Publication date: January 05, 2026
A documentary letter of credit (L/C) is a form of non-cash monetary settlement made through a bank. It serves to protect the interests of the parties in commercial transactions, particularly in sales contracts. Its essence is the bank’s commitment to pay an appropriate amount of money upon receipt of specific documents, which are assumed to constitute confirmation of the obligation’s fulfillment. The use of letters of credit is now standard in international trade.
General information
From a legal perspective, a documentary letter of credit is a legal relationship between the parties (in the example of a sales contract) the importer (buyer), the exporter (seller), and the bank issuing the letter of credit (buyer’s bank). In some cases, the exporter may wish to utilize the services of its own bank, which can collect the letter of credit documents from the exporter or confirm the letter of credit (intermediary bank). In the sales contract (underlying agreement), the buyer and seller specify that payment for the goods will be made via letter of credit and specify which documents the seller will need to submit to the bank to receive the funds. The agreement commits one party (usually the buyer) to conclude a letter of credit agreement with a specific bank under specific terms. After issuing the letter of credit, the buyer deposits funds. After the seller obtains the documents specified in the sales contract, they submit them to the bank (directly or through an intermediary bank). After the bank examines the documents, the importer receives the funds immediately or after a period specified in the letter of credit agreement. The bank’s obligation to pay the funds is abstract in nature, which means that their payment is not dependent in any way on the underlying agreement, but only on the presentation of the relevant documents.
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Publication date: December 12, 2025
The right to withdraw from a contract, which may result from a statute or other generally applicable act or from a contractual provision between the parties, also requires analysis in terms of the type of relationship (B2B, B2C). When it comes to relationships between businesses and consumers, the most important legal acts regulating such relationships in a cross-border context are European regulations, in particular Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council (hereinafter: Directive 2011/83/EU).
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Publication date: December 12, 2025
Business concentrations are common and significant phenomena that constitute a part of modern economic activity. They include takeovers, mergers, the acquisition of assets, and even the creation of joint ventures. Their primary goal is typically to develop companies and increase competitiveness and efficiency. They can also lead to a restriction of market competition. Therefore, the legislature has introduced the obligation to notify the President of the Office of Competition and Consumer Protection (UOKiK) of any intended concentration in cases where it may affect competition conditions in Poland. This article will discuss when an enterprise must notify the President of the Office of Competition and Consumer Protection (UOKiK), what information should be included, and the procedure conducted by the President of the UOKiK.
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Publication date: December 01, 2025
The defendant, as a party in Polish civil proceedings, is a subject of rights and obligations. Their role in achieving the goal of each proceedings — the issuance of a just judgment that concludes the case—is indispensable. As the subject of the lawsuit, they respond to the opposing party’s arguments, thus assisting the court in fulfilling its task of fairly resolving the dispute. The defendant offers the justice system their perspective, which is essential because the justice system’s clear duty is to hear both sides; otherwise, it would be impossible to speak of a fair trial in which citizens have the opportunity and right to defend their rights and interests. Far from being a passive recipient of allegations, they are an active participant in the process, influencing the shape and course of the entire procedure and its outcome through the exercise of their rights. It should also be noted that the defendant’s overall rights and obligations constitute the principle of equality of parties in civil proceedings, which precludes denying one party access to necessary legal tools, for example, by excluding the possibility of appointing a legal representative or the ability to submit evidentiary motions. These rights extend beyond court proceedings and also include the use of amicable dispute resolution methods, such as mediation. Mediation naturally serves to avoid lengthy and costly litigation by reaching a settlement that is at least partially satisfactory to both parties. However, court proceedings, similarly, cannot limit the rights of one party at the expense of the other. The purpose of this study is to review the defendant’s rights in both arbitration and pre-trial proceedings, as well as in selected areas of court proceedings (hearings).
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Publication date: December 01, 2025
BREXIT AND BUYER AND SELLER OBLIGATIONS
With its exit from the European Union, the United Kingdom has ended the lack of advanced trade formalization between EU member states and the United Kingdom. It does not benefit from full access to the EU single market and customs union, nor from international agreements (including free trade agreements) that the EU has concluded with other third countries. This entails special requirements that must be met by businesses importing works of art into the customs territory of the European Union.
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