Comparative Law Researches

Comparative Law Researches

study on relationships between Forfaiting parties according to URF800 and United Nations Convention on Assignment of receivables

Authors
Ebrahim Abdipoor Fard
Zohreh Afshar Ghoochani
Abstract
Forfaiting is a method of trade finance that according arrangements between exporter (creditor) and Forfaiter, he purchases, at a discount & on a without- recourse basis, debts that are due to mature at a future date. Theses arrangements involve some agreements and transactions which make Forfaiting. They usually are associated with transfer of documents evidencing the payment claim, such as bill of exchange, promissory note and documentary credit
.in the Forfaiting exporter assignments or sales its receivables or commercial documents to the Forfaiter.Therefore financing, complex and multiple contractual relationships, negotiation of commercial instruments are legal aspects of Forfaiting that may cause certain legal issues. in this methode there are several contractual relationship between exporter(creditor) and importer(debtor), exporter(assignor) and forfaiter(assignee), forfaiter and importer(debtor) that this article trys to explain those.
by conclusion of financial contract with commitment of forfaiter to discounting of receivables, mutual obligation will be arised. purchased receivable or commercial document is able to sale in second market.
Keywords
forfaiting
exporter
forfaiter
payment claim
primary market

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