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An Inquiry Into the Strict Compliance of the International Chamber of Commerce on the Rules on Letters of Credit Essay

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Below is an essay on "An Inquiry Into the Strict Compliance of the International Chamber of Commerce on the Rules on Letters of Credit" from Anti Essays, your source for research papers, essays, and term paper examples.

1. Introduction

This article addresses the phenomenon of document discrepancies in international trade financing as a significant worldwide issue resulting in unnecessary delays, refused payments, and financial loss when banks discover discrepancies in required trade finance documents presented under the International Chamber of Commerce trade rules known as Uniform Customs and Practice. While this problem has grown in the past thirty years, no research has been undertaken to address this problem. Drawing on e-research, documentary survey, and descriptive research methodologies, the findings reveal that the   unusual requirements of   documentary credit and the ambiguity of the Uniform Customs and Practice 500 caused discrepancies when the required documents examined by the banks. To solve these problems, this article recommends changes include elimination of   unusual   requirements of   documentary credit and concise articulation of the context of each article to facilitate easy understanding of contractual terms.   Additionally, the personnel involved in the process must be trained to ensure they have the required skills to properly manage relevant documents for international trade financing.
International trade is a key to worldwide prosperity. It can stimulate gross domestic product of the country. While international trade continue to grow as a part of global economy, more attention and emphasis have been focused on understanding the key aspects of trade finance   transactions. International trade is obviously very important for global economic growth. The growth of international trade and financing can offer new opportunities for buyers and sellers between two countries or more. It is impossible for a country to produce domestically everything for its citizens need or demand. The great benefit of exporting is that large revenue and profit opportunities are to be found in foreign markets. Many of the world’s largest companies derive over half of their sales from...

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MLA Citation

"An Inquiry Into the Strict Compliance of the International Chamber of Commerce on the Rules on Letters of Credit". Anti Essays. 11 Dec. 2018

<http://parimatch-stavka7.com/free-essays/An-Inquiry-Into-The-Strict-Compliance-311263.html>

APA Citation

An Inquiry Into the Strict Compliance of the International Chamber of Commerce on the Rules on Letters of Credit. Anti Essays. Retrieved December 11, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/An-Inquiry-Into-The-Strict-Compliance-311263.html


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