Today all countries around the world submissively concede to the “rule of law ”, and consciously avoid the application of the so called “rules of practice“. This is because every economy has its own distinctive commercial features which entail specific, thorough and vigorous practices to guarantee the sound processing of legitimate transactions only whilst preserving the rights of the various parties to these transactions. As such, legal systems continue to enact meticulous commercial codes to regulate every single aspect of all types of commercial contracts, including import and export deals. (See SubArticle 16f UCP600 and BankAzaro Case ).
Depicted by the term itself, “Standard Banking Practice” is an illustration of a set of “standard” or “general” indicative rules which would hardly be acceptable to modern day banks who normally adopt intricate strategic plans specifically set to differentiate their individually distinctive cultures, products and processes by value-added elements privately tailored to customize all corporate, personal and trade solutions. Thus, the terms “Standard Practice” and “Rules of Practice” are inherently ruinous and completely delusional. Read the rest of this entry »
