Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presentation of documents must be made by exporters within the validity of the letter of credit (L/C) to the Issuing Bank. Using illustrations, explain whether

Presentation of documents must be made by exporters within the validity of the letter of credit (L/C) to the Issuing Bank. Using illustrations, explain whether the presentation of L/C made is in order in the following cases:

(i) Foyer Trading Company (Foyer), which is located in Birmingham, England supplies premium food services, cutlery, and other equipment to restaurants and hotels around the world. One of Foyer's foreign customer, Tiara Inc . (Tiara) in Alabama, United States recently made orders from Foyer. The L/C issued by United Bunker Bank stipulated the expiration date of L/C on 31 January 2021 at the counter of the Advising Bank. BSSC Bank in London then notified and advised Foyer of the receipts of L/C from Tiara.

On 31 January 2021, Standard Ladder Bank in London received documents from Foyer and was instructed to present the documents on behalf of Foyer to United Bunker Bank. United Bunker Bank received the documents on 4 February 2021. (6 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law Express Consumer And Commercial Law

Authors: Judith Tillson

6th Edition

1292295775, 978-1292295770

More Books

Students also viewed these Law questions

Question

=+d) Perform the ANOVA and report your conclusions.

Answered: 1 week ago