신용장거래에서 개설은행의 지급거절에 대한 연구

A Study on Payment Refusal of the Issuing Bank under L/C

An issuing bank has to advise the nominated bank within five banking days whether or not a presentation is compliant. If the issuing bank fails to do so, the issuing bank is then precluded from claiming that the presentation is non-compliant. Whether a bank completes examination of the presented documents within a reasonable time depends on the facts of each case. As there was no objective standard for reasonable time stipulated in UCP500, beneficiaries often used the term to sue the issuing bank for delays, especially when the beneficiary had a weak case for claiming discrepancies. There has been a major change in UCP600 concerning examination and refusal of documents: the removal of reasonable time for document examination. Many L/C practitioners think that five banking days are allowed for banks for examination and refusal. Still, the L/C community has not reached an agreement on this. Therefore, it may be advisable that bankers send refusal notice to the presenter as soon as possible within five banking days when an issuing bank decides to refuse. Given that document examination is the most important part of L/C operation, bankers are advised to be well aware of this stipulation in UCP600.