UCP상의 불일치서류, 권리포기 및 통지에 관한 사례연구

A Case Study on Discrepant Documents, Waiver and Notice on UCP

Discrepancy situations are of common occurrence in documentary credit transactions. Numerous survey carried out in the U.K shows that the rejection rate of first presentation against letters of credit was in the range of 50～60%. During the revision process, there are many inquiries pertaining to 7 Articles(9, 13, 14, 21, 23, 37, 48). In particular Article 14 (Discrepant Documents and Notice) resulted in more ICC Opinions than any other article. The purpose of this paper is to examine the provisons on Discrepant Documents, Waiver and Notice under UCP and the case study in connection with it. For this purpose, first this study deals with the relative provisions on Discrepant Documents, Waiver and Notice under pre-UCP 600 and under UCP 600. Secondly this study analyzes the cases decided in connection with Discrepant Documents, Waiver and Notice. Finally some considerations the letter of credit practice in connection with Discrepant Documents, Waiver and Notice under UCP are stated. This paper contribute to help the parties to letters of credit to understand the provisions on Discrepant Documents, Waiver and Notice under UCP.