Question
1-The invoice stated the goods 50.000 tonnes bal kp the bank rejected the invoice on the ground that the invoice presented by the seller did
1-The invoice stated the goods 50.000 tonnes" bal kp" the bank rejected the invoice on the ground that the invoice presented by the seller did not correspond with the L/C.Please disscuss the bank's obligations under UCP 600.
On 10September 2018 Chinese Trading Company bought 50.000 tonnes of sugar from Turkish on CIF terms. The sale contract contained the following clauses;
Description of the goods: Bal kp Turkey
Quantity: 50.000 tonnes
Payment Method: Letter of Credit to be available at sight for 100% of invoice value against shipping documents. Letter of Credit to allow part shipments, negotiation of documents within 21 days after Bill of Lading date.
The goodswere shipped and there sets of bill of ladingwere issued by the carrier. The bill of lading was issued to "order" . The statement as to quantity on the bill acknowledged shipment of sugar "said to contain 50.000 tonnes, "the weight and quantity unknown".
The sale contract did not require the letter of credit to contain last date of shipment. This letter of credit required the presentation of bill of lading dated no later than 20 September 2018 . The contract contained no defined period during which the goods had to be shipped. The sale contract did not require the bill contain the last date for shipment whereas letter of credit did.
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