Professor of private international law at our college, Dr. Ghassan Obeid, participated in the discussion committee for a doctoral dissertation on “The Requirement of Documentary Credit for Commercial Settlement: A Comparative Study,” submitted by private law student Saif Munir Abbas.
The study aimed to understand the basis and legal nature of the requirement to open a documentary credit. Despite its prevalence and popularity in commercial transactions, it has not received legislative regulation that clarifies its nature, concept, and legal interpretation.
The study reached several conclusions, most notably that Iraqi legislators, as well as Egyptian and French legislators, did not regulate the provisions for requiring documentary credit. Furthermore, there is no legislative text that clarifies the methods for paying the amount of institutional credit. The legal nature of the requirement for settlement has not been defined, leading legal jurisprudence to propose several opinions regarding its definition.
Department of Media and Government Communication
College of Law – University of Karbala
