Principle of Self-liquidation in the Range of Letter of Credit and Bank Guarantees (A Comparative study in Iranian Law and in International Commercial Procedure)

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Hosein Zadeh Majid; MOHAMMADI MOJTABA

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Journal: QUARTERLY OF LEGAL ENCYCLOPEDIAS Year:2021 | Volume:4 | Issue:10 Page(s): 69-95

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Information Journal Paper

Title

Principle of Self-liquidation in the Range of Letter of Credit and Bank Guarantees (A Comparative study in Iranian Law and in International Commercial Procedure)

Author(s)

Hosein Zadeh Majid | MOHAMMADI MOJTABA | Issue Writer Certificate

Keywords

commercial letter of credit

standby letter of credit

bank guaranty

self-liquidation

Abstract

The manner of payment and guaranty of obligations is of paramount importance in international contracts, and in international transactions, it is rare to find a contract that does not have a condition on the manner of payment and guaranty. In this regard, commercial letter of credit is considered as of one the most common types of payment strategies in international contracts. Bank guarantees and stand-by letter of credit are also the most common strategies to ensure fulfillment of contractual obligations and in both the bank plays an important and active role. In commercial letter of credit, the goods in question are given to the bank as collateral and the bank can sell them if the applicant fails to make the payment. However, the letter of guarantees may not include goods, hence the bank is deprived of the privilege of collecting its claims through the sale of goods. As a result, the bank runs the risk of not receiving its claims. This feature, in which the bank is able to reimburse its claims through selling goods that are the subject of the sale contract, may be called «principle of self-liquidation«. What will be examined in this article is the position and nature of this principle in letter of credit and the effects that flow from it.

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APA: Copy

Hosein Zadeh, Majid, & MOHAMMADI, MOJTABA. (2021). Principle of Self-liquidation in the Range of Letter of Credit and Bank Guarantees (A Comparative study in Iranian Law and in International Commercial Procedure). QUARTERLY OF LEGAL ENCYCLOPEDIAS, 4(10 ), 69-95. SID. https://sid.ir/paper/412974/en

Vancouver: Copy

Hosein Zadeh Majid, MOHAMMADI MOJTABA. Principle of Self-liquidation in the Range of Letter of Credit and Bank Guarantees (A Comparative study in Iranian Law and in International Commercial Procedure). QUARTERLY OF LEGAL ENCYCLOPEDIAS[Internet]. 2021;4(10 ):69-95. Available from: https://sid.ir/paper/412974/en

IEEE: Copy

Majid Hosein Zadeh, and MOJTABA MOHAMMADI, “Principle of Self-liquidation in the Range of Letter of Credit and Bank Guarantees (A Comparative study in Iranian Law and in International Commercial Procedure),” QUARTERLY OF LEGAL ENCYCLOPEDIAS, vol. 4, no. 10 , pp. 69–95, 2021, [Online]. Available: https://sid.ir/paper/412974/en

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