[국제무역결제]보증신용장거래에서 발행은행의 지급이행에 관한 몇 가지 문제점

Problems on the Performance to pay by the Issuing Bank in Standby Letter of Credit Transactions

Recently standby letters of credit are using as surety devices in various global business transactions. The purpose of this article is to suggest the countermeasures of problems relating to the performance to pay by the issuing bank in standby letters of credit transactions. For this purpose, the author examined the nature and characteristic of the performance to pay by the issuing bank. From the result of the analysis, two major problems are become clear, one is that there is high possibility of improper demand by the beneficiary and the other is that the issuing bank bears too much risk. The countermeasures of these problems are as follows. Firstly, for preventing improper demand, it needs to insert special condition such as notice of demand clause in the standby letters of credit and to strengthen the document requirements to present default statement made by someone other than beneficiary. Secondly, if the demand turns out improper, the issuing bank could refuse to pay by its own decision or by the court's injunction. Thirdly, to guarantee reimbursement from the applicant, the issuing bank may request to pay the credit amount in advance. Finally, to diversify the risk of the issuing bank, the issuing bank may sell participations to another bank. And using back-up credits and multibank credits could reduce the risk of which the issuing bank bears.