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IRREVOCABLE LETTERS OF CREDIT AND THE RESPONSIBILITY OF THE BANKS

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dc.contributor.author MUDAWI, OSAMA MUSTAFA
dc.contributor.author TIMAN, ELFADIL
dc.date.accessioned 2020-11-26T10:20:20Z
dc.date.available 2020-11-26T10:20:20Z
dc.date.issued 2016-04
dc.identifier.issn 2231-5756
dc.identifier.uri http://repo.uofg.edu.sd/handle/123456789/3684
dc.description INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT & MANAGEMENT VOLUME NO. 6 (2016), ISSUE NO. 04 (APRIL) en_ZA
dc.description.abstract Purpose: The purpose of this article is to explore the Irrevocable Letters of Credit and its importance. In addition to, the responsibility of the banks when dealing with these Irrevocable Letters of Credit and the events in which courts can intervene. Methodology /approach: This article has employed descriptive and comparative methods. The following materials were referenced as part of this article: books, journal articles, cases, reports, legislations. Findings: This article has found that letters of credits are very important in the field of international trade because they give fast and secure ways of payment, and grant sellers more protection if the letter of credit is confirmed by a bank. Also, it has discovered that the letter of credit is governed by two principles. First, the principle of autonomy, which means the underlying contact is independent of and separate from the letter of credit. Secondly, the doctrine of strict compliance, which means that a bank can reject documents that are presented by a seller if they not comply with the conditions of the letter of credit. Moreover, this article highlighted that the task of banks is to examine documents from their face, and without making an investigation. Moreover, this article has found that fraud exception seems to be the main exception in the doctrine of autonomy. Finally, it has shown that there is an approach which extends the fraud exception to include nullity exception which may improve the letter of credit. Originality/value: This article contributes to increase the understanding of the Irrevocable Letters of Credit and the responsibility of the banks when deal with these documents. In addition, it discovers the situations in which the court can intervene in Irrevocable Letters of Credit. en_ZA
dc.language.iso en en_ZA
dc.publisher University of Gezira en_ZA
dc.subject irrevocable letter of credit en_ZA
dc.subject banks en_ZA
dc.title IRREVOCABLE LETTERS OF CREDIT AND THE RESPONSIBILITY OF THE BANKS en_ZA
dc.type Article en_ZA


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