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논문 기본 정보

자료유형
학술저널
저자정보
저널정보
한국무역상무학회 무역상무연구 무역상무연구 제42권
발행연도
2009.5
수록면
133 - 160 (28page)

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In International trade the buyer and seller are normally separated fromon another not only by distance but also by differences in language andculture. It is rarely possible for the performance of obligations to besimultaneous and the performance of contracts therefore calls for trust ina situation in which the parties are unlikely to feel able to trust eachother unless they have a longstanding and successful relationship. Thus theseller under an international contract of sale will not wish to surrenderdocuments of title to goods to the buyer until he has at least anassurance of payment, and no buyer will wish to pay for goods until hehas received them. A gap of distrust thus exists which is often bridged bythe undertaking of an intermediary known and trusted by both partieswho will undertake on his own liability to pay the seller the contractprice in return for the documents of title and then pass the documents tothe buyer in return for the reimbursement. This is a common explanationof the theory behind the documentary letter of credit in which theundertaking of a bank of international repute serves as a “guarantee” toeach party that the other will perform his obligations.The independence principle, also referred to as the “autonomy principle”,is at the core of letter of credit or bank guarantee law. This principleprovides that the letter of credit or bank guarantee is independent of theunderlying contractual commitment - that is, the transaction that thecredit is intented to secure - between the applicant and the beneficiary ;the credit is also independent of the relationship between the bank and itscustomer, the applicant. The most important exception to theindependenceprinciple is the doctrine of fraud in the transaction.A strict interpretation of the rule that the guarantee is independent of theunderlying transaction would lead to the conclusion that neither fraud normanifest abuse of rights by the beneficiary would constitute an objectionto payment.There is one major problem related to “Independent guarantees“, namelyabusive or unfair callings. The beneficiary may make an unfair callingunder the guarantee.The countermeasure of beneficiary's unfair calling divided three cases.First, advance countermeasure namely by contract. In other words, whenthe formation of the contract, the parties must insert the Force MajeureClause, Arbitration Clause to Contract, and clear statement to thecondition for demand calling.Second, post countermeasure namely by court. Many countries, includingthe United States, authorize the courts to grant an order enjoining theissuer from paying or enjoining the beneficiary from receiving paymentunder the guaranty letter.Third, Export Insurance. For example, the Export Credit GuaranteesDepartment is prepared, subject to certain conditions, to cover the risk ofunfair calling. Of course, KEIC in Korea is cover the risk of the all thingsfor guarantees.On international projects, contractor performance is usually guaranteedby either a standby letters of credit or Independent guarantee.These instruments will be care the parties.

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