Study On Legal Relationship Of Documentary Credits Parties

Documentary credits(short for "LAC"), as the means of payment guarantee based on the credit of bank, had an important role in international trade, for a long times. However the rate of L/C utilization had diminished from 1990's. being the representation of commercial credit International, factoring has been developed rapidly and became main means in international trade. Different from the international trend, L/C is still main means in foreign trade in China, which has no weakening signs in china now.Legal relationship of the parties of L/C is the basis on all legal problems of L/C. Although this matter developed through more than 100 years is a little obsolete, theuniform regulations on L/C had been founded in international trade--the UniformCustoms and Practice for Documentary Credits( short for "Uniform Customs and Practice"), ICC. But as from author's view , Uniform Customs and Practice which regulates L/C has its own disfigurement and its articles on L/C that are short of a lot of entity problems lay particular stress on operation regulations. On the other hand, although many scholars had done a lot of research on this problem, many problems have yet not been understood uniformly because of different orientation, which brings out many difficulties in practice on L/C.In light of the above reasons, the author thinks it is necessary and sufficient to study on Legal relationship of the parties of L/C for practice.