A Study on the Implication for the Optimal Reorganization in Letter of Credit Transaction based on the Reappraisal of the UCP Article 14(b)

신용장거래관습 최적편성방안의 모색 : UCP 600 제14조 (b)항의 재해석

UCP 600 Article 14(b), providing rules for the period of the examination of documents, is a radical reorganization of UCP Article 13(b). The provision changes the period of time to a maximum of five banking days instead of reasonable time. One of the critical problems giving rise to the difficulty in interpretation and application is the question of fact that there may be two possible conflicting options in determining the time of checking documents presented. The one doctrine is fixed time(safe harbor) standard, and the other is hidden reasonableness standard. This study analyzes which option should be adopted for the optimal application standard by welfare effect methodology using consumer surplus approach and suggests that safe harbor standard should be optimal solution to the determination of period of examination of documents presented in letter of credit regime.