of the letter of credit and vice-versa; the study also examines the effect of different circumstances on these duties. In doing so the author focuses on the common law principles evolved over the period of time on the issue; in addition to that the paper also examines the Uniform Customs and Practice for Documentary Credit (UCP 500) issued by the International Chamber of Commerce in 1993, as it is the only international instrument on the subject and even UCP provides for application of domestic law and common law. Keywords:- Uniform Customs and Practice (UCP). Documentary Credit, International Chamber of Commerce.
Cite this article:
Dr. Nashat Mahmoud Abdalla Jaradat , " The Obligation of the Issuing Bank towards Beneficiary in the System of International Documentary Credit" , International Journal of Application or Innovation in Engineering & Management (IJAIEM) , Volume 3, Issue 11, November 2014 , pp. 407-415 , ISSN 2319 - 4847.
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