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자료유형
학술저널
저자정보
저널정보
한국경영법률학회 경영법률 경영법률 제25권 제2호
발행연도
2015.1
수록면
395 - 422 (28page)

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In international trade the buyer and seller are normal1y separated from another not only by distance but also by differences in language and culture. It is rarely possible for the performance of oblígations to be simultaneous and the performance of contracts therefore calls for trust in a situation in which the parties are unlikely to fee1 able to trust each other unless they have a longstanding and sucζessful relationship. Thus the seller under an international contract of sale will not wish to surrender documents of tit1e to goods to the buyer until he has at least an assurance of payment, and no buyer will wish to pay for goods until he has received them. A gap of distrust thus exists which is often bridged by the undertaking of an intermediary known and trusted by both parties who will undertake on his own liabílity to pay the seller the contract price in return for the documents of title and then pass the documents to the buyer in return for the reimbursement. This is a common explanation of the theory behind the documentary letter of credit in which the undertaking of a bank of international repute serves as a “guarantee” to each 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 principle provides that the letter of credit or bank guarantee is independent of the underlying contractual commitment that is, the transaction that the credit is intented to secure - between the applicant and the beneficiary the credit is also independent of the relationship between the bank and its customer, the applicant. The most important exception to the independence principle is the doctrine of fraud in the transaction. A strict interpretation of the rule that the guarantee is independent of the underlying transaction would lead to the conclusion that neither fraud nor manifest abuse of rights by the beneficiary would constitute an objection to payment. There is one major problem related to “Independent guarantees”, namely abusive or unfair callings. The beneficiary may make an unfair calling under the guarantee. The countermeasure of beneficiary’s unfair calling divided three cases. First, advance countermeasure namely by contract. In other words, when the formation of the contract, the parties must insert the Force Majeure Clause, Arbitration Clause to Contract, and clear statement to the condition for demand calling. Second, post countermeasure namely by court. Many countries, including the United States, authorize the courts to grant an order enjoining the issuer from paying or enjoining the beneficiary from receiving payment under the guaranty letter. Third, Export Insurance. For example, the Export Credit Guarantee Department is prepared, subject to certain conditions, to cover the risk of unfair calling. Of course, KEIC in Korea is cover the risk of the all things for 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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