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ARTICLE · 03 MARCH 2010

UCP 600: Return of Documents - The Clock is Ticking

Jones Day
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Fortis Bank S.A./N.V. and Stemcor UK Limited v Indian Overseas Bank. is a follow-up to an earlier judgment in the same case.

United KingdomFinance and Banking
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Jones Day
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David Fricker
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Fortis Bank S.A./N.V. and Stemcor UK Limited v Indian Overseas Bank1. is a follow-up to an earlier judgment in the same case2. It is also one of the first cases to consider the language of the current edition of the Uniform Customs and Practice for Documentary Credits3 ("UCP 600") relating to the obligations of a bank when dealing with discrepant documents presented to it in respect of an English law letter credit incorporating UCP 600.

UCP 600 is the latest set of contractual rules published by the International Chamber of Commerce which, although without the force of law, the parties may incorporate into a credit (at which point the rules will become contractually binding upon them).

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