title: Bills of exchange in a letter of credit
metadata.name: dc.contributor.author
metadata.value: Zhongmin, Zha
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2023-06-19T12:48:59Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2023-06-19T12:48:59Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2023-06
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Zhongmin, Zha. 2023. “Bills of exchange in a letter of credit”. Vestnik of Saint Petersburg  University. Law 2: 531–541. https://doi.org/10.21638/spbu14.2023.216
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu14.2023.216
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/41605
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Application of bills of exchange in documentary credits (letters of credit, LC) has been con fronting with many disputes given different opinions and interpretations of bills of exchange 
  ordinance under various legal jurisdictions, which has resulted in a controversy to abolish bills 
  of exchange in LC transactions. To combinate functions and legal aspects of bills of exchange 
  into the practice of documentary credits, this article emphasizes the importance of bills of 
  exchange in LC practice, articulates the functions of bills of exchange in the procedure of LC 
  business from the perspectives of qualified payment prompter as well as the verification of 
  payment amount and the determination of maturity date & payee, and concludes that bills 
  of exchange plays a critical settlement role by means of prompt payment in documentary 
  credits. As suggested by the Opinions of International Chamber of Commerce (ICC) Banking 
  Committee and the practice of blank bills of exchange this article explains further the right to 
  examine the bills of exchange and to dishonor discrepant bills of exchange by an issuing bank 
  or a confirming bank or a nominated bank, however, the beneficiary has the right to correct 
  or alter discrepant bills of exchange due to the payment undertaking by the issuing bank or 
  the confirming bank. Since bills of exchange is a financial instrument instead of a commercial 
  document, this correction or alteration by the beneficiary to the bills of exchange should not 
  be subject to the limitations by presentation period and expiry date stipulated by the terms 
  and conditions in the documentary credits. This essay suggests conclusively that the Para graph B14 for amounts and Paragraph B16 for correction and alteration in ISBP745 should 
  be revised to provide consistent examination standards to solve the problems of conflicting 
  opinions of the bills of exchange under various jurisdictions.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Vestnik of St Petersburg University. Law;Volume 14; Issue 2
metadata.lang: -
metadata.name: dc.subject
metadata.value: documentary credits
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: bills of exchange
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: issuing bank
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: beneficiary
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: document
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: prompt payment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: examination standards
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Bills of exchange in a letter of credit
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 16.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/41605/1/16.pdf
resources.format: Adobe PDF
resources.size: 688,07 kB