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A Study On Some Legal Issues Of Standby Letter Of Credit

Posted on:2005-02-05Degree:MasterType:Thesis
Country:ChinaCandidate:Q F CuiFull Text:PDF
GTID:2156360125956737Subject:Law
Abstract/Summary:PDF Full Text Request
In order to control international trade risk effectively, independent guarantee and standby letter of credit come into being. Standby letter of credit origins in America for reason of circumventing the law, which prohibits bank issuing guarantees. At the beginning, standby letter of credit was mainly used in America and independent bank guarantee in Europe. But now, it has been more and more used in international business in Europe and other areas of the word. With china's entry of WTO, in the field of foreign-related business, standby letter of credit will become the more and more popular financial product.Through comparative and analytical approach, and based on related rules of standby letter of credit, especially International Standby Practice (ISP98), this dissertation makes a study on some legal problems of standby letter of credit.This dissertation consists of five chapters.Chapter I covers the concept, legal nature and characters of standby letter of credit, to further defining standby letter of credit, this chapter compares it with independent bank guarantees and commercial letter of credit.Chapter II explores the principles of standby letter of credit, independence and strict compliance. The principles share fairly commercial risks among the parties concerned, and balance the interests of them. This chapter further discusses the concrete standard of strict compliance. Moreover, the relation between fraud exception and the principles is discussed.Chapter III analysis the rights and responsibilities of the related parties of standby letter of credit, among which this chapter focuses on that of issuer and beneficiary.Chapter IV illustrates briefly the rules of standby letter of credit, Convention on Independent Guarantee and Standby Letter of Credit, URDG, UCP500, and mainly ISP98.Chapter V summarizes the current legislation of standby Letter of credit in China, indicates the existing problems, and puts forward the author's preliminary proposals on it.
Keywords/Search Tags:Standby letter of credit, issuer, beneficiary, ISP98, UCP500
PDF Full Text Request
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