Study On The Applicable Law Of Letter Of Credit In China

International Chamber of Commerce lay down and amend "Uniform Customs and Practice forDocumentary Credits" UCP become unified L/C rules as an important legal documents. AlthoughUCP have made detailed provisions to its suitable scope, conditions, on the rights, obligations of theparties, and the operational standards. Unfortunately, UCP did not solve all the L/C problem likeconflict of law, China's law is also lack of corresponding legislation.This article will probe the problem of the legal conflict and legal application on the L/C from theperspective of private international Law with two aspects: one is review of legal application of UCPin China. As an international commercial custom and usage, UCP has been recognized by judiciaryand the academia. But applicable lever and the legal status of UCP should according to meaningautonomy of parties. In addition, whether public order could exclude the international practice isworthy of further study. The other is reflection on the juridical practice involved with applicable lawof L/C. My view is using the segmentation method to recognize he legal relationship between theparties of L/C, and according to the different legal relationship between parties in L/C to respectivelychoose applicable law. Then, analyzed and compared with other countries' L/C applicable law and putforward legislative proposals of L/C applicable law and conflict law in China.