• 무역상무연구
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• 제69권
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• pp.201-220
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• 2016

A bill of lading is a document which is signed by the carrier or his agent acknowledging that the goods have been shipped on board a named vessel bound for the destination and stating the terms on which the goods so received are to be carried. Therefore, the bill of lading is a document of title enabling the holder to obtain credit from banks before the arrival of the goods, for the transfer of the bill of lading can operate as a pledge of the goods themselves. In the other words the bill of lading creates a privity between its holder and the carrier as if the contract was made. A bill of lading, for obtaining credit from banks, must appear to indicate the carrier's name and signature, the "shipped on board" notation, the port of loading and unloading stated in the sales contract and the credit. Data in the bill of lading, when read in context with the sales contract, the credit, the bill of lading itself and international standard banking practice, need not be identical to, but must not conflict with, data in that bill of lading, any other stipulated document, the sales contract or the credit. The surrender bill of lading, stamping "surrendered" on the original bill of lading by request of the shipper, is not recognized the legal effectiveness as a document of title by the statutory law and court. The surrender bill of lading may increase the risk of impossibility of payment to the holder. Therefore, the surrender bill of lading should be used restrictively between the credible parties and suggested to avoid in the other cases.

• 무역상무연구
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• 제33권
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• pp.91-118
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• 2007

In the transaction of credits, banks must examine the presentation to determine, on the basis of the documents alone, whether or not the documents appear on their face to constitute a complying presentation. And bank shall each have a maximum of five banking days following the day of presentation to determine if a presentation is complying. This period does not depend on any upcoming expiry date or last day for presentation. Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in i) that document; ii) any other stipulated document; or iii) the credit. When a bank determines that a presentation is complying, it must honour or negotiate. But, when a bank determine that a presentation does not comply, it may refuse to honour or negotiate. When a bank decides to refuse to honour or negotiate, it must give a single notice to that effect to the presenter. That notice must be given by telecommunication or, if that is not possible, by other expeditious means no later than the close of the fifth banking day following the day of presentation.

• 융합경영연구
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• 제2권4호
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• pp.1-19
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• 2014

The rule of Islam is simple: if you advance a loan, you are entitled to receive your capital only and nothing more. If you wish to secure profit you should enter into a partnership and become a shareholder. Prohibitions against interest are not peculiar to Islam. If we were to trace back through history, a number of examples of such prohibitions can be found in the early Greek, Roman and Rabinnical thought. With the decline of the influence of the Catholic Church interest transactions become legal and stimulated giant Western corporations which forged capitalist imperialism. The practice of charging interest (usury) now dominated Western law and ethics for over a millennium. But, the Western or capitalist economic system has proven a failure in its quest for economic justice, which serves to benefit all in society, both the rich and the poor. In particular, capitalism is currently causing a terrifying scenario of making the rich richer and the poor poorer due to interest charges. An alternative banking model, called Islamic finance and banking, is evoked in this study in order to depress financial exploitation by banking institutions.

• International Journal of Computer Science & Network Security
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• 제22권10호
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• pp.145-154
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• 2022

Based on the obtained results of the study, the most problematic issues and legal conflicts are identified, which are related to the ratio of norms of domestic and foreign legislation, taking into account the requirements of the Constitution of Ukraine and the provisions of the Law of Ukraine "On international agreements". Along with this, it is stated in this scientific article that there are a number of provisions and examples of positive practice on the specified topic abroad and in international legal acts today, which should be used by Ukraine both in improving legislation on the issues of banking activity and in increasing the level of criminal legal protection of relevant critical infrastructure facilities, especially those that are substantively related to prevention and counteraction of activity, with regard to the legalization (laundering) of criminally obtained funds, financing of terrorism and the financing of the proliferation of weapons of mass destruction, which is quite relevant for our state, given the military conflict that is taking place on its territory in the Donbass. Again, in the same context, the need for more active cooperation between Ukraine and the FATF (international body developing a policy to combat money laundering) has been proven.

• 통상정보연구
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• 제15권3호
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• pp.177-197
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• 2013

ICC 은행위원회는 2007년 7월 1일 UCP600의 개정과 함께 ISBP도 이와 함께 적용될 수 있도록 업데이트된 ISBP 681을 마련하였다. 그 후 약 6년이 지난 현재 각국 위원회의 의견을 수렴하여 2013년 ISBP745로 내용이 개정되었다. 신용장거래에서 서류심사를 위한 국제표준은행관행인 ISBP 745는 각 항목별로 구분하여 A~Q로 항목을 구분하고 있으며 UCP 600과 용어의 일치나 내용을 맞추기 위한 노력을 하였다. 이러한 노력에도 불구하고 ISBP 745가 이번 개정에서도 일부 모호한 내용을 포함하고 있다. 대표적으로 환어음 만기일 계산과 관련하여 일부 모호한 내용을 포함하고 있으며 그 이외의 사항에 대하여도 검토가 필요하다고 할 수 있다. 일반적으로 ISBP는 UCP 600과 ICC 은행위원회의 의견 및 결정(decisions) 내용과 일치된다고 할 수 있으며 따라서 거래당사자 모두 UCP 600에 준거한 신용장거래는 UCP 600 뿐만 아니라 ISBP 745를 명확하게 이해하여 신용장거래에서 서류의 불일치로 인하여 대금지급이 거절되는 것을 사전에 예방하기 위한 노력을 하여야 할 것이다.

• 통상정보연구
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• 제16권5호
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• pp.87-114
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• 2014

ISBP는 2002년 화환신용장통일규칙(UCP 500) 하에서 ISBP645가 처음 발간된 이래, 2007년 화환신용장통일규칙이 UCP600으로 개정되자 이에 맞춰 ISBP681로 개정되었고, 다시 2013년 ISBP745가 발간된 것이다. 따라서 ISBP745는 ISBP의 세 번째 버전이자, 두 번째 개정이 되는 셈이다. ISBP의 두 번째 버전인 ISBP681은 UCP의 개정에 따른 것이나, ISBP745는 기존의 ISBP681이 시간 제약에 따라 개정보다는 업데이트 수준에 머물러 국제표준은행관행을 제대로 반영하지 못한다는 지적과 UCP600이 시행된 이후 상당한 기간이 경과되어 새로운 관행을 반영하여야 한다는 등의 개정필요성이 제기됨에 따라 UCP600하에서 다시 개정된 것이라 할 것이다. 신용장 거래에서 요구하는 서류는 매우 다양하며 ISBP745는 이와 같은 현실을 반영하여 ISBP681에서 규정한 원산지 증명서와 선적전검사증명서, 분석증명서, 검사증명서 이외에 추가적인 서류에 대하여 언급하고 이에 대한 판단근거를 제시하는 등의 추가적인 개정이 이루어졌다. 본 연구는 이러한 상황의 변화에 따라 ISBP745의 주요 개정 내용을 살펴보고, 특히 수익자증명서, 포장명세서, 중량증명서, 분석증명서, 훈증증명서 등 ISBP745에서 새롭게 추가된 서류의 심사기준과 실무적 적용에 관한 시사점을 얻고자 하였다. 또한 ISBP745에는 포함되지 않았으나 신용장 조건에서 빈번하게 요구되는 각종 증명서와 통지서 등에 대한 고찰을 통하여 신용장의 서류조건 일치에 대한 분석과 이에 따른 시사점을 도출하고자 하였다. 실무업계에서는 신용장의 문구를 세밀하게 살펴보고 신용장 조항에 나타난 다양한 선적서류들에 대한 지시사항과 ISBP 규정을 숙지하여 신용장 거래에 있어 서류불일치로 인하여 발생하는 시간과 비용의 문제들을 해결하여야 할 것이다.

• 한국중재학회지:중재연구
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• 제16권3호
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• pp.161-189
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• 2006

This paper is aiming at analyzing case law of India in relation with reasonable time to make decision whether to accept or to refuse the documents received from the presenter in credit transactions. As specified in UCP, the failure to refuse to accept the documents within a reasonable time precludes the Issuing Bank, Confirming Bank (if any) and Nominated Bank from asserting that they are discrepant. Compliance of the stipulated documents on their face with the terms and conditions of the credit shall be determined by international standard banking practice as reflected in this Articles of UCP 500. The Issuing bank is only to be held responsible for honoring the documents presented by beneficiary through the nominated banks if they are strictly in compliance with terms and conditions of the Credit. As any well experienced banker knows, however, a word-by-word, letter-by-letter correspondence between the documents and the credit terms means a practical impossibility. Thus the notion of reasonable care in conjunction with the doctrine of strict compliance mixed with International Standard Banking Practices has not played a right functional standard for checking the documents as stipulated in the credit and UCP 500. And so the rejection rate is highly estimated at approximately 50% in EU and 40 to 70% according to their geographical locations in the USA. As a result, it can possibly be inferred from this fact that the credit industry would be facing the functional failure as the international trade credit facility, if not supported with motive power as a relevant scheme in UCP 500. It is quite important to note that UCP 500 Article 13(b) which specify the time limit for the banks to notify the presenter their decision not to accept the documents within a reasonable time not to exceed seven banking days following the day of receipt of documents would be the motive engine to improve the negotiability of documents in international trade financial facility.

• 무역상무연구
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• 제15권
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• pp.89-116
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• 2001

Throughout the history of UCP, the longest lasting operational rules have been those derived from internationally acceptable best practices. I would propose that the effort to establish best practices be undertaken using four tools the SBPED, ISP98, the Opinions of the Banking Commission, and decisional law by respected courts in jurisdictions that influence letter of credit case law in the various regions. The SBPED and the ISP98 should be used; not only as a model for the drafting of future operational rules, but also as a questionnaire on best practices directed to all the national committees. The Opinions of the Banking Commission and the leading cases should be used to verify the soundness and enforceability of proposed rules. For this reason, I would suggest that the revision wait until the dust settles sometime in 2003 (10 years after the enactment of UCP 500) and we know if it is a good idea to attempt the drafting of new operational rules and whether to merge with closely related sets of rules. To do otherwise may entail a revision of the revision while it is still going on, or worse, discarding it before the ink dries or the electronic message reaches its intended recipient.

• 무역상무연구
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• 제43권
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• pp.117-142
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• 2009

The purpose of this paper is to examine the basic principles for the examination of documents in terms of the basic duty to examine the documents, the time allowed to the banks to examine the documents, linkage among the documents, the originality of documents and their issuers, and the rejection formula of documents. Further this author would look at the changes of particular transport document including bill of lading, charter-party bill of lading and so on. From the seller's perspective, the changes of the principles and individual documents under UCP600 are the most important in the sense that they affect the criteria against which the payment is made. The major changes include the omission of the phrase "with reasonable care", in terms of the basic examination principles, substitute the phrase "five banking days following the day of presentation" for the phrase "reasonable time, not to exceed seven banking days following the days of receipt of documents", introduce the new wording about the linkage between the documents tendered, and make clear the meaning of the originality of documents as well as the rejection formula. For transport documents, even though dealing with bill of lading, charter-party bill of lading, transport document covering at least two different modes of transport, freight-forwarder bill of lading and freight collect transport documents, this paper focuses on the "transhipment" of bill of lading and the definition of charter-party bill of lading. Thus, UCP has been changed several times to reflect the new banking customs and practice. It, however, would not answer every questions which users and banks will raise. These questions may be best answered in the particular underlying contract. The UCP are necessary but not a sufficient instrument for the smooth operation of an international trade transaction. The rules are now out: it remains to be seen what the players do with it.

• 무역상무연구
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• 제38권
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• pp.71-96
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• 2008

Letters of Credit are the most common method of payment for goods in the export trade, and banking practice relating to letters of credit is standardised by the Uniform Customs and Practice for Documentary Credits, which are a set of rules issued by the International Chamber of Commerce. The current version is UCP 600, which took effect on July 1, 2007. To assist the practitioners of Documentary Credits, the KCCI(Koea Chamber of Commerce and Industry) authorised a new publication-Official Commentary on UCP 600. This new publication added the word "official" in the title. In order to being an official commentary, the terms and expression should be correct and unified. But there is some problems in official commentary and legal phraseology. The problem was appeared that ICC UCP 600's were translated into Korean UCP 600 version. For example, "Issuing Bank", "Applicant", "Port of discharge", "A date of pick-up", "Shipper's load and count", "Courier Receipt", "Charter Party", "Bill of Lading", "Cover Note", "Exclusion Clause", "Insurance Certificate", "Declaration, Underwriter". If can be used 'Official Commentary on UCP 600', the above statements should be a compliment though take a wide professional opinions or held a public hearings. The Purpose of this paper is to point out the problems and substitute the term used and unify the expression in official commentary.