Dissertations / Theses on the topic 'Letter of Credit'

This thesis deals with the fraud exception rule of letters of credit, especially focusing on the proposed amendments in Chinese credit system based on a comparative study. In order to reasonably prevent fraud in letters of credit, and to protect the effectiveness and efficiency of credit system, this thesis firstly examines the premise, reasons and foundations of the fraud exception rule, and then analyses its legal philosophy, application criteria and judicial remedies. Finally, based on a comparative study of different domestic laws and the UCP rules, this thesis examines the existing defects and provides proposed amendments of the Chinese credit system in both procedure law and substantive law. In developing this thesis, the author plans to employ comparative, critical, theoretical and prescriptive methodologies.
Cette thèse traite de la règle de l'exception de fraude des lettres de crédit, et se concentre plus particulièrement sur les amendements proposés dans le système de crédit chinois sur base d'une étude comparative. Afin de prévenir la fraude dans les lettres de crédit, et de protéger l'efficacité du système de crédit, cette thèse examine tout d'abord les raisons de la création de la règle d'exception de fraude et analyse ensuite sa philosophie légale, ses critères d'application et les remèdes judiciaires. Finalement, dans un troisième temps, les défauts existants sont analysés sur base d'une étude comparative de différentes lois domestiques et de règles UCP et les amendements proposés dans le système de crédit chinois à la fois en loi procédurale et loi substantive sont détaillés. L'auteur prévoit d'utiliser des méthodologies comparatives, critiques, théoriques et prescriptives pour aborder ces différentes questions. fr

This thesis describes basis of blockchain technology implementation for SAP Cloud platform with emphasis to security and safety of critical data which are stored in blockchain. This diploma thesis implements letter of credit to see and control business process administration. It also compares all the possible technology modification. Thesis describes all elementary parts of software which are necessary to implement while storing data and secure integrity. This thesis also leverages ideal configuration of each programable block in implementation. Alternative configurations of possible solutions are described with pros and cons as well. Another part of diploma thesis is actual working implementation as a proof of concept to cover letter of credit. All parts of code are design to be stand alone to provide working concept for possible implementation and can source as a help to write productive code. User using this concept will be able to see whole process and create new statutes for whole letter of credit business process.

This thesis explores the sophistication of the ancient Roman economy through an analysis of credit instruments in elite finances. The study of the ancient economy is a contentious but important field of study, within which exists a lively scholarly debate. This project seeks to contribute to that debate through the investigation of late republican finances, using Cicero's Letters to Atticus. By studying Cicero's financial maneuvers and commentary, this thesis argues that elite usage of nomina during this time period provides evidence for the existence of a sophisticated elite credit system. Such a system allowed for the development of nomina as flexible credit instruments for Roman elites competing in a fraught socio-political context.

Para entender cuáles son las dificultades que afrontan las pequeñas empresas exportadoras e importadoras y lograr una expansión internacional, el presente estudio tiene como objetivo principal identificar los factores que limitan el uso de la carta de crédito en el estrato empresarial de la pequeña empresa. Para ello se identificó cuatro factores limitantes relacionados al uso de la carta de crédito y basados en el marco teórico pre-configurado de la investigación, los cuales son: Altos precios, falta de conocimiento limitaciones en el acceso al sistema financiero burocracia en el trámite documentario y la informalidad en las pequeñas empresas la cual se volvió a replantear en el proceso de la investigación conviniendo en el factor burocracia en el tramite documentario Por tal motivo, se realizó una investigación cualitativa exploratoria, con diseño de teoría fundamentada, con la finalidad de recolectar información basada en los conocimientos, experiencias, vivencias y opiniones de 18 participantes. Con una muestra de 12 pequeñas empresas exportadoras e importadoras y se realizaron 6 entrevistas a expertos. Asimismo, se pretende lograr un cambio en sus costumbres, hábitos actuales o decisiones en el tema de investigación. En primera instancia se planteó a través del plan de investigación tres factores importantes para la investigación. Sin embargo, al iniciar la validación de contenido, recopilación de información y según los resultados del programa Atlas, Ti, se identificó un factor fundamental que no había sido considerado al inicio la investigación, el factor altos precios en el uso de instrumentos financieros de comercio exterior “Carta de crédito”. Por tal motivo se determinó la existencia de cuatro factores y como objetivo principal conocer los factores que limitan el uso de las cartas de crédito en las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, 2019. Además, el planteamiento de la hipótesis inicial la cual es enfrentar las dificultades a las que se enfrentan las pequeñas empresas exportadoras e importadoras para limitar el uso de la carta de crédito en sus operaciones de comercio exterior son la falta de conocimiento en los instrumentos financieros de comercio exterior, asimismo las barreras existentes para el acceso al financiamiento al sector MIPYMES. Los cuales han logrado hacer entender los obstáculos por los que atraviesan las empresas de este sector, finalmente, se han descrito las conclusiones y recomendaciones según el análisis de los resultados. Para el primer objetivo de la presente investigación; percepción sobre los costos de la carta de crédito que tienen las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, este factor es muy importante al momento de decidir el uso de este instrumento en sus operaciones internacionales, consideran que son altas las comisiones en su emisión, así como el tener una escasa información y asesoramiento para carta de crédito ha conllevado al poco uso de la carta de crédito. Sin embargo, este medio de pago internacional abre un número de oportunidades financieras, permitiendo estos beneficios reducir los costos en otros financiamientos, así como brindar seguridad y respaldo en sus transacciones comerciales internacionales. Por otro lado, el segundo objetivo de estudio, grado de conocimiento en el manejo de carta de crédito en las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, se confirma que existe una falta de conocimiento en cartas de crédito, así como la poca difusión que se da por parte de los funcionarios de las entidades bancarias en ofrecer la carta de crédito, a pesar que existen instituciones del estado que brindan información relacionada a la carta de crédito no es muy conocida por parte del segmento PYMES, así como el desconocimiento que se tiene respecto a las ventajas y beneficios por usar la carta de crédito. Para el tercer objetivo de estudio, sobre las dificultades por las que atraviesan las pequeñas empresas exportadoras e importadoras de Lima Metropolitana, se identificó barreras que presentan las instituciones financieras a las pequeñas empresas al solicitar una carta de crédito, como lo son: el exceso de garantías, pocos años de constitución, experiencia bancaria, falta de documentación financiera, conocimientos administrativos y financieros, alto porcentaje de informalidad, hacen que el sector pyme no accedan a un medio de pago más formal y seguro. Para el cuarto objetivo sobre los procesos administrativos por los que atraviesa la pequeña empresa exportadora de Lima Metropolitana para solicitar la carta de crédito, se confirma que existe trámites excesivos al solicitar un financiamiento con carta de crédito, según la presente investigación, existe controversia entre los especialistas y las pequeñas empresa, debido a que estos segmentos no concuerdan con la existencia de Burocracia en el trámite documentario, se deduce en la presente investigación las dificultades y molestias en el tramite documentario son de manera mayoritarias por el segmento pyme. Se recomienda la capacitación continua de las pequeñas empresas para lograr un correcto manejo empresarial y contar con información idónea para las instituciones financieras. Además, a las instituciones financieras, se les recomienda realizar cambios en las estrategias de negocio para el sector PYMES, así como la capacitación de los funcionarios bancarios en medios de pago internacional para lograr mayor frecuencia en el uso de esta herramienta. Adicionalmente, a los organismos del Estado, se les recomienda difundir, promover y fomentar los programas que mantienen con el Estado para el apoyo en el crecimiento de las pequeñas empresas exportadoras. Asimismo, se recomienda a las instituciones académicas y centros de formación realizar cursos y capacitaciones basados en las prácticas y vivencias de las PYMES peruanas, referidas a las barreras que enfrentan día a día.
In order to understand the difficulties faced by small exporting and importing companies and achieving international expansion, the main objective of this study is to identify the factors that limit the use of the letter of credit in the business stratum of small companies. For this, four limiting factors related to the use of the letter of credit were identified and based on the pre-established theoretical framework of the, which are: High prices, lack of knowledge, limitations in access to the financial system, bureaucracy in the documentary process and informality in small companies, which was reconsidered in the research process, agreeing on the bureaucracy factor in the documentary process For this reason, an exploratory qualitative research was carried out, with a grounded theory design, in order to collect information based on the knowledge, experiences, experiences and opinions of 18 participants. With a sample of 12 small exporting and importing companies and 6 interviews with experts. Likewise, it is intended to achieve a change in their customs, current habits or decisions in the research topic. In the first instance, three important factors for the investigation were raised through the research plan. However, when starting the content validation, information gathering and according to the results of the AtlasTi program, a fundamental factor was identified that had not been considered at the beginning of the investigation, the factor high prices in the use of financial instruments of commerce exterior "Letter of credit". For this reason, the existence of four factors was determined and as the main objective to know the factors that limit the use of letters of credit in small exporting and importing companies of Metropolitan Lima, 2019. In addition, the initial hypothesis statement which is facing the difficulties faced by small exporting and importing companies to limit the use of the letter of credit in their foreign trade operations are the lack of knowledge in foreign trade financial instruments, in addition to the existing barriers to access to the financing to the MIPYMES sector. Which have managed to understand the obstacles that companies in this sector face, finally, the conclusions and recommendations have been described according to the analysis of the results. For the first objective of the present investigation; Perception about the costs of the letter of credit that small exporting and importing companies of Metropolitan Lima have, this factor is very important when deciding to use this instrument in their international operations, they consider that the commissions in its issuance are high, as well as having little information and advice for letter of credit has led to little use of the letter of credit. However, this international payment method opens up a number of financial opportunities, allowing these benefits to reduce costs in other financing, as well as providing security and support in your international commercial transactions. On the other hand, the second objective of the study, degree of knowledge in the handling of letters of credit in small exporting and importing companies of Metropolitan Lima, confirms that there is a lack of knowledge in letters of credit, as well as the little diffusion that It is given by the officials of the banking entities in offering the letter of credit, although there are state institutions that provide information related to the letter of credit, it is not well known by the SME segment, as well as the ignorance that is has respect to the advantages and benefits of using the letter of credit. For the third objective of the study, on the difficulties faced by small exporting and importing companies of Metropolitan Lima, barriers that financial institutions present to small companies when requesting a letter of credit were identified, such as: excess of guarantees, few years of incorporation, banking experience, lack of financial documentation, administrative and financial knowledge, high percentage of informality, mean that the SME sector does not have access to a more formal and secure means of payment. For the fourth objective on the administrative processes that the small exporting company of Metropolitan Lima goes through to request the letter of credit, it is confirmed that there are excessive procedures when requesting financing with a letter of credit, according to the present investigation, there is controversy between the specialists and small companies, because these segments do not agree with the existence of bureaucracy in the documentary process, it is deduced in the present investigation the difficulties and inconveniences in the documentary process are in the majority by the SME segment. Continuous training for small businesses is recommended to achieve proper business management and have suitable information for financial institutions. In addition, financial institutions are recommended to make changes in business strategies for the SME sector, as well as training bank officials in international means of payment to achieve greater frequency in the use of this tool. Additionally, State agencies are recommended to disseminate, promote and encourage the programs they maintain with the State to support the growth of small exporting companies. Likewise, academic institutions and training centers are recommended to carry out courses and training based on the practices and experiences of Peruvian SMEs, referring to the barriers they face every day.
Tesis

El comercio internacional ha sido siempre un ámbito conflictivo. Cualquier persona puede aproximarse a él desde una perspectiva determinada. Sin embargo, es innegable que condiciona la vida diaria de todos nosotros. De ahí que se utilicen todo tipo de recursos humanos para desarrollarlo a nivel mundial. La cuestión normativa ha sido uno de los temas más debatidos en el comercio internacional, entre otros muchos, existiendo muchas discusiones entre prácticos del derecho, empresarios, gobiernos así como académicos. Las raíces del conflicto pueden encontrarse en la existencia de sistemas jurídicos diferentes, normativas, terminología, costumbres, tecnología y métodos de pago diferentes, en ausencia de una autoridad mundial. No obstante, mientras tratamos los aspectos regulatorios del comercio internacional, no debemos olvidar el lado oscuro de los negocios, en el que los infractores dolosamente usan las tecnologías más avanzadas para defraudar a otros en el curso de transacciones globales. El crédito documentario es uno de los métodos de pago más populares en las operaciones transfronterizas. La clave de su éxito es que reduce el riesgo de los exportadores al reemplazar los compromisos financieros con una garantía de pago de un banco. Enmarcado en un proceso complejo, el banco se obliga a honrar la presentación, por parte del vendedor, de documentos que reúnen los requisitos del crédito en nombre del comprador solvente, quien compensará al banco en base al contrato. A través de la aplicación de los dos principios de autonomía y cumplimiento estricto, el crédito documentario mitiga el riesgo comercial existente entre un comprador y un vendedor que están en Estados diferentes y carecen de información sobre la capacidad financiera de su contraparte. En virtud del principio de autonomía, el crédito es separado del contrato de venta subyacente y el banco pagará al beneficiario que presente los documentos requeridos, incluso en caso de disputa sobre la relación subyacente. De este modo, el vendedor tendrá la seguridad del pago antes de que las mercancías se transporten y su interés estará a salvo. Por otra parte, en base al principio de cumplimiento estricto, el beneficiario se verá compensado sólo cuando presente el conjunto de documentos requeridos y cualquier error respecto de los mismos podrá comportar la negativa al pago por parte del banco. La revisión de la historia de los pagos en función de operaciones de crédito documentario en el tráfico internacional evidencia que el hecho de que los bancos sólo presten atención a los documentos y hagan caso omiso de cualquier posible disputa relativa al contrato subyacente puede incrementar el riesgo de una presentación fraudulenta por parte del beneficiario. En muchos países, el incremento en el número de casos de fraude comportó la introducción y adaptación de la excepción de fraude respecto del principio absoluto de autonomía en los créditos documentarios. Al mismo tiempo, conviene no olvidar que los Usos y Prácticas Uniformes relativos a los créditos documentarios, en tanto que conjunto de reglas más aceptadas a nivel mundial, remite totalmente el tema del fraude y del comportamiento fraudulento del beneficiario a los Derechos nacionales. Esto crea otro problema que es relevante para el estándar de prueba y los remedios bajo los diferentes sistemas legales y el conflicto de leyes. La presente tesis doctoral intenta ofrecer una respuesta al problema de la excepción de fraude al principio de independencia en los créditos documentarios conforme al Derecho inglés. Las razones para elegir este sistema jurídico son su popularidad como norma aplicable en muchos ámbitos del comercio internacional así como su naturaleza de Derecho común en ausencia de una norma que rija la regla del fraude en el crédito documentario. Interesa añadir que el Derecho inglés tiene una aproximación casuística a los problemas del fraude en el crédito documentario que crea múltiples problemas en el trabajo de los jueces de salvaguardar la justicia. Como ya se ha dicho, estos artículos científicos desean ofrecer una visión crítica de la práctica de los tribunales del Common Law en el ámbito del fraude en los créditos documentarios. A estos efectos, se revisa con detalle el desarrollo histórico y moderno de las aproximaciones judiciales inglesa y americana a la regla del fraude. También se examina el enfoque de otras jurisdicciones del Common Law cuando es necesario. La tesis se compone de dos partes: un artículo de presentación y las publicaciones. El primero tiene seis capítulos. El primero es la introducción y los antecedentes históricos de los créditos documentarios y su operativa. Mientras que el capítulo segundo explora la naturaleza legal y las fuentes del Derecho, el tercero analiza los principios básicos de los créditos documentarios. El capítulo cuarto se centra en la regla del fraude y se analizan las aproximaciones estadounidense y británica al respecto, en cuanto excepción básica respecto del principio de la independencia de los créditos documentarios. En el capítulo cinco se examinan otras excepciones, como la ilegalidad, la nulidad, la mala fe del beneficiario y la exigencia abusiva de pago. Al final, el capítulo seis proporciona una conclusión sobre el tema de estudio y los materiales cubiertos. La segunda parte contiene doce artículos publicados en revistas internacionales revisadas por expertos que brindan un análisis jurídico exhaustivo y profundo del principio de autonomía y de sus excepciones en el marco de los sistemas de Common Law.
International trade has been always a controversial topic. A person can approach it from any given perspective. However, almost no one can deny its impact on daily life of us. Therefore, all human capacities are employed to help development of it at global level. The regulatory question is one of the most debated issues in international trade among all others which have always been a hot topic for legal practitioners, businessmen, governments as well as academicians. The roots for such controversial issue can be sought in existence of different legal systems, different regulations, different terminology, different customs, different technologies and different methods of payment all in absence of global authority. However, while discussing regulatory issues in international trade, we should not forget about the dark side of business in which perpetrators with bad faith are ready to use the most advanced technologies in order to defraud others in the course of international transactions. The documentary letter of credit is one of the most popular methods of payment in international transactions. The key to their success is reducing risk for exporter by replacing importer’s financial undertakings with a guarantee of payment from a bank. Within the framework of a complicated process, bank will guarantee to honour the seller’s presentation of complying documents with terms of credit on behalf of the creditworthy buyer who will compensate the bank based on other contract. By applying two principles of autonomy and strict compliance, documentary credit mitigates the existing commercial risk of trade between buyer and seller who are in different countries and have no information about financial capacity of each other’s businesses. Within the frame work of the principle of autonomy, credit is separated from underlying contract of sales and bank will pay beneficiary who presents complying documents even in case of dispute over the underlying contract. In this way seller will have the assurance for payment before departing from goods and his interests are safeguarded. On the other hand, based on the principle of strict compliance, beneficiary will be compensated only after presentation of fully complying documents and any error on the face of documents might result in rejection of payment by bank. Review of the history of payment under documentary credit operation in international trade shows that banks focus only on documents and disregard any possible disputer in underlying contract might increase the risk of fraudulent presentation by beneficiary. In many countries, increasing number of fraud cases resulted in introduction and adaptation of fraud exception to an absolute principle of autonomy of documentary credits. At the same time, we should not forget the Unified Customs and Practices for documentary letters of credits as the most accepted set of rules at global level has completely left the issue of fraud and fraudulent behaviour of beneficiary open for national laws. This will create another problem which is relevant to the standard of proof and remedies under different legal systems and conflict of laws. Current doctoral thesis tries to offer an answer to the question of fraud exception to the principle of independence of documentary credits under English law. Reason for choosing the legal system is its popularity as the governing law in many fields of international trade as well is its common law nature and the absence of statute for governing the fraud rule in documentary credits. It is worth adding that English law has the case law approach to the problems of fraud in documentary credits which creates lots of problem on the way of judges to safeguard the justice. As it has been mentioned already, current research paper desires to have a critical approach to practice of Common Law courts in field of fraud in documentary credits. For this purpose, it will review closely historical and modern developments of fraud rule base on the case law approach of English and American courts to the subject matter. Research will also examine approaches of other common law jurisdictions if necessary. Research consists of two main parts. Review article and publications. The review article has six chapters. Chapter one is the introduction to the historical background of documentary letters of credit and their operation. While chapter two explores legal nature and sources of law for letters of credit chapter three will analyse the key principles of documentary letters of credits. Chapter four, will have a focus on fraud rule by analysing American and British approach to it as the first adopted exception to independent principle of documentary letters of credit. Chapter five will scrutinize other exceptions including illegality, nullity, beneficiary’s bad faith and abusive demand for payment. At the end chapter six will provide a conclusion on the subject matter of study and materials covered. The second part includes twelve published papers in international peer reviewed journals providing comprehensive and in depth legal analysis form autonomy principle and its exceptions within the framework of Common Law system.

The thesis covers aspects of the law relating to letters of credit. It deals with the operation of letters of credit with particular reference to the doctrine of strict compliance, the principle of independence, the fraud exception and conflict of laws. According to the principle of independence, banks must make payment in terms of the letter of credit irrespective of any dispute that may exist between the buyer and the seller in an underlying contract or other contracts. Although the principle of independence is clearly established, it is not absolute. An exception occurs in the case of fraud. Thus, if the seller has committed fraud, such as tendering forged documents, the buyer can instruct the bank not to make payment in terms of the credit. If the bank refuses to dishonour the letter of credit, the buyer can apply to a court to interdict the bank from making payment. In South African law the buyer must establish that the seller was party to fraud in relation to the documents presented to the bank for payment before the court can grant an interdict. This thesis also examines the standard of proof of fraud required in letters of credit transactions and proposes a standard of proof which will not unduly favour the seller whose good faith is in dispute. The fast growing technology of computers and telecommunications is rapidly changing the methods of transacting business by paper documentation and letter of credit transactions are no exception. At present the buyer can apply to the bank to issue a letter of credit through the computer and banks also communicate letter of credit transactions through computer networks. However, the beneficiary still has to present documents to the bank for payment in paper form. It is proposed that the Uniform Custom and Practice For Documentary Credits (UCP) be amended to provide for fully computerised letters of credit transactions. Another objective of the thesis is to examine the doctrine of strict compliance. In terms of the doctrine of strict compliance documents presented under the credit must comply strictly with the requirements set out in the credit. If banks are satisfied that the documents presented by the seller strictly conform with the requirements of the credit they are obliged to make payment as required by the credit. It is proposed that the doctrine of strict compliance should not be applied strictly. In other words, the banks should make payment in terms of the credit if the discrepancy in the documents is trivial. The thesis also covers conflict of laws issues. As the UCP does not have rules dealing with conflict of laws, most jurisdictions have developed their own rules to be applied by the courts in cases of conflict of laws. The thesis examines the different rules of conflict of laws as developed and practiced by different jurisdictions.

Given that Commercial Law tries to balance considerations of certainty and fairness, it follows that the law relating to letters of credit, as part of the general body of Commercial Law, involves a similar balancing exercise. This thesis argues that this balance should employ five basic principles, namely: (1) party autonomy (freedom and sanctity of contract); (2) certainty; (3) flexibility; (4) fairness; and (5) good faith. The thesis begins with a brief introduction to the objectives of the study. Chapter one introduces readers to the basis of letters of credit and the historical background. The five basic principles and the tensions between them are examined in chapter two. Chapter three discusses briefly how these five basic principles are applied to the law regulating letters of credit. Chapter four focuses on disputes arising between the issuing bank and the beneficiary, evaluating in particular the principle of independency and the fraud exception. The most important doctrine in the law of letters of credit, the doctrine of strict compliance is explored in chapter five. Disputes between the issuing bank and the applicant are examined in chapter six and the standard of compliance governing the reimbursement agreement (whether strict compliance or bifurcated compliance) is evaluated in the light of the basic principles. Chapter seven, deals with disputes between the applicant (buyer) and the beneficiary (seller), evaluating the law on the nature of payment (whether absolute-conditional) in the light of the basic principles. The concluding chapter draws on the key points of the thesis to put forward an overview as to the adequacy of the law. Essentially, the law founds itself on two cornerstone principles, the independency principle and the doctrine of strict compliance. Whereas the former protects the interests of sellers, the latter protects the interests of buyers. In each case, however, the principle designed for protection (and certainty) can be turned into a principle licensing unfairness-in one case, shielding fraudulent sellers, and in the other case shielding bad faith buyers. In the modern law, the central problem is to find the right way of addressing and balancing these competing considerations. The main proposals offered in the thesis recommend that the qualified strict compliance test be adopted and where actual fraud has taken place or is suspected on reasonable grounds by the bank, the fraud exception should operate. In addition, and with a view to striking the right balance between certainty and fairness, it is suggested that punitive damages be awarded exceptionally in cases where good faith and gross negligence have taken place, that the bifurcated compliance standard should be adopted where the issuer has been considered to have acted in good faith and without harming the customer, and that conditional payment be adopted in relation to payment under documentary credit. It should be emphasised that the position argued for in this thesis is that there should be some marginal adjustment to the ruling doctrines. No modification should be considered, however, where the essential certainty of the law would be jeopardised.

Letters of credit have played a vital role in financing international trade transactions since the setup of the General Agreement on Tariffs and Trade (GATT). The continued dependence on letters of credit in international trade has rendered uniformity in the use thereof, as paramount. Such uniformity is governed by the Uniform Customs and Practice for Documentary Credits (UCP), a set of rules developed by the International Chamber of Commerce, which has been amended several times since it first came into force in 1933. The current version thereof is the UCP 600. However, despite their global phenomena, letters of credit have caused international traders to experience a series of difficulties in complying with the high standards of documentary compliance required by banks. These intricate circumstances have led to the amendment of the doctrine of strict compliance as provided for in the UCP 600. With the omission of key words in the definition of the doctrine, it is argued that the standard of compliance has been relaxed and has paved the way for what is termed as “substantial compliance”. The possibility of international traders falling short in meeting the documentary compliance standards poses the risk of non-payment for the beneficiary (seller) which, in turn, could have catastrophic consequences for the international trade industry. From this, one can deduce that the governing rules were not set out clearly and thus left ample space for ambiguity. Courts have not assisted in this regard, as they too have created many controversial judicial decisions and standards that apply to similar situations. A little closer to home, South Africa has not enacted a specific piece of national legislation dealing with documentary letters of credit nor has it incorporated the Uniform Customs and Practice for Documentary Credits into its national legislation. The absence of legislation does, however, not leave this area of the law ungoverned. The legal relationships that come into existence are governed by the law of contract. Furthermore, a closer look into whether or not South African courts have experienced any commonly known difficulties as far as the interpretation of the doctrine of strict compliance is concerned. This is achieved by considering the recent developments found in the UCP and the application of the doctrine of strict compliance by the South African courts.
Mini Dissertation (LLM)--University of Pretoria, 2017.
Mercantile Law
LLM
Unrestricted

The thesis deals with the topic of bank guarantees in the construction industry focusing on the contractor of the construction commission. The aim of this paper is the definition of bank guarantees in legal and economic terms, and on the basis of available literature, and also a proposal for the application of a bank guarantee in construction contracts. This thesis includes an overview of the products offered by national bank institutions in the field of bank guarantees and their comparison. The thesis contains an overview and description of bank guarantees used in the construction industry. The thesis focuses on a bank guarantee for the proper execution of the work (for the correct execution of the contract for work). There is described the progress of the guarantee from the contract for work until the warranty exercise and any dispute over the amount paid under the guarantee. Further, the paper deals with the use of bank guarantees in practice from the point of view of construction companies, focusing on the guarantee for the proper execution of the work. The thesis also describes solutions in the field of bank guarantees of construction companies, ways of surety, credit limits and bank charges for bank guarantees. In conclusion, there are described terms of the bank guarantee in the contract for work for the specific construction contracts and a method of preparation of the bid price for the contract with regard to where the cost appears applying the bank guarantee at the contractor's bid price. The contribution of this thesis is a comprehensive overview of bank guarantees in the construction industry and their application intended for a contractor of the construction commission.

Ericsson has recently experienced difficulties to meet the customer demand, which has led to lost market shares. This is mainly due to the long and unpredictable lead times within their supply chains. Therefore, Ericsson seeks to increase their ability to meet the customer demand by reducing the customer order lead time. A shorter lead time would imply a greater responsiveness and improved service level towards the customers. A directive from the company was to base the study on the supply chain for the customer Algeria Telecom Mobile. The purpose of the study is to give recommendations for improvements that reduce the total lead time in a supply chain perspective in order to improve the customer service level.  To be able to fulfill the purpose, four objectives were distinguished and supported with existing frameworks for analyzing supply chains. The first step was to create a current state map, which was achieved by conducting 24 interviews with people working within the supply chain. The second step was to identify potentials for lead time reduction. This was done by categorizing the supply chain parts and the problems that were gathered during the current state mapping into meaningful groups, and thereafter prioritize the categories with the greatest potential. The third step was to generate alternative solutions by conducting a second literature review based on the potentials that was identified during the prior step. The general solutions were later modified in order to fit the current supply chain. It resulted in eight Ericsson specific solutions. The fourth step was to evaluate these solutions in combination, which led to a recommended combination of solutions that provided the greatest lead time reduction. Also the requirements for implementing these solutions were presented in this step.  The recommendation for Ericsson is to rearrange their current supply chain for the studied customer and use two different supply chains; the Regional supply chain and the Alternative supply chain. The two arrangements will both be based on the implementation of a supply hub, which implies a movement of the customer order decoupling point closer to the customer. The Regional supply chain will cover the main flow and be used when the customer orders products from a product portfolio that has been agreed within the region. The Alternative supply chain will act as a complement and cover the flow of products outside the regional product portfolio.   The estimated customer order lead time for the Regional supply chain is 17 days, which is a reduction of 80 % in the normal case for the studied supply chain. The lead time for the Alternative supply chain is more difficult to estimate precisely, but it will be reduced in comparison with the current situation. Moreover, the service level towards the customer will be increased for both the Regional and the Alternative supply chain. To summarize the recommendations that are forwarded to Ericsson, they are listed below: 

Implement a regional supply hub 

Agree on a regional product portfolio 

Implement time slots for inbound flows 

Use BPO as a payment method instead of Letter of Credit 

Use a CIP, DAP or DAT Incoterm 

Implement a product configurator and let the customer place orders on commercial descriptions or a solution id. 

Integrate processes and activities throughout the supply chain and establish a greater information exchange.

Доступ до роботи тільки на території бібліотеки ОНЕУ, для переходу натисніть на посилання нижче
У роботі розглядаються теоретико-методичні основи дослідження ефективності імпортної діяльності підприємства оптової та роздрібної торгівлі. Досліджено чинники впливу на ефективність імпортної діяльності підприємства оптової та роздрібної торгівлі та систематизовано методи оцінки ефективності імпортної діяльності підприємства. Проаналізовано показники сучасного стану та динаміки імпорту санітарно-технічної продукції ТОВ «Шунгіт». Проведено SWOT- та SPACE – аналіз досліджуваного підприємства. Визначені чинники впливу на ефективність імпортної діяльності ТОВ «»Шунгіт». Проведений аналіз показників ефективності імпортної діяльності ТОВ «Шунгіт». Запропоновано шляхи підвищення ефективності імпортної діяльності ТОВ «Шунгіт» за рахунок використання торговельного фінансування імпортних операцій. Особливий наголос зроблено на оптимізації імпортних контрактів як фактора підвищення ефективності імпортної діяльності ТОВ «Шунгіт».
The theoretical and methodical bases of research of efficiency of import activity of the enterprise of wholesale and retail trade are considered in the work. Factors influencing the efficiency of import activity of the enterprise of wholesale and retail trade are investigated and methods of estimation of efficiency of import activity of the enterprise are systematized. Indicators of the current state and dynamics of imports of sanitary products of Shungit LLC are analyzed. SWOT and SPACE analysis of the researched enterprise was carried out. Factors influencing the efficiency of import activity of Shungit LLC have been determined. The analysis of indicators of efficiency of import activity of LLC Shungit is carried out. Ways to increase the efficiency of import activities of LLC Shungit through the use of trade financing of import operations are proposed. Special emphasis is placed on the optimization of import contracts as a factor in improving the efficiency of import activities of Shungit LLC.

The aim of this dissertation is to recommend an alternative approach to the fraud exception in South African law. The Current South African position as with the English law, places more weight on upholding the sanctity of the autonomy principle in letters of credit than preventing fraud. This is mainly because the courts have traditionally taken the view that protection of the autonomy principle is central to promoting the needs of trade and maintaining the integrity of the international banking community. Hence, this dissertation argues that an approach to the fraud exception in South African law that is more in line with that of the American law and/or the UNCITRAL Convention strikes a better balance in upholding the value of letters of credit and combatting fraud than the current South African position. Based on the comparative analysis of the position in the United Kingdom, United States of America and under the UNCITRAL Convention, the dissertation seeks to draw upon important lessons and principles pivotal to a preferable approach to the fraud exception in South African law that would enhance a better balance between the autonomy arguments and deterrence of fraud.

Les exigences et les risques du commerce international ont fait apparaître, au début du XXème siècle, une technique juridique adaptée au rapport entre exportateurs et importateurs. Il s'agit tout particulièrement du crédit documentaire qui peut être défini comme l'opération par laquelle la banque de l'acheteur s'engage à régler le prix des marchandises au vendeur, lorsque celui-ci remettra les documents attestant l'expédition des marchandises. Ces derniers peuvent être soit un connaissement, une facture, une lettre de transport, soit même une assurance. Toutefois, l'absence d'une règlementation précise concernant le crédit documentaire a mobilisé les praticiens, ce qui a abouti en 1993 à la naissance des «Règles et Usances Uniformes relatives aux crédits documentaires» (RUU), œuvre de la Chambre de Commerce Internationale. Aujourd'hui faute de législation de source nationale ou internationale régulant le crédit documentaire, elles s'appliquent après adhésion volontaire soit par le système bancaire d'un pays donné, soit par adhésion individuelle de banques,«à tous les crédits documentaires sauf dispositions contraires stipulées expressément par les parties». Ces pratiques sont parallèlement efficaces car elles s'appuient sur des techniques bancaires éprouvées dans la règle de l'inopposabilité des exceptions
Requirements and risks of international trade have created, in the early twentieth century, a legal technique adapted to the relationship between exporter and importer. This is especially the documentary credit, which can be defined as a transaction in which the buyer's bank agrees to pay the price of goods to the seller, when he will submit documentation confirming the shipping of the goods. This can be either a bill of lading an invoice, or even an insurance police... However, the absence of specific regulations concerning the documentary credit decided the practitioners to give birth, in 1993, of the «Uniform Customs and Practice on Documentary Credit» (UCP), the creation of the International Chamber of Commerce. Today, because of the lack of legislation regulating national or international documentary credit source, these rules apply, after voluntary decision of the parties or by the banking system of a said country or by individual adoption by the banks, to « all documentary credits unless otherwise as expressly provided by the parties». These practices are also effective because they rely on proven banking techniques in the rule of unenforceable exceptions

L’objectif de cette étude est de faire découvrir les missions que deux femmes de lettres, Isabelle de Charrière et Mme de Genlis, attachent à leurs statuts d’auteures. Jusqu’ici, la recherche s’est attelée à analyser les représentations de la femme, davantage dans l’imaginaire masculin que dans l’esprit des femmes elles-mêmes. Dans les textes analysés, la femme auteur se compare à Jean-Jacques Rousseau dans l’intention de le supplanter. Les exigences des hommes se sont accrues à l’issue de la Révolution française envers les femmes. Les auteures font évoluer leurs héroïnes face à des personnages construits sur le modèle rousseauiste : elles incarnent leur velléité d’être des éducatrices, dans une société qui, désormais, refuse aux femmes cette opportunité. Au-delà de la diversité de leurs opinions, et bien avant les féministes du XIXe siècle, deux femmes de lettres représentent et légitiment leur refus de correspondre au prototype de la femme romantique et « angélique » promue par Rousseau, sans toutefois s’opposer frontalement à lui. Elles prônent l’amour maternel de leurs personnages, qui leur confère une supériorité en tant que femmes, et femmes auteurs qui plus est, sur le reste des hommes. Elles entendent également pérenniser leurs acquis par la mise en oeuvre d’une pédagogie incluant l’écriture comme fonction essentielle. Ces démarches impliquent que la femme de lettres d’alors peut légitimement se poser, à l’instar des Philosophes et des écrivains du XVIIIe siècle, comme un modèle pour son temps
The objective of this study is to look at the missions which two women writers, Isabelle de Charrière and Mrs de Genlis, attach to their authors' statuses. Up to now, the research mainly analyzed the women’s representations in the male mind rather than in women’s ones. Here, the authoress compare with Jean-Jacques Rousseau in order to supplant him. After French Revolution, men’s demands towards women increased. Both Genlis and Charrière depict their heroines against characters nourished with Jean-Jacques Rousseau’s doctrines. These characters are also educators, and cannot practice their skills, due to Rousseau’s influence in society. Beyond the diversity of their opinions, and well before the women’s movement, these women of letters represent and legitimize their refusal to correspond to the prototype of the romantic woman promoted by Rousseau. They advocate the mother love of their characters, which confers them superiority as women, and authoresses, on the rest of manhood. They also intend to immortalize their experiences in deployment of pedagogy, including writing as an essential function. These affirmations imply that women writers could present themselves as guides for their time, such as Philosophers and of the 18th century’s writers

Les promesses de payer sont des contrats par lesquels une personne s’engage envers un créancier à payer ce qui lui est dû. De tels actes sont courants ; leurs applications sont variées. Le cautionnement, l’acceptation d’une lettre de change, la promesse d’exécuter une obligation naturelle, l’engagement du délégué envers le délégataire, le constitut, la garantie autonome, la souscription d’un billet à ordre, etc., sont des promesses de payer. Plus précisément, ces actes sont des applications diverses d’une même figure juridique : la promesse de payer. Cette dernière, déshabillée des particularités propres à chacune de ses applications spéciales, se présente comme une figure juridique unitaire, pourvue d’une nature et de caractères permanents. Ayant pour objet un paiement, elle suppose toujours l’existence d’une dette à acquitter. Cette dette, ou « obligation principale », constitue sa cause objective. Contrairement à une simple reconnaissance de dette, la promesse ne se borne pas à déclarer l’existence de celle-ci. En tant qu’engagement d’exécution, elle donne naissance à une nouvelle obligation, l’ « obligation de règlement », venant s’adjoindre à la première en vue de son paiement. L’obligation de règlement, à ce titre, constitue l’accessoire de l’obligation principale. Son régime, de sa naissance à son extinction, sera donc plus ou moins lié à celui de cette dernière
Promises to pay are contracts by which a person commits to pay to a creditor what is owed to him. Such acts are as common as they are various. For instance, bond, acceptance of a bill of exchange, promise to perform a natural obligation, commitment of the delegate to the delegatee, autonomous guarantee, subscription of a promissory note, etc. are promises to pay. In fact, such acts are different applications of a single legal figure : the promise to pay. Apart from the specificities of each of its applications, the promise to pay reveals itself as a uniform legal act with a permanent nature. Because its subject consists in a payment, the promise to pay always presupposes the existence of a debt. Such debt, or “primary obligation”, is the “objective cause” of the promise. Unlike a simple “IOU”, a promise to pay is not limited to declare the existence of the primary obligation. As a commitment, it also produces a new obligation, the “obligation to pay”, which coexists with the primary obligation. The obligation to pay, as such, is ancillary to the primary obligation. Its legal status, from its birth to its expiration, will be closely linked to that of the primary obligation

碩士
國立中興大學
高階經理人碩士在職專班
92
The Financial Assets Securitization Act was passed by the Legislative Yuan in 2002. It provides a way of fund collecting for enterprises and financial institutions. Investors get more chances to choose financial products. The underwriting of securitization has been practiced and developed for over a year. All of the new financial products of securitization are becoming popular, that includes; assets backed securities (ABS), collateralized mortgage obligation (CMO), collateralized loan obligation (CLO), collateralized debt obligation (CDO), credit card account receivable securitization, etc. However, when the International Account Receivables are considered for securitization, they need credit enhancement to avoid country risk and credit risk. The Export Credit Agency (ECA) represents the government, and provides export insurance to protect the account receivables of the international transaction. Export insurances are usually used to guard against risks, but the responsibility is excluded when the risks are caused by the suppliers. The Export - Import Bank of the Republic of China (Eximbank) is a specialized government financial institution. Eximbank plays a complementary role to the commercial banks, and offers a wide range of financing programs to assist the exporters. However, some limitations prevent the Eximbank's business growth, such as; the concentration of firms, foreign bank guarantee credit line, high country risk exposure, or lack of funding. The purpose of this study is to propose a solution to assist local firms in expanding external trade. The first step of this paper was to research the existing literature about securitization. The purpose of financial assets securitization in general is to raise funds for the originator, and to ensure a true sale for assets. Assets securitization can raise banks'' capital adequacy in addition to the current ratio. In the initial stage of securtization, banks will lower risky assets and then will increase business to its original size. By way of assets securitization, investors can use asset-backed securities to diversify their portfolios. Secondly, the paper describes the payment terms of international trade and categories of financing services. The major ECA's functions, activities and performances are compared by analyzing the relevant data. Thirdly, samples of export credit that were based on letter of credit were collected and analyzed. Some phenomena were found that raised Eximbank''s risk. Furthermore , according to the literature , the credit risk, political risk , foreign exchange risk , interest rate risk and liquidity risk , were defined. Finally , letters of credit export insurance can be used to enhance the credit of securitization. The practice data was sampled to explain the cash flow of the securitization of export credit. In the conclusion, we suggest that some aspects of the act for the Eximbank of the ROC could be deregulated. The cooperative relationship with commercial banks needs to be built up. The EDI system, and other related processing systems need to be developed , and this will increase the performance of export credit transaction between banks. Through the EDI system, business growth and development will be stimulated. Through securitization, the risk is moved away from the Eximbank to the market. In addition, securitization has a multiple effect on business. Therefore, securitization is the most effective way to increase the quantity of International Account Receivables transaction , and to enhance the role of the Eximbank.