DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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To support manufacture and delivery of parts for a plant based in Nigeria, First Modular Gas Systems Ltd. (Principal/Applicant), a Nigerian company, applied for and caused local Access Bank PLC (Issuer), to issue a UCP600 letter of credit in favour of Bosai Energy Technology Corp. (Supplier/Beneficiary), a Chinese company. Citibank Europe PLC (Confirming Bank), registered in Ireland, added its confirmation. The LC was also amended 12 times to increase its value.[[1]] Supplier/Beneficiary was engaged by Ennovate Consultants, Inc. (Contractor), a Canadian company, that Principal/Applicant had contracted for installation works. By contract, Supplier/Beneficiary was to ship goods on Cost and Freight (CFR) terms.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
Disputes over Independent Guarantee Fraud, Independent Guarantee Payment, and Improper Dishonor
Beneficiary Bayport Polymers appealed temporary injunction restraining presentation of LC documents.
Issuer First Service Bank moved to dismiss wrongful dishonor complaint brought by World Fuel Services.
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