ase Study (1) China's Company H exported 3,000 M/T of a certain subject. The credit stipulated "Shipment during July, August and September in three monthly equal lots". Company H dispatched 1,000 M/T on July 28 and received payment. The second lot scheduled to be dispatched on August 29 had been delayed until September 2 for the violent typhoon. The bank refused to pay when H presented documents including a B/L dated September 2. H excused the delay for force majeure and asked for payment from the bank. Question: Should the bank make payment? Why?
ase Study (1) China's Company H exported 3,000 M/T of a certain subject. The credit stipulated "Shipment during July, August and September in three monthly equal lots". Company H dispatched 1,000 M/T on July 28 and received payment. The second lot scheduled to be dispatched on August 29 had been delayed until September 2 for the violent typhoon. The bank refused to pay when H presented documents including a B/L dated September 2. H excused the delay for force majeure and asked for payment from the bank. Question: Should the bank make payment? Why?
Related questions
Question
Transcribed Image Text:2. Case Study
(1) China's Company H exported 3,000 M/T of a certain subject. The credit stipulated
"Shipment during July, August and September in three monthly equal lots". Company
H dispatched 1,000 M/T on July 28 and received payment. The second lot scheduled to
be dispatched on August 29 had been delayed until September 2 for the violent typhoon.
The bank refused to pay when H presented documents including a B/L dated September
2. H excused the delay for force majeure and asked for payment from the bank.
Question: Should the bank make payment? Why?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
