Domestic Letters Of Credit Research, On Legal Issues

The article includes two parts. The first part is about the knowledge of operation of Domestic L/C(Letter of Credit), i.e. operation part. The second part is devoted to the knowledge of law of Domestic L/C, i.e. law part.In the first part, the author explains L/C in international settlement primarily. Whereafter, the author introduces the conception of Domestic L/C , all parties of Domestic L/C, functions of Domestic L/C, the sorts of Domestic L/C, and operation procedure of Domestic L/C. By introducing the above knowledge, the author believes that the readers will deeply understand Domestic L/C. Furthermore, the first part is the basic of the second part.In the second part, the author analyses the legal problems of Domestic L/C in detail, including source of law and characteristic of law of Domestic L/C, legal relation of the involved parties of Domestic L/C, legal liability of the parties and release of legal liability of the banks of Domestic L/C, limitation and improvement of legal system of Domestic L/C. During analyzing these matters, the author introduces Settlement Means of Domestic L/C, L/C related to the international trade, Ucp500, Ucc5, the differences between Domestic L/C and International L/C.