• 무역상무연구
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• 제22권
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• pp.49-70
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• 2004

UCP 500 has introduced new words "International Standard Banking Practice" as the basis of the examination of documents under documentary credits. However, the words have caused confusion among parties concerned with letter of credits. So, at its May 2000 meeting, ICC Banking Commission established a task force to document international standard banking practice for the examination of documents presented under documentary credits(ISBP). The publication is the product of two and a half years of work by a task force of the ICC Banking Commission. It was approved by the full Commission at its meeting in Rome in October 2002. The ISBP is a practical complement to UCP 500. It explains how the rules are to be applied on a day-to-day basis. As such, it fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. But, ISBP have two problems. First, ISBP impose more responsibilities than before the ISBP existed on banks. Second, ISBP have some problematic articles like the problem of maturity, letter of credit language, term. Consequently, all parties concerned with documentary credits need to armour themselves with knowledge for ISBP. Also, it should be noted that any term in a documentary credit which modifies or affects the applicability of a provision of the UCP may also have an impact on international standard banking practice. Therefore, in considering the practices described in this publication, parties must take into account any term in a documentary credit that expressly excludes or modifies a provision in an article of the UCP.

• 통상정보연구
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• 제7권4호
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• pp.219-243
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• 2005

The Purpose of this Article is to analyze the examination criteria on the compliance of multimodal transport document in the ISBP. When the goods are taken in charge by the multimodal transport operator, he shall issue a multimodal transport document which, at the option of the consignor, shall be in either negotiable or non-negotiable form. The multimodal transport document shall be signed by the multimodal transport operator or by a person having authority from him. When the multimodal transport document is presented by the beneficiary to the bank in the letter of credit operations, the bank should examinate the bill of exchange and/or shipping documents, including multimodal transport document. There are two rules in connection with examination of the documents in the letter of credit operations. One is the "Uniform Customs and Practice for Documentary Credits(UCP 500)" approved by the Banking Commission in March 10, 1993, the other is the "International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credits(ISBP)" approved by the ICC Banking Commission in October 2002. Therefore, this Article has studied the multimodal transport document presented under documentary credits on the basis of the UCP 500 and the ISBP it reflects.

• 통상정보연구
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• 제15권2호
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• pp.261-283
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• 2013

ISBP745에서는 기존 ISBP에서는 규정하고 있지 않던 해상운송장 및 도로, 철도, 내수로 운송서류를 규정하여 규정의 폭을 넓혔다. 종래의 ICC Opinion과 다르거나 없었던 ISBP745의 주요 개정사항을 요약하면 다음과 같다. 첫째, 운송루트가 복합운송이면서 선하증권을 요구한 경우 UCP600 제19조 복합운송서류 규정이 적용되는 것으로 종래의 ICC Opinion과는 다르게 개정되었다. 둘째, 신용장에서 착하인도 대리점의 주소와 명칭의 운송서류 기재를 요구할 때 이 주소가 최종목적지 또는 하역항에 위치 할 필요가 없을 뿐만 아니라 동일 국가에 위치할 필요도 없다는 규정이 신설되었다. 셋째, 여러 사람의 송하인과 한 사람의 수하인이 있는 LCL/FCL 운송의 경우에는 복수의 운송서류가 발행되는데 이에 대한 사례를 구체적으로 규정하고 있다. 그러나 운송업계에서 이러한 경우에 흔히 표시하고 있는 "LCL/FCL" 또는 "CFS/CY"의 기재를 복수의 운송서류가 요구되는 사례로 규정하지 않음으로써 실무적으로 혼란을 야기할 수 있다는 문제가 있다. 넷째, 신용장에서 분할선적이 허용되고, 복수의 운송서류가 하나의 표지서류에 따라 제시될 때 서류 제시기간의 기산일을 운송서류 중 최초의 선적일을 기준으로 한다는 규정이 신설되었다.

• 무역상무연구
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• 제25권
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• pp.99-119
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• 2005

Recently, the export claims related to the compliance of the commercial invoice are increasing. This paper aims to review the basic requirements of the invoice, and two theories on the document compliance, i.e., the strict compliance and the substantial compliance, and to analyse the substantial compliance of the invoice through some recent cases under the UCP 500, ICC's opinions and the International Standard Banking Practice (ISBP). As regards the compliance of the invoice, a majority of the cases has held that it must comply strictly with the credit terms ("strict compliance rule"). However, a minority of courts and credit industry standards such as the UCP and ISBP published by ICC take a different approach, infusing the credit law notions such as equity, "substantial compliance rule", etc. The extent of the substantial compliance of the invoice is particularly explained in the above-mentioned invoice paragraphs of the ISBP and supported by a large number of ICC's official opinions. Especially, the parties and descriptions in the invoice must correspond with those in the credit, being not inconsistent with the other documents. Other issues related to invoices such as a tolerance of the quantity, the amount, and the number of originals or copies, etc. must comply with the credit terms substantially.

• 무역상무연구
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• 제45권
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• pp.111-136
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• 2010

Bill of lading means the transport document ("marine", "ocean" or "port-to-port" or similar), however named, covering sea shipment only. Data in a bill of lading, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit, according to UCP 600 and ISBP. This article has provided the general guideline of the discrepancies on the basis of UCP 600, ISBP 681 and the ICC Banking Commission Opinions, for the solution of the unpaid problems of the credit transactions. I have studied especially the ICC Banking Commission Opinions and the DOCDEX Decisions on the bill of lading after UCP 600, the international standard banking practice (ISBP 681), and the recent Korean cases. As such, this article would fill a need gap in the market between the general principles in the UCP provisions and the daily job of the practitioner. The credit practitioners are suggested to this resulting guidance whenever doubts arise as to how to check the credit documents in daily practice.

• 통상정보연구
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• 제15권4호
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• pp.241-265
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• 2013

은행은 오직 서류만을 기초로, 서류가 문면상 일치하는 제시인지 여부를 심사하여야 하며, 물품이나 기초거래 또는 기타 거래관련 사항들을 심사할 필요는 없다. 은행은 제시서류의 형식 충분성 정확성 진정성 위조 여부 또는 법적효력에 대하여 어떠한 의무나 책임도 지지 아니한다. 본 논문의 연구 목적은 신용장거래에서 은행의 서류 심사에 관하여 고찰하는바, 특히 국제상업회의소(ICC)가 제정한 신용장통일규칙(Uniform Customs and Practices for Documentary Credit, 2007 Revision, ICC Publication No.600)과 국제표준은행관행(International Standard Banking Practice, ISBP Publication No.745), Banking Committee의 견해 및 영국의 판례를 중심으로 연구를 진행하였다. 그동안 신용장에 대하여는 그 중요성만큼이나 다양한 분야에서 연구가 진행되어 왔으며, 특히 은행의 서류심사 기준과 요건, 서류심사표준과 불일치서류 제시에 따른 효과, 사기의 문제 및 수익자의 일치하는 제시에 따른 개설은행의 의무 등 다수의 논문이 발표되었다. 선행연구와의 차별성에 관하여, 본 논문은 은행의 서류심사 시 고려사항과 서류불일치에 따른 은행의 조치를 중심으로 UCP600 규정(UCP500과의 비교)의 해석은 물론 2013년 발행된 ISBP745와 다수의 외국판례를 분석 고찰함으로써 실무당사자들에게 필요한 사전지식과 정보를 제공하는데 의의를 두었다.

• 무역상무연구
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• 제41권
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• pp.25-50
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• 2009

In this article, I have reviewed the definition of international mercantile customs, their preferential application, the developing status of the credit practice, the effectiveness and relationship of the international standard banking practices, e.g. UCP 600 and ISBP 2007, ISP98, URR 725, eUCP 1.1. and the like, established by the International Chamber of Commerce (ICC). It is important to emphasize that the autonomous agreements between the credit parties and the international practice on the credit transaction are respected above all because of the special nature of its transaction. When we want to apply to a letter of credit by the international rules - UCP 600, ISP98, URDG, URR 725 and eUCP 1.1, we must indicate expressly in the text of the credit that it is subject to the respective rule. But the International Standard Banking Practice, 2007 revised by the ICC is applicable to without its indication in case of the UCP 600 credit. On the other hand, the UN Convention on Guarantees and Standby Credits applies to an international undertaking referred to in its article 2, (a) if the guarantor/issuer is in a Contracting State, or (b) if the rules of private international law lead to the application of the law of a Contracting State, unless the undertaking excludes the application of the Convention. And this Convention applies also to an international credit not falling within its article 2, if it expressly states that it is subject to this Convention.

• 통상정보연구
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• 제10권3호
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• pp.239-261
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• 2008

Documentary credit transactions are judged by the principle of strict compliance. The compliance of the tendered documents with the credit's teams ensures the proper completion of the underlying transaction. But if the documents tendered by beneficiary differ, a discrepancy of documents occurs. Such a discrepancy raises difficult problems for the bank to which the documents are tendered. It has to decide whether to reject or accept them or to accept them under a protective mechanism. Therefore, this study is to examine the case study of complying presentation of the description of the goods in documentary credit through the Korean Supreme Court Cases. The objectives of this paper are as follow : 1. To examine two point of views on document compliance such as strict compliance and substantial compliance. 2. To analyze Korean Case Law which challenges the legal conclusions, standard for examination of documents and New ISBP. 3. To draw out the criterion for conformity and discrepancy of description in invoices and WC and to provide the guidelines for determining the nature and extent of an issuing bank's duty of documentary compliance. 4. Finally to suggest some implications through the Korean case law. By using the examination standards for description of goods suggested in Korean Case Law and New ISBP, the traders will be able to prepare documentation more perfectly and document checkers will be able to examine the negotiation documents more easily.

• 통상정보연구
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• 제9권1호
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• pp.381-399
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• 2007

UCP 600 will now come into effect on 1 July 2007, giving practitioners more than six months to prepare for the change. The vote on the UCP was also a favourable vote on eUCP Version 1.1 which was amended to bring it into conformity with the new rules. ICC Banking commission unanimeusly approved the revised UCP 600 on 26 October 2006 in paris convention. The most important revision of UCP600 have altered the technical and difficult to understand wording of UCP500 into plain simple precise and concise language, The singuler achievement of UCP600 is its elimination of phrase like "reasonable care" "reasonable time" and "an it's face" from the rule. The introduction of separate articles 2 and 3 on "Definitions" and "Interpretation" which contain the concept of "honour" along with the inclusion of certain ISBP wording in UCP, should bring about far greater clarity and precision than in many of the contentions articles in UCP500. The definition of negotiation should help lay to rest the controversies surrounding the terms of negotiation. The removal of reasonable time and the replacement by five banking days should speed the process and make L/Cs more attractive in the market, nevertheless UCP600 have many problems in appling it in practical field. For example the definition of credit, negotiation and purchase it's accepted or undertaken payment draft by accepting bank or deferred payment bank, the second advising bark's position etc. so, I will introduce in this thesis the important revised articles of UCP600 and investigate the problems in applying it in practicle field with reference to the specialist's opinion of the practical field and ICC opinions of drafting Group.

• 무역학회지
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• 제42권2호
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• pp.205-225
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• 2017

본 연구는 신용장거래에서 불일치서류에 대한 은행의 지급거절통지의 절차를 한·중 판례를 중심으로 고찰한다. 한·중 무역거래 비중이 높은 상황에서 한국 기업과 신용장을 개설하는 우리나라 은행들이 서류심사 결과로서 지급거절을 통지함에 있어 주의해야 하는 사항들과 신용장 관련 분쟁을 해결하기 위한 방안에 대한 제언을 목적으로 한다. 본 연구에서 고찰한 판례는 중국 매도인이 개설은행을 상대로 중국법원에 소를 제기한 것으로, 개설은행의 지급거절통지가 UCP 600 제16조 (c)항 (ii) (iii)의 내용적인 요건을 충족하지 못한다고 판시한 중국법원의 판결이다. 본 판결을 볼 때, 우리나라 기업들과 신용장 개설은행들은 첫째, UCP 600 제16조 (c)항의 규정에 근거하여 하자에 대한 통지의 내용을 자세하게 기재해야 한다. 둘째, 신용장 계약에서도 무역계약 마찬가지로 준거법에 대한 합의를 명확히 하는 것이 필요하다. 셋째, 한·중거래에서 중국법원의 편파적인 판결과 더불어 외국법원의 판결이 중국에서 집행이 어려운 점을 감안해서 분쟁해결 방식으로 중재를 활용하는 것이다. 신용장 개설 시 중재조항을 삽입하여 법적인 효력을 갖도록 하고, 국제신용장중재센터나 DOCDEX 시스템을 활용하는 것을 권고한다.