Retroactive effect
Posted: Tue Jun 16, 2009 3:25 pm
Hi all,
here are our alive case.
In 2007, at the request of my customer – the buyer A , we issue a credit in favour of Ben B . L/C was subject to UCP 500 and was a negotiation credit.
.
Docs presented, we rejected on basis of discrepancy and refused payment . MT 734 was sent no later the close of the seventh banking day following the day receipt of the docs . As the instruction of Beneficiary via their bank , we returned docs to the presenter and collected post free fully. As regular banking practice, we archived our files a month later. Has the issuing bank undertaking already finished ?
The bebeficiary brough this matter to ICC ( as he informed us ) and got the answer contradicting with ours in 2008.
Basing on ICC decision , the beneficiary contact us to make a claim for damages from giving incorrect discrepancy .
If not, they will bring matter to court for trial.
If it is DOCDEX decision , because the DOCDEX process is a non-binding arbitration , so that it does not bind us unless we agree in our submission.
On the other hand, we strictly apply UCP rules for all actions in this transaction. Is there any retroactive effect of UCP rules ?
Could you please give me your valuable comments about beneficiary’s action. Is it valid and acceptable ?
.
rgds,
here are our alive case.
In 2007, at the request of my customer – the buyer A , we issue a credit in favour of Ben B . L/C was subject to UCP 500 and was a negotiation credit.
.
Docs presented, we rejected on basis of discrepancy and refused payment . MT 734 was sent no later the close of the seventh banking day following the day receipt of the docs . As the instruction of Beneficiary via their bank , we returned docs to the presenter and collected post free fully. As regular banking practice, we archived our files a month later. Has the issuing bank undertaking already finished ?
The bebeficiary brough this matter to ICC ( as he informed us ) and got the answer contradicting with ours in 2008.
Basing on ICC decision , the beneficiary contact us to make a claim for damages from giving incorrect discrepancy .
If not, they will bring matter to court for trial.
If it is DOCDEX decision , because the DOCDEX process is a non-binding arbitration , so that it does not bind us unless we agree in our submission.
On the other hand, we strictly apply UCP rules for all actions in this transaction. Is there any retroactive effect of UCP rules ?
Could you please give me your valuable comments about beneficiary’s action. Is it valid and acceptable ?
.
rgds,