Magister Legum - LLM

Plus de soixante-quinze ans après la création des Règles et usances uniformes relatives aux crédits documentaires par la Chambre de commerce internationale, pouvons-nous parler d'un véritable succès international de la lettre de crédit commerciale à titre d'instrument de paiement fiable et sécuritaire ? Nonobstant sa triple finalité et l'application formaliste de ses principes d'incessibilité, de stricte conformité et de double autonomie qui ont su, au cours des années, répondre aux besoins résultant de l'évolution du commerce international, il nous semble utopique de parler d'un tel succès. Mais pourquoi ? Confrontées aux réglementations nationales ainsi qu'aux pratiques nationalistes et protectionnistes des états qui ont pourtant adhéré aux Règles et usances relatives aux crédits documentaires, la malléabilité de ces règles semble avoir dénaturé la lettre de crédit commerciale de ses principaux attributs. À cet égard, nous pouvons nous demander si la lettre de crédit commerciale est une facilité de crédit désuète ou incomprise ? La présente thèse est le fruit de maintes réflexions sur les problèmes liés à l'application et l'interprétation de la lettre de crédit commerciale à titre d'instrument international et plus particulièrement sur les lacunes des Règles et usances uniformes relatives aux crédits documentaires. / More than seventy-five years after the creation of the Uniform Customs and Practice for Documentary Credits by the International Chamber of Commerce, can we talk about a true international success of the commercial letter of credit as a reliable and secured instrument of payment? Notwithstanding its triple functions and the formalistic application of its principles of non-assignability, of strict compliance and of dual autonomy, which have answered the needs resulting from the evolution of international commerce, it seems unrealistic to talk about such success. But why? Confronted with the national regulations as well as nationalist and protectionist practices of the states which have nevertheless ratified the Uniform Customs and Practice for Documentary Credits, the malleability of those rules seems to have been misrepresented of the principal attributes of the commercial letter of credit. ln that respect, we can ask ourselves if the commercial letter of credit is an outdated or misunderstood credit facility? The present thesis is the fruit of many reflections on the problems linked with the application and the interpretation of the commercial letter of credit as an international instrument of payment and more particularly, on the gaps of the Uniform Customs and Practice for Documentary Credits.

Plus de soixante-quinze ans après la création des Règles et usances uniformes relatives aux crédits documentaires par la Chambre de commerce internationale, pouvons-nous parler d'un véritable succès international de la lettre de crédit commerciale à titre d'instrument de paiement fiable et sécuritaire ? Nonobstant sa triple finalité et l'application formaliste de ses principes d'incessibilité, de stricte conformité et de double autonomie qui ont su, au cours des années, répondre aux besoins résultant de l'évolution du commerce international, il nous semble utopique de parler d'un tel succès. Mais pourquoi ? Confrontées aux réglementations nationales ainsi qu'aux pratiques nationalistes et protectionnistes des états qui ont pourtant adhéré aux Règles et usances relatives aux crédits documentaires, la malléabilité de ces règles semble avoir dénaturé la lettre de crédit commerciale de ses principaux attributs. À cet égard, nous pouvons nous demander si la lettre de crédit commerciale est une facilité de crédit désuète ou incomprise ? La présente thèse est le fruit de maintes réflexions sur les problèmes liés à l'application et l'interprétation de la lettre de crédit commerciale à titre d'instrument international et plus particulièrement sur les lacunes des Règles et usances uniformes relatives aux crédits documentaires. / More than seventy-five years after the creation of the Uniform Customs and Practice for Documentary Credits by the International Chamber of Commerce, can we talk about a true international success of the commercial letter of credit as a reliable and secured instrument of payment? Notwithstanding its triple functions and the formalistic application of its principles of non-assignability, of strict compliance and of dual autonomy, which have answered the needs resulting from the evolution of international commerce, it seems unrealistic to talk about such success. But why? Confronted with the national regulations as well as nationalist and protectionist practices of the states which have nevertheless ratified the Uniform Customs and Practice for Documentary Credits, the malleability of those rules seems to have been misrepresented of the principal attributes of the commercial letter of credit. ln that respect, we can ask ourselves if the commercial letter of credit is an outdated or misunderstood credit facility? The present thesis is the fruit of many reflections on the problems linked with the application and the interpretation of the commercial letter of credit as an international instrument of payment and more particularly, on the gaps of the Uniform Customs and Practice for Documentary Credits.

國際貿易實務上，「信用狀」係往來銀行提供信用狀擔保付款之模式，確保跨國貿易之順利完成、加速貿易進行，為當今世界重要付款方式。「信用狀統一慣例（UCP）」係國際商會（ICC）制定之信用狀交易實務慣例，自1933年首次頒布以來，目前已成為全世界公認遵行之信用狀標準處理方針。2007年，國際商會公佈最新修訂版本之第600號出版物“UCP 600”，明定因應銀行及航運實務發展、檢討UCP 500之規範文字及語體、抑制銀行拒絕付款率等為主要修訂目標。 鑑於UCP 600對於未來國際貿易發展之影響力，實有全面且深入研究UCP 600條款內容及規範目的之必要。本文以UCP 600新增定義解釋條款、審查單據條款、及運送單據條款為研究主題，透過闡釋條文涵義、比較與UCP 500之差異、探究新條款影響、檢討修訂目標之成效等，俾使信用狀當事人及相關銀行正確理解及適用UCP 600條款內容。 本文首先介紹信用狀之特性、經濟功能及信用狀統一慣例之定位適用等基本概念；其次從文義解釋、法律性質及當事人間法律關係等觀點切入，闡釋UCP 600本次新增之定義及解釋條款；並研究銀行實務最常發生爭議之審查單據程序，詳盡分析UCP 600規定之審單標準、符合提示、拒付瑕疵單據等重要條款。此外，本文探討UCP 600所規定國際航運常見之提單、多式運送單據、不可轉讓海運單及傭船提單等運送單據條款。最後，本文針對UCP 600條款之重要修訂內容予以彙整，嘗試提出該等條款之修正趨勢及未來發展。 / In international trade practice, “letter of credit”which is the most important type of payment in the world is the means of settlement that an issuing bank independently undertake to honour a complying presentation , and that ensures international trade to successfully completed, and speeded up the transactions.“ICC Uniform Customs and Practice for Documentary Credit(UCP)”is the rules of international letter of credit practice promulgated by the Commission on Banking Technique and Practice of the International Chamber of Commerce(ICC).The 2007 Revision, UCP 600, is the latest of a series of revisions of these ICC rules that date from 1933 and have in their evolution become the universal norm for commercial letter of credit. The introduction of UCP 600 expressly indicated the main revised objective was to address developments in banking and transport industries, to look at the language and style used in UCP 500, and to reduce the rejections of the documents presented under letter of credit. In consideration of the influence of UCP 600 for the development of international trade in the future, it was necessary to generally and deeply research the clauses and provisions of UCP 600 and the revised objective. This paper’s research subjects include the formal definitions and interpretations of UCP 600, the provision regarding examination of documents, and the provisions regarding transport documents. In order to make the parties of letter of credit and the relevant banks correctly understand and apply the UCP 600 clauses, this paper interprets the meaning of UCP 600 clauses, compares the differences between UCP 600 and UCP 500, analyses the influence of new provisions, and look at the achievements of this revision. This paper first introduces the fundamental concepts included the characteristic of letter of credit, the economic functions of letter of credit, and the position and application of UCP 600.The second part is to discuss the formal definitions and interpretations that UCP 600 new formulated from the perspectives of language interpretation, quality of law, and the law relationship of the parties. Then this paper discusses the rules for the examination of documents that most controversial in banking industries, and analyses the important provisions regarding standard for examination of documents, complying presentation, and rejection of discrepant documents. Moreover, this paper is referring to the general transport documents clauses stipulated in UCP 600, including bill of lading, multimodal transport document, non-negotiable sea waybill, and charter party bill of lading. Finally, this paper synthesizes the significant revised provisions, and recommends several suggestions about modifying the relevant provisions in UCP 600 and development in the future.

Les promesses de payer sont des contrats par lesquels une personne s’engage envers un créancier à payer ce qui lui est dû. De tels actes sont courants ; leurs applications sont variées. Le cautionnement, l’acceptation d’une lettre de change, la promesse d’exécuter une obligation naturelle, l’engagement du délégué envers le délégataire, le constitut, la garantie autonome, la souscription d’un billet à ordre, etc., sont des promesses de payer. Plus précisément, ces actes sont des applications diverses d’une même figure juridique : la promesse de payer. Cette dernière, déshabillée des particularités propres à chacune de ses applications spéciales, se présente comme une figure juridique unitaire, pourvue d’une nature et de caractères permanents. Ayant pour objet un paiement, elle suppose toujours l’existence d’une dette à acquitter. Cette dette, ou « obligation principale », constitue sa cause objective. Contrairement à une simple reconnaissance de dette, la promesse ne se borne pas à déclarer l’existence de celle-ci. En tant qu’engagement d’exécution, elle donne naissance à une nouvelle obligation, l’ « obligation de règlement », venant s’adjoindre à la première en vue de son paiement. L’obligation de règlement, à ce titre, constitue l’accessoire de l’obligation principale. Son régime, de sa naissance à son extinction, sera donc plus ou moins lié à celui de cette dernière. / Promises to pay are contracts by which a person commits to pay to a creditor what is owed to him. Such acts are as common as they are various. For instance, bond, acceptance of a bill of exchange, promise to perform a natural obligation, commitment of the delegate to the delegatee, autonomous guarantee, subscription of a promissory note, etc. are promises to pay. In fact, such acts are different applications of a single legal figure : the promise to pay. Apart from the specificities of each of its applications, the promise to pay reveals itself as a uniform legal act with a permanent nature. Because its subject consists in a payment, the promise to pay always presupposes the existence of a debt. Such debt, or “primary obligation”, is the “objective cause” of the promise. Unlike a simple “IOU”, a promise to pay is not limited to declare the existence of the primary obligation. As a commitment, it also produces a new obligation, the “obligation to pay”, which coexists with the primary obligation. The obligation to pay, as such, is ancillary to the primary obligation. Its legal status, from its birth to its expiration, will be closely linked to that of the primary obligation.

[ES] La presente tesis doctoral se plantea sobre la necesidad de buscar alternativas a los medios de pago y cobros internacionales en el sector agroalimentario y su viabilidad normativa, que permitan automatizar las operaciones de comercio internacional y reúnan todos los beneficios mitigantes del riesgo y de la falta de seguridad de cobro para las partes. La acelerada revolución tecnológica en el campo de las telecomunicaciones y de la informática, se ha empleado como instrumento en el comercio internacional agroalimentario, no sólo en la fase de negociación y elaboración del contrato de compraventa internacional, sino, en la forma de pago. Por ello, se hace necesario considerar y valorar la viabilidad jurídica que ofrecen los nuevos instrumentos tecnológicos en las transacciones comerciales internacionales. La reciente aparición de la tecnología denominada cadena de bloques (blockchains) y los contratos inteligentes (smart contracts) ofrecen una alternativa sostenible en el sector primario y es por ello que, despierta un creciente interés objeto de nuestro estudio. Desde este objetivo, y tras no pocas dudas, se presenta una revisión de ambos conceptos y su relación con el uso de nuevos medios de pago virtuales (criptomonedas). En este sentido, dichos conceptos toman relevancia en la investigación en virtud de la propuesta de un novedoso crédito documentario automatizado en la red blockchain como mecanismo de pago internacional y cuya moneda de pago es la criptomoneda. Ello proporciona a los agentes comerciales, la posibilidad de realizar pagos jurídicamente válidos, eficaces y automáticos, sin la intervención de ninguna autoridad bancaria central o institución de crédito. La investigación trata temas actuales como lo son la compraventa internacional, los medios de pago internacionales, con base en el crédito documentario y los nuevos desafíos tecnológicos, evidenciando la importancia de la Comisión de las Naciones Unidas para el Derecho Mercantil Internacional (UNCITRAL) como fuente reguladora del Derecho Comercial Internacional. Con el estudio se concluye la posibilidad de uso del dinero electrónico y las monedas virtuales para una operación de compraventa internacional en el sector primario como alternativa a los mecanismos tradicionales, dotando a ésta de la funcionalidad y la seguridad jurídica con el uso de un crédito documentario en la red Blockchain en formatos estandarizados y automatizados de contratación, a pesar de su escasa o nula regulación internacional. / [CA] La presente tesis doctoral se plantea sobre la necesidad de buscar alternativas a los medios de pago y cobros internacionales en el sector agroalimentario y su viabilidad normativa, que permitan automatizar las operaciones de comercio internacional y reúnan todos los beneficios mitigantes del riesgo y de la falta de seguridad de cobro para las partes. La acelerada revolución tecnológica en el campo de las telecomunicaciones y de la informática, se ha empleado como instrumento en el comercio internacional agroalimentario, no sólo en la fase de negociación y elaboración del contrato de compraventa internacional, sino, en la forma de pago. Por ello, se hace necesario considerar y valorar la viabilidad jurídica que ofrecen los nuevos instrumentos tecnológicos en las transacciones comerciales internacionales. La reciente aparición de la tecnología denominada cadena de bloques (blockchains) y los contratos inteligentes (smart contracts) ofrecen una alternativa sostenible en el sector primario y es por ello que, despierta un creciente interés objeto de nuestro estudio. Desde este objetivo, y tras no pocas dudas, se presenta una revisión de ambos conceptos y su relación con el uso de nuevos medios de pago virtuales (criptomonedas). En este sentido, dichos conceptos toman relevancia en la investigación en virtud de la propuesta de un novedoso crédito documentario automatizado en la red blockchain como mecanismo de pago internacional y cuya moneda de pago es la criptomoneda. Ello proporciona a los agentes comerciales, la posibilidad de realizar pagos jurídicamente válidos, eficaces y automáticos, sin la intervención de ninguna autoridad bancaria central o institución de crédito. La investigación trata temas actuales como lo son la compraventa internacional, los medios de pago internacionales, con base en el crédito documentario y los nuevos desafíos tecnológicos, evidenciando la importancia de la Comisión de las Naciones Unidas para el Derecho Mercantil Internacional (UNCITRAL) como fuente reguladora del Derecho Comercial Internacional. Con el estudio se concluye la posibilidad de uso del dinero electrónico y las monedas virtuales para una operación de compraventa internacional en el sector primario como alternativa a los mecanismos tradicionales, dotando a ésta de la funcionalidad y la seguridad jurídica con el uso de un crédito documentario en la red Blockchain en formatos estandarizados y automatizados de contratación, a pesar de su escasa o nula regulación internacional. / [EN] This doctoral thesis is based on the need to seek alternatives to international payment and collection methods in the agri-food sector and its regulatory feasibility, which allow automating international trade operations and bring together all the mitigating benefits of risk and the lack of collection security for the parties. The accelerated technological revolution in the field of telecommunications and information technology has been used as an instrument in international agri-food trade, not only in the negotiation and preparation phase of the international sales contract, but also in the form of payment. For this reason, it is necessary to consider and assess the legal viability offered by the new technological instruments in international commercial transactions. The recent appearance of the technology called blockchain and smart contracts offer a sustainable alternative in the primary sector and that is why it arouses a growing interest in our study. From this objective, and after many doubts, a review of both concepts and their relationship with the use of new virtual means of payment (cryptocurrencies) is presented. In this sense, these concepts become relevant in the investigation by virtue of the proposal of a novel automated documentary credit in the blockchain network as an international payment mechanism and whose payment currency is cryptocurrency. This provides commercial agents with the possibility of making legally valid, efficient and automatic payments, without the intervention of any central banking authority or credit institution. The research deals with current issues such as international sales, international means of payment, based on documentary credit and new technological challenges, evidencing the importance of UNCITRAL as a regulatory source of International Commercial Law. The study concludes the possibility of using electronic money and virtual currencies for an international sale operation in the primary sector as an alternative to traditional mechanisms, providing it with functionality and legal security with the use of a documentary credit in the Blockchain network in standardized and automated contracting formats, despite its little or no international regulation. / Bonet Juan, MA. (2022). Aplicación del derecho internacional en los mecanismos de medios de cobro y pago e ítems relacionados con el comercio internacional [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/186004 / TESIS

Bank demand guarantees have become an established part of international trade. Demand guarantees, standby letters of credit and commercial letters of credit are all treated as autonomous contracts whose operation will not be interfered with by courts on grounds immaterial to the guarantee or credit itself. The idea in the documentary credit transaction/demand guarantee transaction is that if the documents (where applicable) presented are in line with the terms of the credit/guarantee the bank has to pay, and if the documents do not correspond to the requirements, the bank must not pay. However, over the years a limited number of exceptions to the autonomy principle of demand guarantees and letters of credit have come to be acknowledged and accepted in practice. In certain circumstances, the autonomy of demand guarantees and letters of credit may be ignored by the bank and regard may be had to the terms and conditions of the underlying contract. The main exceptions concern fraud and illegality in the underlying contract. In this thesis a great deal of consideration has been given to fraud and illegality as possible grounds on which payment under demand guarantees and letters of credit have been attacked (and sometimes even prevented) in the English, American and South African courts. It will be shown that the prospect of success depends on the law applicable to the demand guarantee and letter of credit, and the approach a court in a specific jurisdiction takes. At present, South Africa has limited literature on demand guarantees, and the case law regarding the grounds upon which payment under a demand guarantee might be prevented is scarce and often non-existent. In South Africa one finds guidance by looking at similar South African case law dealing with commercial and standby letters of credit and applying these similar principles to demand guarantees. The courts, furthermore, find guidance by looking at how other jurisdictions, in particular the English courts, deal with these issues. Therefore, how the South African courts currently deal/should be dealing/probably will be dealing with the unfair and fraudulent calling of demand guarantees/letters of credit is discussed in this thesis. / Jurisprudence / LL.D

Bank demand guarantees have become an established part of international trade. Demand guarantees, standby letters of credit and commercial letters of credit are all treated as autonomous contracts whose operation will not be interfered with by courts on grounds immaterial to the guarantee or credit itself. The idea in the documentary credit transaction/demand guarantee transaction is that if the documents (where applicable) presented are in line with the terms of the credit/guarantee the bank has to pay, and if the documents do not correspond to the requirements, the bank must not pay. However, over the years a limited number of exceptions to the autonomy principle of demand guarantees and letters of credit have come to be acknowledged and accepted in practice. In certain circumstances, the autonomy of demand guarantees and letters of credit may be ignored by the bank and regard may be had to the terms and conditions of the underlying contract. The main exceptions concern fraud and illegality in the underlying contract. In this thesis a great deal of consideration has been given to fraud and illegality as possible grounds on which payment under demand guarantees and letters of credit have been attacked (and sometimes even prevented) in the English, American and South African courts. It will be shown that the prospect of success depends on the law applicable to the demand guarantee and letter of credit, and the approach a court in a specific jurisdiction takes. At present, South Africa has limited literature on demand guarantees, and the case law regarding the grounds upon which payment under a demand guarantee might be prevented is scarce and often non-existent. In South Africa one finds guidance by looking at similar South African case law dealing with commercial and standby letters of credit and applying these similar principles to demand guarantees. The courts, furthermore, find guidance by looking at how other jurisdictions, in particular the English courts, deal with these issues. Therefore, how the South African courts currently deal/should be dealing/probably will be dealing with the unfair and fraudulent calling of demand guarantees/letters of credit is discussed in this thesis. / Jurisprudence / LL.D