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The Issuing Bank’s Liability to Honor the Presentation under Letters of Credit

Author: SongLi
Tutor: ZhangQingZuo
School: Wuhan University
Course: Legal
Keywords: Letter of credit Letters of credit of Principles of the Independence The documents surface of strict match Fraud rules Payment obligations
CLC: D922.28
Type: Master's thesis
Year: 2005
Downloads: 321
Quote: 3
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Abstract

Letters of credit independent surface consistent with the principle of principles and documents together constitute the foundation upon which the entire letter of credit legal system. Letter of credit the principle of the independence of the two aspects, namely independent abstract and documentation of transactions. The former emphasizes the letter of credit is independent of the underlying contract, which stressed that the letter of credit transaction documents transactions. They complement each other, are intrinsically close contact. For the issuing bank, the credit of the significance of the principle of independence is that: the payment obligations of the issuing bank is not the basis of the impact of the contract dispute, it is non-interference in the performance of the underlying contract, nor obligations. The letter of credit transactions is constituted by a series of contractual relationships. The legal relationship between the issuing between the applicant and the issuing bank has commissioned the nature of the contractual relationship, the legal relationship between the issuing bank and the beneficiary based on the letter of credit for the manifestation of the contractual relationship. , Which is the legal basis for the issuing bank payment obligations. In this contractual relationship, the issuing bank bears the beneficiary under the conditions of the documents submitted in conformity with the provisions of the letter of credit to its payment obligations. Document surface consistent principle to solve the problem of the issuing bank standard payment obligations. The issuing bank in accordance with this principle, the form of review rather than a substantive examination of the documents only standard documents in line is a flexible rather than absolute documents strictly match. Breach of the obligation to pay the liability should be distinguished from general liability for breach of contract based on the unique nature of the letter of credit transaction, the issuing bank. In the case of improper payments issuing bank, issuing the applicant should only request compensation for the resulting direct loss and interest; case of improper refusal of the issuing bank, the beneficiary can request the issuing bank to pay the letter of credit amount and interest, but can not require the latter to compensation for loss of profits under the underlying contract. The credit fraud rules is an integral part of the letters of credit legal system. Its formation and development in order to make up for the letter of credit the principle of the independence and documents surface strictly consistent with the lack of principle, to prevent fraud the abuse letter of credit in favor of legal system, the applicant and the issuing bank to commit fraud. \Next to amend the Uniform Customs and Practice for Documentary Credits \The breakthrough on the basis of the relevant provisions of the (UNCITRAL Convention).

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