I have today received my copy of Documentary Credit Law, ICC Publication 633. Answers to the query regarding applicable law, taking into account the relationship of the parties in dispute, could be found in Part One - General Principles Section 6 (Conflict of Laws - page 25 to 28) of the book.
Nevertheless, since the opinion given in the book can not be irrefutable, I still appreciate others views on the issues raised earlier. Especial the one posted on Feb. 08.
regards
Abdulkader
L/C Wording
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AbdulkaderBazara
- Posts: 256
- Joined: Fri Apr 05, 2019 5:15 pm
L/C Wording
Abdulkader,
While we have a copy Documentary Credit Law, ICC Publication 633, I have not got round to reading it yet. I agree it is by no means certain that courts in different jurisdictions will take the same approach in determining governing law.
My personal response to your imaginary scenario, without liability/responsibility, is:
Given the documents have to be presented to, checked and taken up and paid or refused by, the standby issuing bank in country A, I would anticipate that the governing law of the standby would be considered as country A’s.
With regard to your variation, I do not see that the standby can ever be available at the beneficiary’s (Bank B’s) counters. Therefore, I do not see that it would be technically possible for the standby to allow the beneficiary to draw on the standby issuing bank's account in any location (including with the beneficiary).
Regards, Jeremy
[edited 2/11/02 9:36:02 AM]
While we have a copy Documentary Credit Law, ICC Publication 633, I have not got round to reading it yet. I agree it is by no means certain that courts in different jurisdictions will take the same approach in determining governing law.
My personal response to your imaginary scenario, without liability/responsibility, is:
Given the documents have to be presented to, checked and taken up and paid or refused by, the standby issuing bank in country A, I would anticipate that the governing law of the standby would be considered as country A’s.
With regard to your variation, I do not see that the standby can ever be available at the beneficiary’s (Bank B’s) counters. Therefore, I do not see that it would be technically possible for the standby to allow the beneficiary to draw on the standby issuing bank's account in any location (including with the beneficiary).
Regards, Jeremy
[edited 2/11/02 9:36:02 AM]