In the International Maritime Bureau Issue no 22 dated 15th November 2002 there is mention of a recent court case concerning the release of goods covered by a straight Bill of Lading i.e. it was consigned to a specific party - Voss Peer v APL & Co Ltd The Shipping company had released the goods ...

Laurence We have our suspicions that this is happening on many L/Cs we deal with. Given that this is happening , it undermines the independance of a L/C and one wonders how long the integrity of L/Cs will last. Of course, if there were no disputes and arguements on L/Cs there would be no need for co...

I take it that you have all read the article in the International Bulletin section in the latest DC Insight from an Indian correspondent - frightening!!

Thank you for your response T.O. and I fully agree with your sentiments.

I have had a look at the Opinions and cannot find anything on this. Do you know which opinion related to this?

If a Letter of Credit has expired, and a presentation is made after the expiry date , does a formal rejection under Article 14d still apply or, as the Letter of Credit is effectively 'dead', can payment be refused after 7 business days with no formal rejection. I would be interested in your thoughts...

I suppose you could argue that payment charges are not L/C charges as such but are the culmination of the L/C function i.e the payment to the beneficiary. As such the beneficiary pays for getting their money!

A shaky arguement I know!

Sorry - I did not make myself clear. I meant as far as the beneficiary is concerned the L/C could be considered as worthless as there are conditions outwith his control.

Interesting reading but the answer is quite simple. An L/C with such a condition is not an Irrevocable L/C as we know it and should not be treated as such.

An interesting one. As an Advising bank we sometimes see the requirement for additional copies and think - what a lazy opening bank, they could take copies themselves! Presumably, the applicant has not asked for these conditions though, as we know, the applicant is not a party to the Credit. We look...

T.O. - GIVEN WHAT YOU SAY, AND WITH NO OTHER INFORMATION , I WOULD SAVE THE BABY AS IT WOULD BE THE LIGHTEST AND EASIEST TO TRANSPORT TO THE TREATMENT CENTRE.

ALISTAIR