8 Sept 2000
NEDCOR ASIA LTD. v. THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA
- Citation
- NEDCOR ASIA LTD. v. THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA
- Court
- Court of First Instance
- Case number
- HCCL304/1998
The omission of 'Shantou Branch' on the draft did not constitute a valid discrepancy because the credit was issued by the Industrial and Commercial Bank of China as a single legal entity and the draft complied with the express terms of the credit; additionally, the issuing bank's delay in rejecting the documents was not a 'reasonable time' under UCP 500 Articles 13(b) and 14(d)/(e), precluding objection. Therefore the issuing bank was obliged to reimburse the negotiating bank.