Constant Development of Global Trade

With the constant development of global trade, there is an ever increasing need to find the right way to finance these international transactions. For many years there have been a number of options available to international traders. Especially now, with the advent of modern technology, electronic funds transfer is always an option. However, many traders still opt for the safest measure of financing international transactions: the use of documentary credits. The use of these methods provides much legal protection against misuse, especially where the terms of the UCP500 are incorporated into the terms of the letter of credit, which provides a legal framework preventing any of the parties from obtaining a more superior position in the transaction than is warranted.
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