Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Transferable letter of credit

  • 12 Mar 2015

    CEP LTD v. 無錫市佳誠太陽能科技有限公司

    Citation
    CEP LTD v. 無錫市佳誠太陽能科技有限公司
    Court
    Court of Appeal
    Case number
    CACV97/2014

    The Court dismissed CEP's appeal. It held the trial judge's findings that there was no clear and unequivocal representation or reliance to establish waiver or promissory estoppel as to the use of transferable L/Cs were not plainly wrong; the judge correctly assessed witness credibility and documentary evidence. The judge's construction of clause 7a as not encompassing transferable L/Cs was upheld because transferable credits posed objective commercial uncertainties under UCP 600 Article 38. Although the judge erred in finding waiver as to certain minor L/C technicalities, that error did not a…

  • 4 Apr 2014

    CEP LTD v. 无锡巿佳诚太阳能科技有限公司

    Citation
    CEP LTD v. 无锡巿佳诚太阳能科技有限公司
    Court
    Court of First Instance
    Case number
    HCCL12/2012

    The Sales Contract construed by its plain language and context required CEP to have the letter of credit issued by the buyer (direct L/C) and did not permit a transferable L/C; CEP failed to ensure a compliant direct L/C and the Amended 007 transferable L/C did not overcome that contractual requirement; CEP failed to prove that Mr Zhang had authority to bind Jiacheng or that Jiacheng waived reliance on non‑compliance or was estopped from refusing the transferable L/C; Supplemental Agreement II was not set aside for economic duress; clause 14 limited recoverable damages such that CEP could not…

  • 10 Mar 1990

    TIMUR JAYA CO LTD v. KARIM\'S INTERNATIONAL (a firm)

    Citation
    TIMUR JAYA CO LTD v. KARIM\'S INTERNATIONAL (a firm)
    Court
    Court of First Instance
    Case number
    HCA6602/1988

    Court found plaintiff had promised but failed to provide agreed inspection in sufficient time and that negotiations on L/C and price remained unsettled so defendant was not obliged to provide a negotiable Letter of Credit; defendant treated plaintiff's breach as discharging further performance and validly terminated resulting contracts; plaintiff's claim failed for lack of proof and credible evidence; defendant's counterclaim succeeded for proven loss of US$30,000 plus interest and costs.