Compliance Rules in Documentary Credit Transactions

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to review compliance rules in transactions involving documentary letters of credit. The principle of strict compliance used in most banks (as a tool to determine whether or not discrepant factors exist) has shown a tendency to take a pragmatic approach considering the functions of the commercial credit and the essential features of the compliance rules in letters of credit, as well as the necessary guidance that ISBP 745 gives to identify these matters. Understanding the criteria in checking the documents presented may reduce refusal rates of those documents on presentation.

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