UCP 600의 실무상의 문제점에 관한 한ㆍ미간 비교연구

A Comparative Study on the Problems in the Practice of Uniform Customs and Practice for Documentary Credits(UCP 600) between Korea and U.S.A.

This study intends to study the problems in the practice of Uniform Customs and Practice for Documentary Credits(UCP 600) between Korea and U.S.A. Generally speaking, both countries comply with UCP 600 well. Nevertheless, there are some differences in the practice between both countries owing to the difference in law. First, there is a difference of application in the standby letters of credit between both countries. Korean banks mostly comply with UCP 600 in the credit, but U.S. banks mostly comply with ISP 98 in the credit. Secondly, there is a difference in interpreting the examination time for documents presented. Korean banks have a maximum of five banking days following the day of presentation to determine if a presentation is complying, but U.S. banks have a maximum of seven banking days in the case. Thirdly, there is a difference in interpreting whether the negotiating bank can have recourse against the beneficiary. Korean banks always have recourse against the beneficiary, but U.S. banks may or may not have recourse against the beneficiary. Korean banks should pay closer attention to three issues in the letters of credit operation under UCP 600. First, the issue is the definition of negotiation. Negotiation by non-nominated bank, cable negotiation and negotiation under reserve are not covered under UCP 600. Secondly, there happens merger when accepting and deferred payment banks negotiate their accepted bills. Thirdly, it should be noted that the interpretation of ‘from’ in relation the maturity date is different from that used in relation to periods for shipment.