A Study on the Necessity of Legislation for Surrender B/L Use

A Study on the Necessity of Legislation for Surrender B/L Use

Purpose : The purpose of this study is to attempt to determine whether SBL is valid trade documents, and suggested possible action to allow for safe and legal use of SBL in practice. Research design, data, methodology : This study tried to analyze three cases related to SBL in order to verify the judgment consequences. Results : Since the above examples were international trade-related cases, the judgments were based on the transaction and practices among the parties in the trade. As we can see from these cases, even though SBL is not supported by any international rules, judges make decisions based on domestic law and party to party agreements. Conclusions : Since trade agreements between parties often follow common practices, the use of SBL has not decreased despite recommendations made by international bodies and institutions. Given this, rules regarding SBL are needed to ensure legal trade documentation and party protection. International rules are formed by examining common practices among trade parties. If the trade parties are using SBL, then international rules governing SBL should be prepared.