Bank's post-notice obligations in the documentary credits under UCP600

• Main Author: Zhang, Jingbo (Author)
• Format: Article
• Language: English
• Published: 2013.
• Subjects: Article
• Online Access: Get fulltext

 This paper aims to systematically analyse the bank's post-notice obligations in a documentary credit under the framework of UCP600. The paper not only reviews the recent developments in the English court - Fortis Bank & Stemcor v Indian Overseas Bank ([2010] EWHC 84 (Comm); [2011] EWCA Civ 58; [2011] EWHC (Comm) 538), but also examines the methods adopted by the courts to interpret the UCP provisions. Meanwhile, in relation to this case, other useful methods which may effectively explain the bank's obligations are also referred to in this paper. In addition, the paper addresses other important issues concerning the bank's post-notice obligations which are partly ignored by the UCP and the case law, such as the condition of the returned documents. Moreover, some feasible suggestions are put forward in this paper relating to each aspect of the bank's obligations, so as to achieve the purpose of supplementing this incomplete area under UCP600 as well as directing the market practitioners.