ICLOCA 중재제도에 관한 연구

A Study on the ICLOCA Arbitration System

Letters of credit have achieved their status as a universally recognized means of assurance of payment because their documentary character lends itself to summary payment or, in the event of a dispute, summary resolution. As letter of credit law and practice is highly specialized and often counter-intuitive to the general commercial lawyer, the judicial process has not generally afforded the speedy, final, certain and sound relief desired by parties to a letter of credit dispute. For similar reasons, this observation also applies to independent guarantees, documentary collections, funds transfers and other mechanisms for the assurance of payment in trade and commerce. The ICLOCA was founded as a result of an initiative from within the letter of credit community. It is the goal of ICLOCA Rules and the arbitration system with which they are linked to provide an expedited, principled, and final resolution of disputes involving trade finance by recognized experts in law and practice in a cost efficient manner.