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Qatar Trade Law No. 27/2006 Thursday, 24 November 2011 03:36
Article 386
Documentary credit is a contract under which the bank undertakes to open adoption at the request of a customer called the’’commander’’ within a certain amount for a certain period for the benefit of another person called the “beneficiary’’ with the guarrenty of possession of the bank on the documents representing transported goods or ready for transportation.
Article 387
The documentary credit contract will be seperate from the contract related to the goods for which the credit is opened, in all circumstances the bank will remain stranger to these contracts.
Article 388
The relevant papers to request to open a documentary credit or its support or its notifications documents which implement instead of processours of fulfillment or acceptance of discount must be fixed carefully.
Article 389
The bank which has open the credit is committed to implement the conditions of fulfillment and acceptance and discount agreed upon in the opening credit, if the documents representing the goods are in accordance with statements and terms of this contact.
Article 390
The documentary credit will be revocable and Baht will be irrevocable.
It must be stated in the contract to open the credit its type if not stated the documentary credit is considered irrevocable.
Article 391
There is no obligation of revocable documetary credit on the bank before the beneficiary, and the bank is permitted at any time to modifiy or cancel it by itself or at the reques of the commander.
If the shipping documents are presented as per the statements of documentary credit contract and its conditon within its period and before its cancellation or its modification the bank and commander to open the document credit are jointly resposible before the beneficiary.
Article 392
The bank’s commitment in the case of documetary credit Baht will be final and direct before the beneficiary, and each holder of the good faith for withdrawn cheque implementing the contract for which the credit is opened.
The documentary credit Baht can not be cancelled or modified except by agreement of all stakeholders in it.
The support of credit Baht from another bank wich is committed to its role strictly and directaly before the beneficiary of good faith and every holder of the withdrawn cheque to the contract to open the credit because of it.
Simply notification to open a documentary credit Baht send to the beneficiary through another bank is not considered his support for this credit.
Article 393
All the documentary credit Baht must include expiray date of the credit, and presenting the documents in order to fulfill or grant or discount.
If fixed date for expiration of credit comes on a bank holyday the validy will extend to the first working day after holydays.
Except holydays the validity of credit will not extend if the expiry date coinsides the colosing of the bank due to some compeling situation or for any other reason beyond its control unless there is explicit authorisation from the commander.
Article 394
The bank is committed, and with reasonable care, to check documents to verify its existance and complince with the instructions of commander to open the credit.
The bank is not allowed to accept the documents on the place of other, even if it is a substitute or compliment of it. If the bank has refused the documents, it must notify it immediately explaining the reasons of rejection.
Documentary credit is a contract under which the bank undertakes to open adoption at the request of a customer called the’’commander’’ within a certain amount for a certain period for the benefit of another person called the “beneficiary’’ with the guarrenty of possession of the bank on the documents representing transported goods or ready for transportation.
Article 387
The documentary credit contract will be seperate from the contract related to the goods for which the credit is opened, in all circumstances the bank will remain stranger to these contracts.
Article 388
The relevant papers to request to open a documentary credit or its support or its notifications documents which implement instead of processours of fulfillment or acceptance of discount must be fixed carefully.
Article 389
The bank which has open the credit is committed to implement the conditions of fulfillment and acceptance and discount agreed upon in the opening credit, if the documents representing the goods are in accordance with statements and terms of this contact.
Article 390
The documentary credit will be revocable and Baht will be irrevocable.
It must be stated in the contract to open the credit its type if not stated the documentary credit is considered irrevocable.
Article 391
There is no obligation of revocable documetary credit on the bank before the beneficiary, and the bank is permitted at any time to modifiy or cancel it by itself or at the reques of the commander.
If the shipping documents are presented as per the statements of documentary credit contract and its conditon within its period and before its cancellation or its modification the bank and commander to open the document credit are jointly resposible before the beneficiary.
Article 392
The bank’s commitment in the case of documetary credit Baht will be final and direct before the beneficiary, and each holder of the good faith for withdrawn cheque implementing the contract for which the credit is opened.
The documentary credit Baht can not be cancelled or modified except by agreement of all stakeholders in it.
The support of credit Baht from another bank wich is committed to its role strictly and directaly before the beneficiary of good faith and every holder of the withdrawn cheque to the contract to open the credit because of it.
Simply notification to open a documentary credit Baht send to the beneficiary through another bank is not considered his support for this credit.
Article 393
All the documentary credit Baht must include expiray date of the credit, and presenting the documents in order to fulfill or grant or discount.
If fixed date for expiration of credit comes on a bank holyday the validy will extend to the first working day after holydays.
Except holydays the validity of credit will not extend if the expiry date coinsides the colosing of the bank due to some compeling situation or for any other reason beyond its control unless there is explicit authorisation from the commander.
Article 394
The bank is committed, and with reasonable care, to check documents to verify its existance and complince with the instructions of commander to open the credit.
The bank is not allowed to accept the documents on the place of other, even if it is a substitute or compliment of it. If the bank has refused the documents, it must notify it immediately explaining the reasons of rejection.