The Department of Private Law at the College of Law at Al-Qadisiyah University held a scientific workshop entitled (Legal and objective means to protect the bank from the risks of documentary credit) presented by Dr. Nibal Ruis Hamza and M.M. Baidaa Khader Abis
The workshop aimed at documentary credit, which is considered a product of the global trade movement, and the International Chamber of Commerce played a major role in formulating the articles governing the relationships arising from it. Some countries have devoted clear treatments in their legislation derived from the rules of origin and unified customs, while some countries still deal with documentary credit as if it were a purely banking matter.
The workshop concluded that despite the advantages provided by the documentary credit contract, it is not without risks, whether related to the forms of documentary credits or to the process of fraud or forgery with the presence of professionals for deception at the international level or the inability to pay the value of the credit.
The workshop recommended that banks take into account the principles and conditions governing their obligations when examining documents to avoid the liability that may arise from neglecting to take into account the conditions of the integrity of the conformity of documents
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