عنوان مقاله [English]
According to the theory of applicability unified law to all relationships in international letters of credit, the law governing all relationships in letter of credit must be the same and the law of a certain country govern all such relationships and since "payment of letter of credit" is made in the country of residence of the advising bank (in unconfirmed letters of credit) or the confirming bank (in confirmed letters of credit), it is assumed that the country has the closest connection with all the above relationships and its law governs these relationships.
This theory has been accepted in the courts of western countries and the authors have agreed to spread this theory, but there are few objections to it in the jurisprudence and the views of the authors. The main bases of this theory are the observance of the Commercial expectations of the beneficiaries and the banks involved in the letter of credit, as well as the assumption of a close relationship between the country of payment and all the relations in the letter of credit, both of which have been questioned. In this study, the theory is examined in an analytical-descriptive manner and it seems that this theory is dogmatic and has been proposed with the aim of expanding the legal competence of developed countries and it is better to use a multifactorial and flexible approach i.e "center of gravity of contract" (which determines the law governing the legal relationship by examining various factors), in developing countries (such as Iran), using existing legal capacity (including paragraph 2 of Article 27 of the International Commercial Arbitration Law) to determining the law governing each of the existing relationships in letters of credit (separately and independently).