UCP 600 kuralları çerçevesinde akreditifin işleyişi

Abstract

Letter of credits, one of the most efficient payment tools, are used in order to minimize the risks stemming from foreign trade. In order to avoid problems arising from the practice, uniform rules needed to be implemented in different countries. The most recent version of the UCP Rules was published on the 1st of July 2007 by the ICC. The legal nature of UCP was polemical. However, according to the Article 1 of the UCP 600, only if there is a clear expression referring to the rules then it is subject to UCP. According to these rules, the obligation under the letter of credit can be exercised via advance payment, sight payment, deferred payment, acceptance and negotiation. Through these, the payment is done upon presentation of the documents complying with the letter of credit at the right place and on the right time. After the presentation the bank may reserve the documents under several reasons and reject the payment. On the foreword of the UCP it is mentioned that on the letter of credit practices through the world %70 of the documents are reserved under the first presentation to the banks. This ratio is quite high and causes the letter of credit to be more burdensome in terms of time and capital. Hovewer the grounds reserve at the first presentation seems to be easily corrected. This point reflects that by studying UCP 600 and ISBP rules more attentively, the loss of time and capital may be hindered on the exercise.