Richard King's Gutteridge and Megrah's Law of Bankers' Commercial Credits PDF

By Richard King

ISBN-10: 185743112X

ISBN-13: 9781857431124

Provides a scientific learn of the legislations of bankers' advertisement credits.Bringing jointly fabrics that are to be came upon scattered through the quite a few sequence of English legislation stories, this name provides a scientific examine of the legislation with regards to advertisement credit as utilized at the present time. It additionally features a precise exposition of the ICC's Uniform Customs and perform for Documentary Credits.Contents* presents info at the mechanism, operation and kinds of credit* Analyses intimately the contractual relationships coming up out of factor of credit; the legislation and perform relating to move of credit; jurisdiction and clash of legislation, etc.* information the ICC's Uniform ideas for Bank-to-Bank Reimbursements less than Documentary credit and the ICC's foreign Standby Practices, ISP98* Assesses the influence of the Rome conference and the Brussels and Lugano Conventions in terms of acceptable legislations and jurisdiction.

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Sample text

In the absence of express stipulation, I think the credit must be made available to the seller at the beginning of the shipment period. The reason is because the seller is entitled, before he ships the goods, to be assured that, on shipment, he will get paid. The seller is not bound to tell the buyer the precise date when he is going to ship; and whenever he does ship the goods, he must be able to draw on the credit. He may ship on the very first day of the shipment period. If the buyer is to fulfil his obligations, he must, therefore, make the credit available to the seller at the very first date when the goods may be lawfully shipped in compliance with the contract.

If the contract does contain a provision to this effect, it is therefore essential that the seller perform his obligations under the contract, otherwise the buyer will be able to treat the contract as repudiated and claim damages. 48 For example in Pavia & Co SpA v Thurmann-Nielsen [1951] 2 Lloyd’s Rep 328, affirmed [1952] 1 Lloyd’s Rep 153, where the necessary export licence had not been provided by the first date for shipment. McNair J held that the buyers were under an obligation to take reasonable steps to provide the credit from the date when the export licence was obtained.

26 Examples of English cases involving credits of this type are Offshore International SA v Banco Central SA [1976] 2 Lloyd’s Rep 402, Hong Kong and Shanghai Banking Corporation v Kloeckner & Co AG [1989] 2 Lloyd’s Rep 332, Society of Lloyd’s v Canadian Imperial Bank of Commerce [1993] 2 Lloyd’s Rep 579, Kvaerner John Brown Ltd v Midland Bank Plc [1998] CLC 446, ENS Ltd v Derwent Cogeneration Ltd (unreported—9/10/98), Chailease Finance Corporation v Credit Agricole Indosuez [2000] 1 Lloyd’s Rep 348 and Sepoong Engineering Construction Co Ltd v Formula One Management Ltd [2000] 1 Lloyd’s Rep 602.

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Gutteridge and Megrah's Law of Bankers' Commercial Credits by Richard King


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