A Study on the Rules for Resolving Documentary Credits Disputes

화환신용상(貨換信用狀) 분쟁해결(紛爭解決) 규칙(規則)에 관한 연구(硏究)

This study is focused on the rules for resolving documentary credits disputes. First, International Chamber of Commerce published Documentary Credit Dispute Expertise Rules on October 1, 1997. The DOCDEX Rules are the International Chamber of Commerce(ICC) response to a clear call from the international banking community for a rapid, cost effective, expert-based dispute resolution mechanism for documentary credit practice, including bank-to-bank reimbursement issues. Next, The International Center for Letter of Credit Arbitration was established in September 1996. The Center was founded as a result of an initiative from within the letter of credit community and has been co-sponsored by the United States Council on International Banking(USCIB) and the Institute of International Banking Law and Practice Inc. In September, ICLOCA adopted its "Rules of Arbitration for Letter of Credit Disputes." Therefore, parties to letter of credit disputes should choose a appropriate dispute resolution mechanism under the circumstances in the future.