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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As part of an underlying trade between PT Borneo Guna Energi (Seller), an Indonesian company, and Oilboy DMCC (Buyer), a Dubai, UAE company, Kuvera Resources Pte Ltd. (Trader), a trader of Indonesian coal based in Singapore, advanced funds to Seller for purchase of 35,000 metric tonnes of coal (± 10%) to resell to Buyer (the Sales Contract). Trader was party to the Sales Contract which required that the coal be delivered in two shipments and payment made by two letters of credit obtained by Buyer from “a major or international bank” and further confirmed by a bank in Singapore. Accordingly, Buyer/Applicant caused Issuer, based in Dubai, to issue two UCP600 letters of credit of favour of Trader/Beneficiary (hereinafter “Beneficiary”) with terms pursuant to draft LCs attached to the Sales Contract.
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
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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