DOCUMENTARY LETTER OF CREDIT
Keywords:
banking, letters of credit, international trade, innovative instruments of international paymentAbstract
This paper discusses documentary credentials and its role in international trade. The emergence of international trade and the increasing distance of the principal (buyer or importer) and the creditor's beneficiary (seller or exporter) leads to the need to protect both one and the other parties in the business. The most common participants are three basic members, a buyer, a seller and an accredited bank, and if necessary a fourth member, which is a correspondent bank. Legal relations in letters of credit are regulated by the Law on Obligatory Relations. Innovative instruments in international business lead to the use of electronic documentary credentials.
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