The Expansion of Electronic Letters of Credit in International Trade: Challenges and Solutions

Document Type : Research Paper

Authors

1 Associate Professor, Faculty of Law and Political Sciences

2 LLM, Intellectual Property Law, University of Tehran

Abstract

Today, paper-based letters of credit are common, despite the expansion of modern technology and communication. By considering the latest achievements in communication technology, and to slow-down the decreasing popularity of documentary credits, the International Chamber of Commerce (ICC) ratified the Uniform Customs and Practices for Electronic Documentary Credits (e-UCP) to encourage traders and bankers to employ electronic letters of credits (e-LCs). However, the current technical and legal problems of e-UCP have made the e-LCs useless in international trade. The current study presents a comparative analyses of e-LCs, in order to find the barriers of e-LCs expansion in international trade by using cloud computing and by presenting an amendment to the e-UCP.

Keywords

Main Subjects

References

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Comparative Law Review
Volume 10, Issue 2
Autumn & Winter
October 2019
Pages 527-546

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