The paper examines the true legal nature of the Uniform Customs and Practice for Documentary Credit (the UCP) by applying the test: whether the UCP Rules will be applied or at least referred to by ...courts even when not expressly referred to by the parties and if so, what would be the legal basis upon which its application rests in such situations? This paper analyses four different approaches upon which the UCP's application can rest in these circumstances: (1) firstly, if the UCP is considered to be incorporated into a contract impliedly as a set of contractual terms; (2) secondly, by regarding it as an evidence of existing custom and usages; (3) thirdly, its application as an international commercial custom and; (4) finally, by considering it to be part of a new lex mercatoria.
Documentary letters of credit play a very important role in international trade and by their nature they are already an important financing tool. They are also an important part of other ...sophisticated forms of financing, such as forfaiting, export finance and commodity finance. The purpose of this article is to define and analyze different forms of financing from the perspective of the importer, exporter and middleman, as the use of letters of credit in foreign trade of the Slovak Republic is inadequate compared to other developed countries. PUBLICATION ABSTRACT
Medzinárodné vzttahy Jancikova, Eva
Medzinárodné vzttahy,
01/2013, Volume:
11, Issue:
2
Journal Article
Peer reviewed
Vo fí nancovaní medziná rodné ho obchodu má nezastupitel'né miesto dokumentá rny akredití v, ktory je svojej podstate uz ná strojom financovania, ale okrem toho je sú cast'ou aj sofistikovanejsich ...foriem financovania, akymi sú forfaiting, exportné financovanie akomoditné financovanie. Ciel'om clá nku je definovat' a analyzovat' jednotlivé formy financovania zpohl'adu dovozcu, vyvozcu a sprostredkovatel'a, nakol'ko podmienkach Slovenskej republiky má me pomerne vel'ké rezervy vo vyuzí vaní dokumentá rneho akredití vu obchodnom fí nancovaní.//Documentary letters of credit play a very important role in international trade and by their nature they are already an important financing tool. They are also an important part of other sophisticated forms of financing, such as forfaiting, export finance and commodity finance. The purpose of this article is to define and analyze different forms of financing from the perspective of the importer, exporter and middleman, as the use of letters of credit in foreign trade of the Slovak Republic is inadequate compared to other developed countries. PUBLICATION ABSTRACT
Purpose
– The purpose of this paper is to examine the current legal framework for payment system in international Islamic trade finance vis-à-vis
Design/methodology/approach
– A partial comparison of ...both the UCP 600 and the Sharī'ah framework for documentary credit is given through the content analysis of relevant sources.
Findings
– The AAOIFI Sharī'ah Standard on Documentary Credits, as well as other applicable Sharī'ah resolutions of Islamic financial institutions, does provide a good framework for a Sharī'ah-compliant documentary credit system, which is unique to trade in Islamic finance products, but there is scope for further improvement, taking into consideration the two possibilities proposed in the available literature on the subject – harmonization or bifurcation of rules. The UCP 600 also allows for the exclusion or modification of the rules to suit the specific needs of the Islamic finance industry.
Research limitations/implications
– This study focuses only on UCP 600 and the Sharī'ah framework on Documentary Credits, though bearing mind that there are other frameworks for documentary credit systems such as the International Standby Practices (ISP98) and letters of credit issued under Article 5 of the New York Uniform Commercial Code.
Practical implications
– Islamic financial institutions should implement the provisions of the AAOIFI Sharī'ah standard on documentary credits but may require a different framework for international trade financing involving both Islamic banks and conventional banks.
Originality/value
– Though few studies have been conducted on Sharī'ah issues regarding the application of the documentary credits, this seems to be the first time where a more proactive step is taken to propose two different frameworks for transactions involving Sharī'ah compliant financing.
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Purpose
– This paper aims to explore the feature and mechanism of a new type of documentary credit fraud that victimizes banks’ issuing letters of credit (L/C), harming neither the importer nor the ...exporter and seeks to suggest possible measures to tackle it.
Design/methodology/approach
– This study analyzed 30 cases of documentary credit fraud against banks that were detected by the Korea Customs Service (KCS) and interviewed three key customs investigators to interpret the case reports more accurately and gain a deeper understanding into the mechanisms governing the fraud. This study draws on routine activity theory and crime pattern theory to analyze the opportunity structures of this fraud.
Findings
– This study found that the importer that engaged in the fraud cases had established a solid business relationship with the exporter and had established trust with the victimized banks; the banks, despite the fact that they had their own risk management systems to screen out unqualified L/C applicants, were defrauded by the offending importers and exporters. Unlike ordinary documentary credit fraud, fraud against banks can be tackled by customs because the offender and the victim typically operate in the same jurisdiction, and this type of fraud often results in trade-based capital flight and money laundering, which is the target of customs enforcement.
Research limitations/implications
– As this paper is based on case reports of the KCS, it is inappropriate to generalize the findings or to apply the findings to other contexts. Nevertheless, the opportunity structure elaborated upon in the course of this paper may prove useful in devising measures to tackle this type of fraud elsewhere.
Originality/value
– Documentary credit fraud against banks is relatively unexplored, in particular from criminological perspective. This study can contribute to a refinement of the application of opportunity perspective to white-collar crime.
This paper focuses on the theo-political aspects of Avraham Shlonsky's volume of poetry Within the Wheel (1927). Shlonsky's poetry is steeped in theology and enriched by the Jewish traditional canon, ...particularly the Hasidic one. Shlonsky crafts an intricate and critical dialogue with God and with the Jewish mysticalmessianic tradition. However, close attention to the poems' allusions exposes Shlonsky's forceful critique of the Zionist halutz (pioneer) ethos. Its radicalism lies within the subversive interpretation of the Hasidic mystical traditions, offering a vital and painful dialogue with God as well as a harsh criticism of the Zionist concept of redemption. Beyond reconstructing the theo-political elements of early Shlonsky poetry, this research deepens our understanding of the theological undercurrents of "secular Zionist culture" and demonstrates the contribution of the corpus of Jewish thought to his encounter with this culture.
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Zeruya Shalev writes on marital crises through the prism of Jewish legends and Greek myths on catastrophic themes. The destruction of the Second Temple, the rift between the biblical Kingdom of ...Israel and the Kingdom of Judea, and an ancient earthquake that decimates an entire civilization serve as analogies to events in the personal lives of her characters. The article examines Shalev's novel Thera, whose protagonists are archeologists married to one another, and Wilhelm Jensen's Gardiva: A Pompeiian Fancy (1903)—whose protagonist is also an archeologist, who received a fascinating treatment in Sigmund Freud's Delusion and Dream in Wilhelm Jensen' s Gardiva (1907). Both Shalev's Thera and Jensen's Gardiva use an ancient artwork related to a cataclysmic natural disaster to stimulate the male protagonist's falling in love with a woman. The scientific archeological investigation serves as an excuse, camouflage, and metaphor for real life taking place in the present.
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Documentary letters of credit are frequently used to facilitate domestic and international trade and commerce between arm's-length parties. The letters of credit are issued by banks at the request of ...a buyer of goods, who does not want to pay for the goods prior to receiving them, to a seller of goods, who requires assurance that it will be paid promptly upon the delivery of the goods. In Nareerux Import Co Ltd v. Canadian Imperial Bank of Commerce, Douglas R. Robertson International Inc (Robertson) contracted with Thai Fisheries Co Ltd to purchase large quantities of Thai shrimp, which Robertson would then sell to Sam's Club, a division of Wal-Mart Stores Inc. The trial judge ruled in favor of Thai Fisheries, awarding it damages in the amount of $10,381,035, representing the total amount owed to Thai Fisheries by Robertson for unpaid shrimp.
Payment trough documentary cred it is one of the most usual instrument s of payment in banking practice, especially in foreign trade. Considering that documentary credit is a complex legal act, the ...subject of this paper is only the contract of documentary credit opening, which develops with principal’s instruction for credit opening and bank’s acceptance. Practically, this is the beginning of documentary credit legal act. Here will be elaborated, in details, the conception and the legal nature of the contract of documentary credit opening, as well as arrangement and its legal effects. Uniform Customs and Practice for Documentary Credits (UCP 600) are implemented in banking practice from 1 July 2007. First analysis provides the results that most of the banks in the world successfully have adapted their forms and business practice to new rules. These rules provide the easier international business practice, which have become simpler and more effective, especially because of new interpretations of some terms, which have eliminated the earlier dilemmas and confusion. In this meaning, this instrument has its full signification, because of practical importance of payment. New rules have contributed to the European and worldwide integration s, as well as unification of banking practice .
