Uniform Customs and Practice to Documentary Credit

 

Uniform Customs
and Practice to Documentary Credit


Articles 2, 3, 4, 9 & 16—

The
consistent view of the courts are that only in two exceptional circumstances an
issuing bank can absolve its responsibility of not honouring the obligation
created by it under a letter of credit—Fraud of which it has knowledge and
special circumstances which warrant an interference by the court.

Comforts
Apparels (Pvt) Ltd vs Imperial Knitting Industries Ltd and others 53 DLR 350.

 

Articles 3 & 4—

The letter
of credit issued must be independent or autonomous of the underlying contract
of sale of goods or service and the banks concerned with such credit are to
deal in documents and not in goods.

Korea
Exchange Bank, Seoul, Korea vs Gemini Garments Limited and others 56 DLR 392.

 

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.