Трудности перевода специальной литературы по коммерции и праву с английского языка на русский. Сидорова В.В - 43 стр.

tion, it has been held that they are under no legal obligation to do so.
It is not surprising, therefore, that revocable credits are seldom used.
       In the case an irrevocable credit, on the other hand, the bank
binds itself to honour the seller's draft if the seller complies with his
obligations with regard to the shi pping documents. The buyer can-
not, in such a case, cancel his original instructions.
                       Confirmed and Unconfirmed
       An irrevocable credit may be confirmed or unconfirmed, and
this distinction also is of great importance to the seller. Under a
confirmed credit, the correspondent bank undertakes personal liability
to the seller, whereas under an unconfirmed credit it merely acts as
agent but without incurring personal liability for the price. The disad-
vantage of the latter is that, if for some reason the bank defaults, the
seller may have to start litigation in the buyer's country to enforce his
right against the issuing bank. Hence, it is usual for the contract to
sti pulate for payment by confirmed credit.If the contract does provide
for this, the seller need not deliver the goods if the buyer opens a
credit which is unconfirmed.



               Text 4. FUNDAMENTAL CONCEPTS
               OF ENGLISH ARBITRATION LAW

      Arbitration is subject to national law. A question which has occa-
sioned much debate in overseas literature is the source and content of
the arbitrator's power. Various theories have been propounded: that the
source of the arbitrator's authority and the enforceability of his awards,
though immediately deriving from the agreement of the parties, are
ultimately determined by national law; that the arbitration agreement
constitutes an autonomous source of authority wholly independent of
any national legal system; that the arbitration agreement brings into
play an autonomous arbitral order from the institutional character of
arbitration and based on princi ples common to civilized States. Ex-
travagant claims have been advanced for the autonomy of arbitration.
      Perhaps, the largest proportion of international commercial ar-
bitrations is conducted outside both national and legal boundaries.
They are totally detached from every national system of law and are
independent of the State in which they are held. The proceedings are

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