Latest TABs Address Confirmation, Procedure for Payment under UCP600
In the latest rollout of its Technical Advisory Briefings (TABs), the ICC Banking Commission has issued TAB No. 13, “Confirmation
The Indian judicial process can move at a sluggish pace, but the facts of this LC case suggest it should not have lingered. Ashish Madan considers the discrepancies and asks questions if other factors contributed to the delay.
The judgment issued earlier this year in Kannu Exports v. Banque Nationale De Paris (Suisse) S.A.[[1]] concludes a more than two decades-long dispute between Banque Nationale De Paris (Suisse) (LC Issuing Bank) and Kannu Exports (Beneficiary). Upon presentation, Issuing Bank refused to pay under the LC issued subject to UCP500 in 1998, citing purported discrepancies. After a long wait, the case was decided ultimately in favour of the Beneficiary.
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