Investigating Letters of Credit and Marine Insurance in terms of FOB and CIF in Iraqi and Iranian Law
Abstract
The International Chamber of Commerce has taken steps to standardize commercial procedures by setting Incoterms, and two important and widely used terms CIF and FOB in international trade law are provided in these rules. Two important contracts in the discussion of the use of the terms CIF and FOB are related to letters of credit or LC and marine insurance. Despite the fact that letters of credit have been able to help a lot to use the terms FOB and CIF and provide a more reliable environment for businessmen, but while the laws of both countries have accepted letters of credit in their banking system, due to the inappropriate infrastructure of banking laws, the regulations Internally, they face challenges in their implementation, and since the currency resources of both countries are sensitive, it seems that there is no room for criminalizing the abuse of letters of credit separately in the laws of Iran and Iraq. In the insurance contract, it seems that even though the regulations and laws related to insurance in Iranian law are more complete than in Iraqi law, but in marine insurance, the laws related to insurance companies in Iraqi law interact more with international trade law and use It has facilitated the business terms of FOB for the buyer and CIF for the seller. On the other hand, the sanctions against Iran have had an impact on both the letter of credit and marine insurance and have affected the country's economy, so that it has faced challenges in using the terms CIF and FOB, but the term CIF is supported in Iran. increased because the government tends to receive the most foreign currency in the export sector.
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DOI: http://dx.doi.org/10.18415/ijmmu.v11i7.6012
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