A master's thesis at the College of Law at the University of Basrah discussed arbitration in documentary credit disputes.
The thesis presented by the student, Banin Ibrahim Taher, included arbitration as a method of resolving civil and commercial disputes that are settled away from the courts due to its characteristics, the most important of which are the speed of settling disputes and the low costs, not to mention that the conflicting parties are the ones who choose the people who that the arbitration takes place between them. In addition to that, the system is a concept and characteristics that made it a single and independent system from other systems used to settle disputes. It has an independent legal nature, but it is not far from the judiciary, as many matters are referred to the judiciary.
The aim of the thesis is that flexibility and simplicity in arbitration procedures, low costs and speed, in addition to the wide freedom that the parties to the documentary credit contract possess, made many disputants in the framework of banking transactions resort to it, and that the documentary credit parties have a leading role in the course of the arbitration system.
