Documentary credit between international rules and norms and Iraqi trade law
The difference in the countries to which both the seller and the buyer belong in the commercial exchanges has increased the discrepancy in the laws and rules that govern the conduct of the most important banking count approved for the settlement of such exchanges, which is the documentary credit process, as a result of the different economic, banking and financial systems from the other, so there was a need to unify These customs and customs are in a unified form, which is called today the unified rules and customs of documentary credit, which are applied to the conduct of documentary credit contracts at the global level. Therefore, we consider it necessary to make an amendment in the Iraqi law regarding the organization of the documentary credit process, because the articles related to the provisions of documentary credits are not sufficient in themselves to indicate all the problems that may result from it due to developments in international trade.