보증신용장거래에서 비서류적 조건의 해석과 적용에 관한 연구

An Examination of the Regulations on Non-documentary Conditions in Standby Letters of Credit Transactions

Standby letter of credit which are used in a wide range of transactions are particularly utilized in industries like construction, finance and international sales of goods. A standby letter of credit is an undertaking by a bank to make payment to a third party(the beneficiary) or to accept bills of exchange drawn on him, provided that he complies with the stipulations of the credit which, in international trade transactions, invariably include the tender of one or several documents. In a standby credit, the required documents need not include the transport documents. This type of credit may be activated by a document of any description, e.g. a demand by the beneficiary or a statement from him that the other party is in default. This article focuses on the interpretation and implication of non-documentary conditions in standby letters of credit. The purpose of this study is to examine the regulations on the non-documentary conditions under International Standby Practice(ISP98).