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Documentary Compliance in a Recession

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I recently reread John F. Dolan's comments regarding documentary compliance (original see here).

In 2000  professor Ronald Mann reported that documentary compliance was low (as low as 27 percent), but that applicants were waiving discrepancies at a high rate (well over 90 percent). Professor Mann analyzed letters of credit at the height of the global boom and it can be expected that the percentage of waivers is a lot lower nowadays. (I hope that some members of the forum can provide examples of this.)

The interesting question whether there is a pattern of noncompliance, that is whether certain documents are nearly certain to fail scrutiny whereas others pass without hiccup. 

Dolan's final comments relate to the sorry state of US jurisdiction: incompetent judges who soften strict documentary compliance with  their "feelings" regarding eg the validity of bills of ladings.

Please comment freely if you consider the American legal system a competitive disadvantage of the United States.  

 

 

Comments

Sun, 01/09/2011 - 06:28 — willsonn

Hi I want to say that it

Hi

I want to say that it is a well executed article.I am agree with you that incompetent judges who soften strict documentary compliance with  their
"feelings" regarding eg the validity of bills of ladings.

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Wed, 06/09/2010 - 07:26 — ALIMARUT FRANCE

1/3 B/L SENT BY SHIPS BAG

We keep getting L/C with the conditon of 1/3 b/l sent in ships bag.

How can we comply with that condition if no Freight company offer this service anymore. Why they keep writing that condition.

Sat, 04/10/2010 - 12:53 — sapphirecapital

indeed

not only do US judges seem to believe they are omnipotent and say they are representing an applicable jurisdiction (when the only thing touching the US is the clearing of settlement payments of the lc) they also seem to think that international rules are not binding for them but for all others. In addition there are the matters of US banking bureaucrazy and reporting requirements which are much more rampant than in other countries. But thats my personal opinion.