Letters of Credit: The Law and Practice of Compliance
Ebenezer Adodo
Published:
2014
Online ISBN:
9780191790713
Print ISBN:
9780199674077
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Letters of Credit: The Law and Practice of Compliance
Ebenezer Adodo
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Ebenezer Adodo
Pages
239–268
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Published:
February 2014
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Adodo, Ebenezer, 'Procedures for Handling a Non-complying Presentation', Letters of Credit: The Law and Practice of Compliance (2014; online edn, Oxford Academic), https://doi.org/10.1093/law/9780199674077.003.0009, accessed 4 Sept. 2024.
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Introduction
In this chapter, we are concerned with the methods by which a presentee bank, on its own initiative or at the request of a presenting beneficiary or nominated bank, may deal with a faulty tender of documents, and then the various ways it has to comply with the requirements of Article 16 (c) to (e) of the UCP 600 as to furnishing a rejection notice if it ultimately decides on dishonour of the documents, and finally management of the dishonoured documents post service of the notice. The subjects comprise the last of the three contexts (identified in the introductory paragraph to Chapter 1) in which the courts commonly require strict performance of obligations and responsibilities in a letter of credit transaction. As is the case with the sometimes harsh consequences of non-observance of the obligation to establish a credit in exact accordance with the sales contract or business arrangement the facility is intended to finance, or non-fulfilment of the beneficiary’s or nominated bank’s responsibility to comply strictly with the terms and conditions of a credit by not making a proper presentation in seeking encashment of a credit from the bank with which the credit is available, an apparently innocuous slip by a presentee bank in adhering to the provisions of Article 16 is typically fatal to its claim that the documents presented to it are faulty and unacceptable for payment.
Keywords: Letters of credit and damages, Letters of indemnity and damages
Subject
Commercial Law Contract Law Financial Law Private International Law and Conflict of Laws
Collection: International Commercial Law
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