The Cancellation of Documentary Credit in Iraqi Trade Law Compared to the Standards of the International Chamber of Commerce (UCP 600)
DOI:
https://doi.org/10.26750/Vol(10).No(4).Paper39Keywords:
Documentary Credit, UCP 600, International Chamber of Commerce, Iraqi Trade Law, CancellationAbstract
This research is about (the cancellation of documentary Credit in Iraqi Trade law compared to the standards of the International Chamber of Commerce (UCP 600)). It is an analytical and comparative study, it is a scientific attempt that sheds light on how to cancel the documentary credit and its impact and effects in accordance with international standards in the International Chamber of Commerce (UCP 600), and compares it with the Iraqi Trade Law to identify deficiencies in Iraqi law. In order to be able in the near future to complete the legal deficiencies in Iraqi law and to comply with international standards.
Documentary credit is an important method in the field of international trade that makes commercial movement fast between countries and eliminates fear and anxiety among merchants and those doing business because fear and anxiety ultimately slow down commercial activity. Undoubtedly, the law must take its course to regulate these activities in the best manner.
Also, in the end, this research presents a set of results and suggestions, such as the solution to readers and researchers, which must be taken into account upon amending the Iraqi Trade law in the future.
References
ياملكي أكرم. (2012). القانون التجاري (دراسة مقارنة في الاعمال التجارية والتاجر والعقود التجارية والعمليات المصرفية والبيوع الدولية. منشورات جامعة جيهان، أربيل، العراق.
صالح باسم محمد (1987). القانون لتجاري: القسم الاول النظرية العامة، التاجر العقود التجارية، العمليات التجارية، القطاع الاشتراكي. دار الحكمة، بغداد.
أمين خالص نافع (2010). مسؤولية المصرف في مواجهة المستفيد بموجب عقد الاعتماد المستندي . مجلة الكوفة للعلوم القانونية و السياسية, (7), ص 112–154.
الجوراني خالص حميد حمزة (2017). عقد الاعتماد المستندي (دراسة مقارنة). مجلة كلية الحقوق/جامعة النهرين، (19)، ص 257-274
العيساوي عامر مراد العيساوي و فاضل راضي حمد. (2018). الغش وأثره على الاعتماد المستندي. مجلة معين. العدد(1).
یاسای مەدەنی عێراقی ژمارە ٤٠ ساڵی ١٩٥١
یاسای بازرگانی عێراقی ژمارە ٣٠ ساڵی ١٩٨٤
یاسای بازرگانی قەتەری ژمارە ٢٧ ساڵی ٢٠٠٦
یاسای بازرگانی سوری ژمارە 33 ساڵی 2007
یاسای چالاکی بازرگانی لیبی ژمارە ٢٣ ساڵی ٢٠١٠
UCP 600 (2007) International Chamber of Commerce
Reinhard Längerich (2009). Documentary Credits in Practice.
Scheller , M.J. (2008). A Guide to International Trade and Letters of Credit. 1st ed. [online] Sterling National Bank.
Available at: https://www.scribd.com/document/205397656/Guide-to-International-Trade-and-Letters-of-Credit# [Accessed 15 May 2023].
Al Ayub Ahmed, A., Hussain, S., Zukhruf Kurniullah, A., Ramirez-Asis, E., Jamil Mohammed Al-Shamayleh, N. and Julca-Guerrero, F. (2021). Protection Against Letters of Credit Fraud. Journal of Legal, Ethical and Regulatory Issues, 24(1), pp.1–11.
Kwaw, E.A. (2021). Strict or Substantial Compliance in Letters of Credit: Crafting Guidelines for Verifying Documentary Compliance. E-Journal of Law, 7(1), pp.51–87. doi:https://doi.org/10.51655/ejl.2021.4.
Schwank F. and Wendy Mitchell. (1988). 'Data and the Documentary Credit, International Financial Law Review. (7), PP. 33-35
Alavi, H. (2017). Risk Analysis in Documentary Letter of Credit Operation. Financial Law Review, 0(0). doi:https://doi.org/10.1515/flr-2016-0021. A research published in East-West Studies Journal of Tallinn University School of Governance, No 9 (2018).
Ibrahim M. Abdulqader and Marwah Firas Abdullah Al-Rawe. (2020). Legal Regulation of Banking: (The Documentary credit as a Case Study). UUM Journal of Legal Studies. (1), PP. 644-660.
Ullah Khan, N., and Fareed, M. Nadeem. (2020). Jurisprudential Insight on Principles of Documentary Letter of Credit and Its Impact on International Business Transactions. Journal of Law and Society, [online] (76), pp.87–102. Available at: http://journals.uop.edu.pk/papers/5.%20Reviewed%20article%20on%20JURISPRUDENTIAL%20INSIGHT%20ON%20PRINCIPLES%20OF%20DOCUMENTARY%20LETTERS%20OF%20CREDIT%20IN%20GLOBAL%20TRADE%20after%20changes%20(02-02-2021).pdf.
Roberto B. (2000). UCP 600 rules – changing letter of credit business for international traders?. International Journal of Economics and Business Research, (2), PP. 191-203.
Roberto B. (2007). Will the UCP 600 Provide Solutions to Letter of Credit Transactions? International Review of Business Research Papers, 3(2), pp.41–53.
Che Hasyim, R. (2016). The UCP 600 Rules in Letter of Credit (LC): Selected Issues. UUM Journal of Legal Studies. doi:https://doi.org/10.32890/uumjls.7.2016.4638. available at: https://e-journal.uum.edu.my/index.php/uumjls.
Buckley, R. P. and Gao, X. (2002). Development of the fraud rule in letter of credit law: The journey so far and the road ahead. University of Pennsylvania Journal of International Law, (23), pp.663–712.
Yu, S. (2020). Application of letter of credit in international trade. Financial Forum, 8(1), p.14-16. doi:https://doi.org/10.18282/ff.v8i1.792.
Thanuja R. (2011). 'UCP 500 to 600: A Forward Movement. eLaw Journal, (18), PP. 1-21.
Schulze W G. (2009) 'The UCP 600: A New Law Applicable to Documentary Letters of Credit'. South African Mercantile Law Journal, (21), PP. 228-248.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Journal of University of Raparin
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
