THE IMPORTANCE OF DOCUMENTARY CREDENTIALS AND DELIMITATION IN RELATION TO OTHER ACTIVITIES OF INTERNATIONAL BANKING LAW
THE IMPORTANCE OF DOCUMENTARY CREDENTIALS AND DELIMITATION IN RELATION TO OTHER ACTIVITIES OF INTERNATIONAL BANKING LAW
Author(s): Jovana MastilovićSubject(s): Commercial Law
Published by: Pravni fakultet za privredu i pravosuđe u Novom Sadu
Keywords: banking operations; documentary letters of credit; documentary collection; the bank guarantee
Summary/Abstract: This paper discusses the international documentary credentials and its role in the international trade. The appearance of the international trade and the increasing distance of the principal (a buyer or importer) and the creditor’s beneficiary (a seller or exporter) leads to the need to protect both of them as well as the other parties in business. In comparison with other legal institutes in banking business, the most frequent use has the international documentary credentials because, beside being a payment instrument, it has the role of securing claims too. Legal relations in letters of credit are regulated by the Law of Contract.
Journal: Pravo teorija i praksa
- Issue Year: 36/2019
- Issue No: 1-3
- Page Range: 98-108
- Page Count: 11
- Language: English