PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

2012 ◽  
Vol 19 (2) ◽  
Author(s):  
Rosmawani Che Hashim ◽  
Ahmad Azam Othman ◽  
Akhtarzaite Abdul Aziz
Keyword(s):  
International Trade ◽  
Significant Role ◽  
Case Law ◽  
Huge Amount ◽  
Letter Of Credit ◽  
Relevant Case ◽  
Method Of Payment ◽  
Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

scholarly journals Letter of Credit (L/C) Sebagai Cara Pembayaran yang Paling Aman dalam Transaksi Pembayaran Perdagangan Internasional/Ekspor-Impor. (Studi Kasus pada PT. San San Saudaratex Jaya).

ijd-demos ◽  
2020 ◽  
Vol 2 (1) ◽  
Author(s):  
Agus Dedi Subagja
Keyword(s):  
International Trade ◽  
Social Economic ◽  
Field Research ◽  
The Other ◽  
Economic Conditions ◽  
Letter Of Credit ◽  
Method Of Payment ◽  
Observation Method ◽  
Descriptive Method

International trade is a trade between two companies with different countries, place, social, economic conditions involving those conditions, there are problems arise is the method of payments in that trade. The purpose of this observation is to explain the process of using the Letter of Credit that was used by PT. San San Saudaratex Jaya, ascertaining this Letter of Credit in export and import. Letter of Credit is one of the international paying methods, that the safest against to the exporter or importer. The observation method that was used by the writer to collect data and information is field research, observation and whereas, the descriptive method was used to analyze the data. The result of this observation, are PT. San San Saudaratex Jaya, uses a Letter of Credit as a method of payment in export and import. There are L/C type Sight and Usance, and also Transferable L/C for the other beneficiary. The company chooses that kind of L/C because there is better for both sides the exporter and the importer. The problems are facing by the company are discrepancies, bank fees in relation to the documents in using L/C. It is better if the company using another method of payments base on relation and trust among importer and exporter in doing the business for deducting expenses in relation to L/C documents, that so expansive. Perdagangan internasional adalah perdagangan yang melibatkan dua pengusaha dengan tempat, sosial budaya, kondisi ekonomi yang berbeda dengan melihat hal tersebut maka ada masalah yang timbul yaitu cara penyelesaian pembayaran yang sering menjadi masalah. Tujuan dari penelitian ini adalah untuk mengetahui dan menjelaskan bagaimana proses pelaksanaan penggunaan Letter of Credit (L/C) dalam transaksi ekspor dan impor yang telah dilakukan oleh PT. San San Saudaratex Jaya. Letter of Credit merupakan salah satu cara pembayaran didalam perdagangan internasional yang paling aman ditinjau dari sudut eksportir  maupun importir. Metode penelitian yang digunakan penulis untuk mengumpulkan data dan informasi yaitu penelitian lapangan berupa observasi dan wawancara, serta penelitian pustaka. Sedangkan untuk menganalisa data, metode yang digunakan yaitu metode deskriptif. Hasil yang diperoleh dalam penelitian ini, antara lain; PT. San San Saudaratex Jaya, menggunakan L/C dalam transaksi ekspor dan impor. Dalam hal ini perusahaan menggunakan L/C dengan cara pembayaran Sight dan Usance, sedangkan kemungkinan penggunaannya oleh Beneficiary lain digunakan Transferable L/C. Perusahaan memilih jenis-jenis L/C tersebut, karena dianggap menguntungkan ditinjau dari segi eksportir maupun importir. Hambatan-hambatan yang berupa discrepancies, pembayaran biaya bank, didalam pengurusan dokumen merupakan salah satu hambatan didalam penggunaan L/C. Akan lebih baik lagi jika perusahaan menggunakan metode pembayaran internasional yang lainnya, tentunya sesuai dengan kesepakatan kedua belah pihak untuk menekan biaya-biaya yang timbul didalam penggunaan L/C, yang dirasakan cukup besar. 

The Domestication of the Convention on the Rights of Persons with Disabilities

2018 ◽  
Author(s):  
Lisa Waddington
Keyword(s):  
Direct Effect ◽  
Legal Status ◽  
Case Law ◽  
Legal Systems ◽  
Persons With Disabilities ◽  
International Treaty ◽  
Four Dimensions ◽  
Relevant Case ◽  
Similarities And Differences ◽  
Domestic Law

This chapter reflects on jurisdiction-specific approaches to the domestication of the Convention on the Rights of Persons with Disabilities (CRPD), considering in particular the domestic legal status of the CRPD and the relevance of that legal status for case law. The chapter explores four dimensions of the CRPD’s legal status: direct effect; indirect interpretative effect (where the CRPD influences the interpretation given to domestic law); use of the CRPD because of commitments to another international treaty; and absence of domestic legal status. With the exception of the first category, all dimensions can potentially present themselves in legal systems which tend towards the monist approach as well as in those which tend towards the dualist approach. The chapter discusses examples of relevant case law and reflects on similarities and differences emerging from a comparison of that case law.

Article 51 of the EU Charter of Fundamental Rights from the Perspective of the National Judge

2021 ◽  
Vol 13 (4) ◽  
pp. 53-85
Author(s):  
Petr Mádr
Keyword(s):  
Case Law ◽  
Fundamental Rights ◽  
National Courts ◽  
Track Record ◽  
Court Of Justice ◽  
Relevant Case ◽  
Charter Of Fundamental Rights ◽  
Scope Of Application ◽  
The Eu ◽  
Academic Debate

This article contributes to the growing scholarship on the national application of the EU Charter of Fundamental Rights ('the Charter') by assessing what challenges national courts face when dealing with Article 51 of the Charter, which sets out the Charter's material scope of application. In keeping with this aim, the relevant case law of the Court of Justice of the EU (CJEU) – with its general formulas, abstract guidance and implementation categories – is discussed strictly from the perspective of the national judge. The article then presents the findings of a thorough study of the case law of the Czech Supreme Administrative Court (SAC) and evaluates this Court's track record when assessing the Charter's applicability. National empirical data of that kind can provide valuable input into the CJEU-centred academic debate on the Charter's scope of application.

scholarly journals A Critical Analysis of Mercosur Countries’ Trade Relationships with the United States and China

2016 ◽  
Vol 10 (1) ◽  
pp. 163
Author(s):  
M. Anaam Hashmi
Keyword(s):  
United States ◽  
International Trade ◽  
Trade Deficit ◽  
The United States ◽  
Data Series ◽  
The European Union ◽  
Full Member ◽  
Strategic Goals ◽  
Almost All ◽  
Export Industries

The Mercosur trade alliance formed in 1991 is composed of six full member countries. Historically, Mercosur member countries have been engaged in international trade with the United States, Japan, and the European Union, but recently, China has become a dominant player in the region, with increased foreign direct investment and international trade. Chinese commercial and trade involvement was followed by a visit to the region by President Jiang Zemin in 2001; therefore, this study relied on a 2000–2015 data series. Chinese enterprises are competing well with U.S. corporations in almost all Mercosur member countries. A majority of Mercosur members had a trade deficit with China in recent years, suggesting that Mercosur members cannot leverage their export industries and are losing their competitiveness. The future of the Mercosur-China trade relationship is bright because both sides require each other’s products. Future involvement also depends on the Chinese government’s strategic goals, and the competitiveness of U.S. corporations.

scholarly journals German Transplants in Estonian Tort Law: General Duties to Maintain Safety

2021 ◽  
Vol 30 ◽  
pp. 132-139
Author(s):  
Janno Lahe
Keyword(s):  
Tort Law ◽  
Case Law ◽  
Tort Liability ◽  
Legal Practice ◽  
Remarkable Change ◽  
General Duty ◽  
Relevant Case ◽  
German School ◽  
Legal Thinking ◽  
The Individual

The jurisprudence and case-law approach of German tort law – and, more broadly, German-school legal thinking in general – has found its way into Estonian case law on torts and into Estonia’s scholarly texts on jurisprudence. From among the catalogue of transplants from German tort law that have reached Estonian law or legal practice, the paper focuses on one whose importance cannot be overestimated: the concept of tort liability based on breach of the general duty to maintain safety. This domain has witnessed remarkable change since the beginning of the 2000s, when an analogous concept of liability was still unfamiliar to many Estonian lawyers. The article examines whether and to what extent the concept of liability based on the general duty to maintain safety has become recognised in Estonian legal practice in the years since. Also assessed is the relevant case law to date, for ascertainment of whether any adoption of an equivalent concept of liability has been successful and, in either event, what problems remain to be resolved. The importance of this issue extends far beyond that of individual questions: the recognition of general duties to maintain safety affects our understanding of the very structure of tort law, of that of the general composition of tort, and of the connections that link the individual prerequisites for tort liability. Furthermore, this constellation influences our thought in the field of tort law more generally and our approach to the cases emerging in real-world legal practice.

The Letter of Credit, its resilience and viability in securing international commercial transactions

2014 ◽  
Vol 13 (3) ◽  
pp. 246-264
Author(s):  
Norman Mugarura
Keyword(s):  
International Trade ◽  
Data Sources ◽  
Commercial Product ◽  
Social Implications ◽  
Content Type ◽  
Letter Of Credit ◽  
Commercial Practice ◽  
Law And Policy ◽  
International Payment ◽  
Payment Mechanisms

Purpose – This paper aims to address issues of law and policy, the potential pitfalls such as fraud, conflict of law and documents discrepancies that are often encountered by the parties in usage and practice of the Letter of Credit (LC). The article has gleaned other forms of payment mechanisms in international commercial trade to demonstrate that despite the upsurge in international payment instruments, the LC has remained a viable commercial product. This article aims to provide an in-depth analysis of the law governing the LC and why it has remained resilient and a viable commercial product for many years. Design/methodology/approach – The author has utilized the current version of UCP 600 (2007) and the legislation such as Brussels Convention (2000) in Europe, litigated cases and secondary data sources in writing the paper. The data generated were then evaluated taking into account the most recent legal and policy changes regarding the usage and practice of the LC in international commercial transactions. The paper straddles many issues but evaluated in a distinctive way to underscore the purpose for writing it. Findings – The findings of the paper have demonstrated that despite a myriad of payment mechanisms as a result of innovation in international trade, the LC is still a viable commercial product. Parties will need to be knowledgeable and skilled enough to keep abreast of dynamic changes on law and policy relating to usage and practice of LCs. Short of that parties could be vulnerable to risk exigencies inherent in international trade they sought to eliminate by subscribing to the LC. Research limitations/implications – The limitations lie in realm that the paper was largely library-based and the author did not carry out extensive corroborative research studies on issues it was written on. Thus, any future work on the LC will try to corroborate issues of policy and practice and how they are internalized in commercial practice. Practical implications – The paper has articulated the governing law of the LC and the context in which it is harnessed in commercial practice. It has articulated potential risk areas that the parties ought to watch out for before and during the process of harnessing the LC as a payment mechanism. The paper has demonstrated that risks inherent in international trade are now higher than in past decades because of globalization and its attendant fluid environment. The paper is relevant to banks, regulators, governments and also students because it internalizes most recent changes in the usage and practice of the LCs in international trade. Social implications – International trade affects local businesses, banks, ordinary people, national governments and it has far reaching implications for societies as whole. The LC is utilized to mitigate, if not eliminate, potential risks in international trade transactions, and it has far reaching social implications for economies to be overlooked. Originality/value – The article has gleaned other forms of payment mechanisms in international commercial trade to tease out that despite the upsurge in international payment mechanisms, the LC has remained a viable commercial product. This article is a MUST read because it internalizes recent changes in the usage and practice of documentary credit which have not been addressed in its context. Even though the article has been undertaken by analysis of secondary and primary data sources, the author has done so in a distinctive way to underscore the most recent changes to the usage and practice of the LC and the purpose it was written.

International trade distributions and their relation with random fragmentation processes

2021 ◽  
Author(s):  
R. Bustos-Guajardo
Keyword(s):  
International Trade ◽  
Shape Parameter ◽  
Size Distributions ◽  
Weibull Distributions ◽  
Traded Goods ◽  
Power Law Decay ◽  
Approximate Power ◽  
Almost All ◽  
Data Log ◽  
Fragmentation Processes

A study of the distribution of the value of traded goods under the Harmonized System is presented. The ramifications of this classification system are found to exhibit an approximate power law decay, indicating complexity and self-organization in the nomenclature of traded merchandises. For almost all countries with available data, log-values of annually imported and exported goods are well described by three-parameter Weibull distributions. This distribution commonly appears in particles size distributions, suggesting a connection between random fragmentation processes and the mechanisms behind the international trade of merchandises. Analysis of the resulting values for the fitting parameters from 1995 to 2018 shows a nearly constant linear relationship between the parameters of the Weibull distributions, so that, for each country, the distribution of log-values can be approximately characterized by a single shape parameter [Formula: see text]. The empirical findings of this paper suggest that specialization on trading a constant set of goods prevents the values of all traded merchandises from growing/decreasing simultaneously.

Extradition of a Person: The National Law of Ukraine and the Case Law of the European Court of Human Rights

2021 ◽  
Vol 39 (9) ◽  
Author(s):  
Tatiana H. Fomina ◽  
Volodymyr I. Galagan ◽  
Zhаnnа V. Udovenko ◽  
Serhii Ye. Ablamskyi ◽  
Yana Yu. Koniushenko
Keyword(s):  
Human Rights ◽  
Criminal Procedure ◽  
Case Law ◽  
Criminal Offense ◽  
National Legislation ◽  
Procedure Code ◽  
European Court ◽  
Relevant Case ◽  
The Right

This article aims at establishing and emulating the relevant issues surrounding the detention of person presumed of committing a criminal offense outside the territory of Ukraine in respect with the provisions adumbrated by the European Court of Human Rights. The study was conducted through the prism of national legislation and the relevant case law of the European Court of Human Rights. The issues of realization of the detainee's rights, including the right to protection, were considered separately. According to the results of the study, certain ways to improve the provisions of the Criminal Procedure Code of Ukraine have been formulated.

10. Women and Poverty: The Feminization of Urban Poverty in Canada

2016 ◽  
Author(s):  
Laura G. Ritenburg
Keyword(s):  
Social Exclusion ◽  
Significant Role ◽  
Low Income ◽  
Urban Poverty ◽  
People With Disabilities ◽  
Government Programs ◽  
Men And Women ◽  
Recent Immigrants ◽  
Feminization Of Poverty ◽  
Almost All

Poverty is disproportionately experienced among men and women. Gender plays a significant role when examining the effects and problems that poverty poses. While poverty can be experienced in differing extremes, it is women who suffer higher poverty rates in almost all societies (Christopher et al.). It is people with disabilities, recent immigrants, and racialized men and women who face additional disadvantages and “all of these groups have extremely high rates of low income and, in all of them, women are the most vulnerable” (Townson). In this paper I discuss how the ‘feminization of poverty’ has created a situation where the number of women in poverty far outnumbers that of men, and how the discourse of feminized poverty is directly affected by the processes and structures of social exclusion. I argue that gender significantly influences the experience and response to urban poverty in Canada through unequal caregiving responsibilities, the dynamics that surround pay inequality, and inadequate government programs.

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