[국제무역결제]신용장거래에 있어서 엄밀일치의 원칙과 대처방안

The Doctrine of Strict Compliance and Countermeasures in Letter of Credit Transactions

The doctrine of strict compliance has governed the law of letters of credit since the beginning of the twentieth century. The strict compliance doctrine is, in reality, complementary to the autonomy of the credit. "Strict complice" provides the yardstick for determining whether or not the beneficiary has complied with the terms of the letter of credit. As long as the issuing bank adheres to it when it examines the documents tendered under the letter of credit, it remains within the ambit of its contract with the applicant for the credit. But, a rigid application of the doctrine of strict compliance is, obviously, bound to lead to results that would, on many occasions, be regarded as both unfair and unsound by the business world in general. In respect of documentary or commercial credits, the courts and the business world developed some principles that are used to combat strict compliance. Consequently, the findings of this paper is as follows; 1. In construing a letter of credit, the document has to be construed as a whole and mere misprints or trivialities to be distinguished from discrepancies. 2. Compliance of the stipulated documents on their face with the terms and conditions of the Credit, shall be determined by international banking practice as reflected in UCP500-Article 13(a). If a Credit contains conditions without stating the document(s) to be presented in compliance with them, banks will deem such conditions as not stated and will disregard them. 3. In the right of the American doctrine, the bank is treated as waiving discrepancies not stated in the notice rejecting the documents within a resonable time not exceeding seven banking days.