Význam a právna úprava dokumentárneho akreditívu v medzinárodnom platobnom styku
ROLE AND LEGAL REGULATION OF DOCUMENTARY LETTER OF CREDIT IN INTERNATIONAL PAYMENT AND SETTLEMENT

Summary/Abstract: The world of banking has changed considerably during the past ten years, financial instruments have become much more complex, risks have become ever more difficult to identify, let alone to manage and control, and ever advancing technology continues to change the ways in which banks operate. A new era in banking is now upon us, where familiarity with yesterday’s sills will no longer be valued. Banks and financial institu-tions provide various subjects of economic life with necessary financial transfers. The exchange of goods and services across national boundaries brings greater prob-lems to both buyer and seller than does domestic business. These problems arise from the diversity of customs, standards, currencies, local regulations, languages and legal systems that are spread across the world. To an extent, the globalization of the past half century reduced the barriers and anomalies, but the great majority persist. Documentary Letters of Credit are commonly used to settle obligations between buyers and sellers. The majority of these instruments are used to settle international obligations, but some are employed in domestic trade. Under a Letter of Credit a bank (rather than a buyer) promises to pay the seller a designated sum of money, provided the seller presents certain documents that purport to evidence a shipment has taken place. The Letter of Credit specifies the latest date on which these documents can be presented and may also specify the latest date for ship-ment. The seller is assured that he will receive payment if he properly presents the documents described in the credit to a designated bank on or prior to the expiration date. Thus he is afforded much more protection under a Letter of Credit than under an open/account transaction or a collection, where he must rely on the buyer’s ability and willingness to pay. The buyer, on the other hand, is assured that payment will not be made unless the documents presented conform on their face to the credit’s requirement. The Documentary Letter of Credit is used when: • buyers and sellers have not been dealing together for a long time and have not developed the kind of relationship which engenders absolute trust, • buyers and sellers are not situated in countries which are geographically close, • buyers and sellers are not constituent parts of the same international group. To make the Documentary letter of Credit successful depends upon all the partici-pating parties. Each of them is obliged to perform a special task. It is the beneficiary, applicant but also the banks. In substance the Documentary letter of credit is based on the conditions sta-ted in the Credit that must be met from exporter’s side. The Credit requirements are settled in the contract of purchase between importer and exporter. The Documentary Letter of Credit comprises the following: contract, Letter of Credit issu-ing, Letter of Credit availability.

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