Strict Compliance With The Documentary Credit

This thesis focuses on one of the fundamental principles in Documentary Credit—"Strict Compliance" principle and the application thereof in legal practice. At present, there are two documents of great significance compiled and published- UCP (ICC Publication No.500) and ISBP (ICC Publication No.645)- through years of efforts of international banking community and judiciary. Complementing each other, and making concrete the "Strict Compliance" principle in practice, the two publications serve as the guide for practitioners. The two publications will further unify the various practices applied by the banks around the world, and make the exquisite system of Letter of Credit more commercially vigorous accordingly. The author is to compare and make analysis of relevant international practices documented by ICC, and relevant statutes and case laws in different countries, with emphasis laid upon the positions, opinions, principles and methods expressed and applied by different judicatures and international banking community with regard to application of "Strict Compliance" principle. The author purports to explain to China's judiciary and banks the reasons that so many complicated and meticulous issues in judicial process and banking practices have been involved owing to the merely principle of 'Strict Compliance', which is general and unspecific. Based upon the introduction and analysis of the past experiences home and abroad, the thesis is to make analysis of relevant clauses of judicial interpretations concerning Letter of Credit drafted and enacted by the PRC Supreme Court, and make proposals thereto.