TeUCP Case studyWord下载.docx
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TeUCP Case studyWord下载.docx
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AdvisingBank:
BankA
NegotiatingBank:
Expiry:
AtthecountersofBankA
Circumstances
BankIissueditsirrevocablenegotiableCredit
andadvisedittotheBeneficiarythroughBankA.
BankAadvisedtheCredittotheBeneficiary.
Credit:
Amongthetermsandconditions,theCreditaskedfor:
1.CertificateofOrigin:
E.E.C.Countries.
(Note:
thereadershouldbeawarethatthenormalusageisEECandnotE.E.C.,asamatterofinterest
.However,thecasewaspresentedasstatedE.E.C.)
Beneficiary:
TheBeneficiarypresentedthedocumentsrequiredbytheCreditincludingthecommercialinvoiceandthecertificateoforigin,whichshowed:
1.Thecommercialinvoiceshowed:
“CountryofOrigin:
E.E.C.”
2.TheCertificateofOriginindicated:
E.E.C.Countries”.
BankAexaminedthedocumentspresentedbytheBeneficiaryanddeterminedtheywereincompliancewiththetermsandconditionsoftheCredit.BankAnegotiatedthedocumentsandforwardedthedocumentstoandclaimedreimbursement
fromBankI.
Uponreceiptofthedocuments,BankIexaminedthedocumentsanddeterminedthattheywerediscrepant.BankIimmediatelynotifiedBankAbyteletransmissionthatIrejectedthedocumentsforthefollowingdiscrepancies
:
1.Thephraseonthecommercialinvoice“CountryofOrigin:
E.E.C.”doesnotappearonitsfacetobeinaccordancewiththetermsandconditionsoftheCredit,whichstates“CountryofOrigin:
2.Thedeclarationoforiginonthecommercialinvoiceisinconsistentwiththedeclarationappearingonthecertificateoforiginas“CountryofOrigin:
BankIinformedBankAthatthedocumentswerebeingheldattheirdisposal
.
Uponreceiptofthenoticeofrejection,BankArepliedbytelexasfollows:
“Weconsiderthedocumentsnegotiatedbyusasconformingtothedocumentarycreditforthefollowingreasons:
1.Thereisnorequirementinthecreditforastatementrelatingtotheoriginofthegoods.Moreover,thecountryoforiginwasindicatedinthecertificateoforiginasrequiredbytheCredit,thatis,CountryofOrigin:
2.ThedeclarationorstatementoforiginonthecommercialinvoiceastoCountryofOrigin:
E.E.Cisnotinconsistentwiththestatementmadeinthecertificateoforigin.
“Wedonotacceptyourrejectionofthedocumentsasnon-compliant
anddemandimmediatereimbursementoftheamountnegotiatedandourcharges
.”
Questionsfordiscussion:
(1)ShouldBankIrejectthecertificateoforiginaspresented?
(2)ShouldBankIrejectthedocumentsbasedontheinconsistenciesbetweenthecommercialinvoiceandthecertificateoforigin?
(3)ShouldBankIrejectthedocumentsbasedontheinconsistencybetweenthewords“country”and“countries”?
(4)CouldanargumentbemadebyBankAthatBankIviolatedUCP600,relativetotheinstructionstoissueCreditsinacompleteandprecisemanner?
Notes:
1.negotiableCredit可议付信用证,议付信用证
2.asamatterofinterest出于好奇,顺便说
3.reimbursement偿付
4.rejectthedocumentsforthefollowingdiscrepancies因下列不符点拒绝该单据付款
5.thedocumentswerebeingheldattheirdisposal保留单据听候他方处理
6.yourrejectionofthedocumentsasnon-compliant你方以不相符理由拒绝单据付款
7.theamountnegotiatedandourcharges已议付金额与我方费用
ReferenceanswerstothequeriesinCaseNo.1
Attention:
AllanswerswhichshouldbearguableareconductedbasedontherelatedexplanationoftheBankingCommissionofICCandthebasicarticlesofUCP600.
(1)No,itshouldnotrejectthecertificateoforiginaspresented,becausethepresentedcertificateoforiginindicating“CountryofOrigin:
E.E.C.Countries”isexactlythesameasrequiredinthecredit.Andamatteroffact,thecertificateoforiginpresentedisobviouslyacceptedbytheissuingbankasaconformingdocument.
(2)No,itshouldnotrejectthedocumentsbasedontheinconsistenciesbetweenthecommercialinvoiceandthecertificateoforigin.ThisisbecauseE.E.CorEECitselfencompassesanumberofE.E.C.countries,andinthecontextofthecredit,itseemstobeimmaterialwhetherE.E.Cisfollowedbytheword“countries”ornot.
(3)No,itshouldnotrejectthedocumentsbasedontheinconsistencybetweenthewords“country”and“countries”becauseArticle3statesthatwhereapplicable,wordsinthesingularincludethepluralandinthepluralincludethesingular.
(4)Yes,BankAcoulddoso.Theissuingbankfailedtoissuethecreditrequiringthecountryoforigin(e.g.aspecificcountry)inacompleteandprecisemanner,therefore,astheauthorofsuchunclearrequirement,itmustbeartheconsequences.Itsclaimingadiscrepancyinthecaseisnotjustified.
CaseNumber2
TheCaseoftheContingentIrrevocability
oftheCredit
UCP600Article5(Banksdealwithdocumentsandnotwithgoods,servicesandperformance)andsub-Article7(IssuingBankUndertaking)
Availability:
AtsightwiththeIssuingBank.
AtthecountersoftheIssuingBank
BankIissueditsirrevocableCreditandadvisedittotheBeneficiarythroughBankA.
1.SightdraftontheIssuingBank
2.BillsofladingissuedtoorderofBankIforaccountoftheApplicant
3.SpecialConditions:
(a)Paymentofdraftsdrawnhereunderwillbemadeonlyaftertherealizationofthere-exportproceedsprogram
TheBeneficiaryshippedthegoodsandpresentedthedocumentsrequiredbytheCredittoBankA.
BankAinformedtheBeneficiarythatinviewofthespecialconditionsrelatedtopaymentandbecausetheCreditexpiredatthecountersoftheIssuingBank,BankAwouldonlyforwardthedocumentstoBankIfortheiraction.
AfterdeterminingthatBankAhadnoobligationtonegotiate,relyinguponthestandingoftheIssuingBankasapremierfinancialinstitution,andbeingcomfortablethattheCreditwassubjecttoUCP600,theBeneficiaryinstructedBankAtoforwardthedocumentstoBankI.
InformedBankAthatwhilethedocumentspresentedundertheCreditwerecompliant,theywerenotinapositiontohonorthedrawing
asthenecessaryfundshadnotbeenmadeavailabletothemfromthe“re-exportproceedsprogram”.Ifandwhensuchproceedsweremadeavailable,theywouldpaythedrawingundertheirCredit.
TheBeneficiaryneverreceivedpaymentforthegoodsshipped,eventhoughthedocumentspresentedundertheCreditcompiledfullywiththetermsandconditionsoftheCredit.BankIstatedthatwhiletheirCreditwasirrevocableitcontainedspecialconditionsstatingthatirrevocabilitywassubjecttothereceiptofthenecessaryfunds
fromthe“re-exportproceedsprogram”.Sincesuchproceedswerenotreceived,BankIhadnoobligationtohonorthedrawing,BankIsuggestedthattheBeneficiarytrytorecoverdirectlyfromtheApplicant
(1)WouldyourbankhaveissuedorconfirmedsuchanirrevocableCredit?
(2)IfyourbankadvisedsuchaCredittotheBeneficiary,wouldithavewarnedtheBeneficiaryaboutitsspecialconditions?
(3)IsitcorrectforBankItohaveissuedthisCreditsubjecttoUCP600?
1.ContingentIrrevocability不可预知的不可撤销性,随情况变化而定的不可撤销性
2.SightdraftontheIssuingBank以开证行为付款人的即期汇票
3.BillsofladingissuedtoorderofBankIforaccountoftheApplicant提单做成以代表声请人的开证行为抬头人
4.aftertherealizationofthere-exportproceedsprogram完成再出口货款计划后
5.notinapositiontohonorthedrawing不能兑付汇票款项
6.subjecttothereceiptofthenecessaryfunds受制于或受限于收到必要的资金
7.recoverdirectlyfromtheApplicant直接向申请人(进口方)索还
ReferenceanswerstothequeriesinCaseNo.2
AlltheanswerswhichshouldbearguableareconductedbasedontherelatedexplanationoftheBankingCommissionofICCandthebasicarticlesofUCP600.
(1)OurbankwouldhavenotissuedorconfirmedsuchanirrevocableCreditwhichcontainscontingencieshavingtobemetoutsidethecontrolbeforehonoringtheirobligation.ThistypeofcreditprovidesnosecuritytothebeneficiaryandinfactisnotirrevocableonBankI’spart.Theirrevocabilityissubjecttotherealizationofthere-exportproceedsprogram.Ifnorealization,BankIwillnothonorthedrawing.
(2)Itissuggestedthatanadvisingbankshouldinformthebeneficiaryofthespecialconditionandtherisksassociatedwiththem.
(3)ItisnotlegallywrongforBankItohaveissuedthisCreditsubjecttoUCP600becausethespecialconditionofthecreditclearlystatesthatpaymentofdraftsdrawnhereunderwillbemadeonlyaftertherealizationofthere-exportproceedsprogram.Unfortunately,thewordingofthecredithasnotbeencarefullystudiedanditsimplicationshavenotbeenunderstoodbythebeneficiary,sothebeneficiaryshouldbefullyresponsibleforthelossofgoodsandthemoney.But,suchacreditwhichprovidesnosecuritytothebeneficiaryshouldneverbeissuedbyanybank,andadvisingsuchacreditisnotaservicetothebankingindustry.
CaseNumber3
TheCaseoftheStandbyCreditandtheAllegedFraudulentStatementofDefault
UCP600Article7(IssuingBankUndertaking)andArticle18(CommercialInvoice)
IrrevocableStandby
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