Legal Responsibility for the Bank’s Obligation to Examine Documents( A Comparative Study)

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Saja Majed Dawood

Abstract

Documentary credit has a very important role in the field of international and domestic trade, as this trade is often financed by a bank by including contracts for the international sale of goods, on the condition that the payment of the price is through a bank, usually in the country of the seller. Bank documentary credits are considered an exemplary means for settling international trade operations, because they guarantee each party to the sales contract the implementation of the other party's contractual obligations. The buyer’s bank opens the credit for the price in favor of the seller at the latter with the documents of the goods specified by the buyer, and the bank checks that the documents are in conformity with the customer’s instructions, as these documents are the main pillar in the entire documentary credit process. There are many forms of accreditation with the number of different implementing banks, meaning that the places of fulfillment are multiple 

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How to Cite
سجى ماجد داود. (2022). Legal Responsibility for the Bank’s Obligation to Examine Documents( A Comparative Study). MIsan Journal of Comparative Legal Studies, 1(6), 194–212. https://doi.org/10.61266/mjcls.v1i6.104
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