The letter of credit specifies the documents which the beneficiary has to tender to the advising bank in order to avail himself of the benefit of the credit. If the documents tendered by him, agree in every respect in accordance with the doctrine of strict compliance, no problem arises. But if they differ, a discrepancy of documents accurs. Such a discrepancy raises difficult problems for the bank to which the documents are tendered. It has to decide whether to reject or accept them or to accept them under a protective mechanism. Therefore, I examined the case study of the requirements and compliance of documents in this article. The objectives of this paper are as follow : 1. To examine two views on document compliance such as strict compliance and substancial compliance. 2. To analyze Korean Case Law which decided the legal conclusions, standard for examination of documents and ISBP. 3. To draw out the criterion for conformity and discrepancy of the documents and to provide the guidelines for determining the nature and extent of an issuing bank's duty of documentary compliance. 4. Finally to suggest some problems and implications through the Korean case law

The letter of credit specifies the documents which the beneficiary has to tender to the advising bank in order to avail himself of the benefit of the credit. If the documents tendered by him, agree in every respect in accordance with the doctrine of strict compliance, no problem arises. But if they differ, a discrepancy of documents accurs. Such a discrepancy raises difficult problems for the bank to which the documents are tendered. It has to decide whether to reject or accept them or to accept them under a protective mechanism. Therefore, I examined the case study of the requirements and compliance of documents in this article. The objectives of this paper are as follow : 1. To examine two views on document compliance such as strict compliance and substancial compliance. 2. To analyze Korean Case Law which decided the legal conclusions, standard for examination of documents and ISBP. 3. To draw out the criterion for conformity and discrepancy of the documents and to provide the guidelines for determining the nature and extent of an issuing bank's duty of documentary compliance. 4. Finally to suggest some problems and implications through the Korean case law

Requirements od Documents, Compliance of Documents, standard for examination of documents