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

1.Introduction

This clause addresses the phenomenon of document discrepancies in outside(a) trade financing as a signifi standt planetary issue resulting in unnecessary delays, refused payments, and financial loss when banks discover discrepancies in call for trade finance documents presented under the International Chamber of art trade rules known as Uniform Customs and Practice. darn this problem has grown in the past thirty years, no research has been undertaken to address this problem. Drawing on e-research, infotainment 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 twisting in the process must be trained to run across they pull in 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.



term international trade continue to grow as a part of international 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 unaccepted for a country to produce domestically everything for its citizens need or demand. The great benefit of exporting is that large revenue and derive opportunities are to be found in foreign markets. some of the worlds largest companies derive over half of their sales from...If you want to get a full essay, order it on our website: Orderessay



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