Legal Protection for Exporters and Importers in the Use of Letters of Credit Under Indonesian Commercial Law
Perlindungan Hukum Bagi Eksportir Dan Importir Dalam Penggunaan ‘Letter of Credit’ Menurut Hukum Perdagangan Indonesia
DOI:
https://doi.org/10.21111/ijtihad.v20i1.20Keywords:
Legal Protection, Letter of Credit, International Trade, Exporter, ImporterAbstract
This study aims to analyze the legal framework and forms of legal protection for exporters and importers in the use of Letters of Credit (L/C) in Indonesia, as well as to identify the challenges and solutions in its implementation. This research employs a normative juridical method using statutory and conceptual approaches, examining national regulations, international standards, and relevant legal literature. The findings reveal that Indonesia’s L/C regulation has undergone significant reform, particularly after the revocation of Ministry of Trade Regulation No. 94 of 2018 through Regulation No. 33 of 2023, aiming to simplify and harmonize trade regulations with global practices. Legal protection for exporters and importers is ensured through prudential principles in banking operations, contractual certainty, and the application of international standards such as the Uniform Customs and Practice for Documentary Credits (UCP 600). However, weaknesses remain in terms of bank accountability, sanction mechanisms, and dispute resolution procedures. Challenges include document discrepancies, delays in issuance, weak inter-agency coordination, and document fraud cases. Solutions involve regulatory reform, enhanced financial supervision, international arbitration, and increased legal literacy among business actors. The study emphasizes the importance of harmonizing national and international legal frameworks to strengthen certainty and protection in L/C-based trade transactions.
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