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All Journal Hasanuddin Law Review
Alavi, Hamed
Hasanuddin University
Law, Crime, Criminology & Criminal Justice

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Comparative Study of Issuing Bank’s Obligations towards Beneficiary of the Letter of Credit under UCP and English Law Alavi, Hamed
Hasanuddin Law Review VOLUME 2 ISSUE 3, DECEMBER 2016
Publisher : Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (915.235 KB) | DOI: 10.20956/halrev.v2i3.259

Abstract

Process of international trade is complicated and risky. Risks will be more considerable when times come to deal with receiving/sending payments from/to unknown business partners in remote geographic areas. Employing documentary letters of credit (LC) is one of the ways to reduce payment risk in international business especially when partner’s financial standing is unknown to each other. By using the LC as method of payment, parties will shift payment obligation from buyer as a natural person to the guarantee of bank as a legal person. The process of using LC is complicated and involves different players and relations between them. Amongst all relations in process of LC transaction, relation between issuing bank and beneficiary is the most complicated and least clear from legal stand point. This article tries to shed light on vague aspects of relations between issuing bank and beneficiary by studying obligations of the issuing bank towards beneficiary under the law of documentary letters of credit while comparing provisions of UCP with English Common Law on subject matter. Main objective of paper is providing answer to the question of what is the role of issuing bank in the process of LC transaction and which liabilities does it have towards beneficiary? Article consists of five main parts. Part one will provide an introduction to function and relation among different parties in process of an international LC transaction. Further, it endeavours to tap on principle of autonomy and strict compliance as governing principles of documentary letters of credit. Part two and three will take a comprehensive look at legal basis of relations between issuing bank and beneficiary, as well as bank’s obligations under documentary credit law. Part four will discuss liabilities of issuing banks towards beneficiary and finally part five will touch upon situation in which bank will right to recourse against beneficiary.
Abuse of Dominant Market Position by Predatory Pricing; The Valio Case Puisto, Aarne; Alavi, Hamed
Hasanuddin Law Review VOLUME 2 ISSUE 1, APRIL 2016
Publisher : Faculty of Law, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (575.113 KB) | DOI: 10.20956/halrev.v1i1.212

Abstract

This article analyses the competition law related to abuse of a dominant market position using strategy of predatory pricing by undertakings in the European Union and, compares the same situation to the United States’ predatory pricing law. The purpose of this article is to survey predatory pricing as a phenomenon both within and outside the EU. Article is largely centered on the case of Valio, which is still awaiting final judgment from the Supreme Administrative Court of Finland. This case was chosen as it is extremely topical and has several unique features. The findings proved that undertakings who achieved their dominant position before the recession have significant advantage over smaller undertakings. However, they cannot necessarily afford to act on the same basis for long, which is why a model closer to that of the United States would be of benefit to control some behaviors of these undertakings. Bearing in mind that the Valio case is examined under EU law, it will be interesting to see if its judgement will be remembered as the ‘milk fallacy’ or if it will change the face of the case law as it currently stands.
Co-Authors Puisto, Aarne