KOREAN TRADE ATTORNEYS

KOREAN TRADE ATTORNEYS

Total 2

2

Case of L/C goods description discrepancy

661

In the case that whilst the goods description terms in L/C stipulates ‘SIZE 0-100MM 100PCT’, the presented invoice bears ‘Size Analysis0-50 MM 75.21%’, the goods description of the invoice is not consistent with that of L/C in that invoice encompasses only the 75.21% of goods and has no description of the residual 24.79% of goods. (Supreme court 2009DA56221 decision on 2009. 12. 24.)

1

The responsibility of the L/C issuing bank

555

Althoug the L/C issuing has paid the L/C amount continuously from the first shipment document to the ninth shipment document to the beneficiary who failed to meet the requirement of shipment date of the L/C, it bear no responsibility to pay the L/C money to the beneficially whose tenth shipment document also failed to meet the same conditions of the L/C.(Seoul Central District Court, May 2, 2008.)

and or