|
|
Article: UCP 600: Confirming Banks And Nominated Banks.(Fortis Bank N.V./S.A, Stemcor UK Limited and Indian Overseas Bank cases)(Case overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Fortis Bank S.A./N.V. and Stemcor UK Limited v Indian Overseas Bank1 is one of the first cases to consider the language of the current edition of the Uniform Customs and Practice for Documentary Credits2 ("UCP 600") relating to the right of reimbursement owed by an Issuing Bank to a Nominated Bank or Confirming Bank in respect of a negotiated or honoured credit.
UCP 600 is the latest set of contractual rules published by the International Chamber of Commerce which, although without the force of law, parties may agree to incorporate into a credit (at which point the rules will become contractually binding upon them).
This case provides comfort to ...