Recent Development Of And Treatment To The Standards Of Examination Of Documents Under UCP600

In the process of the global economic integration and under the background of the present international financial crisis, international trade is facing unprecedented opportunities and challenges. Letter of credit, as the most common method of payment in the international trade, which earns a special honor of crystallization of the business wisdom and life-blood of international commerce, will get rid of its defects and seek new opportunity for development under the new situation of contemporary international economy.At present, letter of credit, as a payment instrument in international trade, has a high rate of non-payment and decreasing utilization. Developed countries have to use other methods of payment. Such as open account, documentary collections and so on. We can not deny that the rapid development of international trade and the new characteristics of international trade is facing to accept or reject the diversification of international payments. But the defects of the characteristics of credit system itself, in particular defects in the rules of examination of documents are the important reasons in impeding the development of credit.In the letter of credit transactions, the issuing bank by virtue of its own credibility, has the rights and obligations for paying the beneficiary by submitting the complying documents after issuing letter of credit in accordance with the application of the applicant. The payment decision of the bank is a independent and objective judgment based on the reasonable standards of examination of documents.Therefore, the development of standards of examination of documents is the key problem of credit operation and the fundamental problem in safeguarding the orderly relationship between the parties. The letter of credit, from the international norms of view, the number of principle of examination of documents holds the majority of the total, and even other standards also has a close relationship with the examination of documents. The development of the theory and practice of the standards of examination will play a crucial role in the development of letter of credit. The development of the standards of examination are determined by the features of credit, which is inseparable from the two main vein of the development of credit, namely, the principle of independence and documentary transactions; It is also inseparable from the practical environment of international trade payments. Letter of credit system is evolved from a commercial practice, but its survival is relying on the legal system. standards of examination of documents, but the standards of the Uniform Customs and Practice for Documentary Credits have been widely recognized by the banks of most countries and regions of the world. Especially since the UCP 600 has been adopted, it atracts the attention of the relevant fields of the world. As an important component of UCP, standards of examination of documents was obviously revised. In the initial stage of applying the UCP, this paper has a certain amount of research value by systematically discussing the new developments of standards of examination of documents, as well as the countermeasures for related fields by combining with the International Standard Banking Practice (ISBP681) and comparing China's present situation.This paper consists of five parts. The first part outlines the letter of credit in order to study the theoretical basis for standards of examination of documents. The second part combines theory with practice for analyzing the theoretical framework and its development of the standards of examination of documents. The third and the fourth parts plobe into the new developments of the standards of examination of documents under the initial stage of applying to the UCP 600 by using methods of interpretation, comparison and positivity. The fifth part explores some countermeasures for bank in facing the new development of the standards of examination of documents by combining with the specific problems in the application of the UCP 600 in our country.