14 Aug 2013
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD v. CHINA CITIC BANK CORPORATION LTD, XIAMEN BRANCH
- Citation
- SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD v. CHINA CITIC BANK CORPORATION LTD, XIAMEN BRANCH
- Court
- Court of First Instance
- Case number
- HCCL11/2009
The court held that a representation that documents comply, made without an actual determination, does not itself trigger Article 15; however the issuing bank was precluded by UCP 600 Article 16(f) from relying on discrepancies because it failed to give a single, compliant notice of refusal (it gave two notices), and therefore the bank remained liable for the shortfall; the bank's defences of variation and estoppel failed for lack of consideration and lack of detriment respectively.