한국과 중국 신용장 관련 규정의 비교연구

This study aims to compare the letter of credit regulations between Korea and China to provide practical guidelines for Korean traders and banks when engaging in letter of credit transactions with China. Firstly, the difference in the letter of credit regulations between the two countries is that Korea does not have specific laws related to letters of credit. Instead, it adheres to the Uniform Customs and Practice for Documentary Credits(UCP 600) established by the International Chamber of Commerce (ICC) as a global governing law for conducting letter of credit transactions. On the other hand, China does not have a formal law for letters of credit, but it has been implementing the "Rules of the Supreme People’s Court on Some Issues Concerning the Trial on the Disputed Cases over the Letter of Credit of China" since January 1, 2006. These "Rules" consisting of 18 articles, provide a legal basis for letter of credit transactions and serve as an important guideline for judges in case of disputes related to letters of credit. There are differences in the standards for document examination and the handling of discrepant documents by the issuing banks between Korea’s UCP 600 and China’s "Rules", which require attention. Additionally, there are differences in the bill of exchange laws and related regulations. For instance, Article 8 of China’s bill of exchange law requires the consistency of the amount in words and figures, whereas in Korea, even if there is a discrepancy, the bill of exchange is still valid, prioritizing the amount in words. The local letter of credit regulations in Korea and China differ in terms of legal basis, regulatory environment, operational practices, documentation procedures, and technical aspects. Similarly, the internal regulations of banks regarding letters of credit vary in regulatory environment, document processing, review procedures, internal rules, practices, and technical aspects. Given these differences, it is crucial for Korean traders and banks to be aware of and heed these discrepancies when conducting letter of credit transactions with China to avoid unforeseen risks.