International Trade and Commodities Legal Update — November 2013
Ince & Co has introduced the latest issue of its International Trade and Commodities Legal Update, which highlights recent relevant court decisions that raise points of significance for readers.
In this issue, Ince & Co reviews the decisions in two cases, the Erin Schulte and the Crudesky. In the Erin Schulte, the court considered among other things the question of what rights a bank that issues a letter of credit has in respect of the cargo represented by bills of lading indorsed to it in the context of a presentation under the letter of credit, in circumstances in which that bank dishonours the credit. Ince represent the ship owners in this litigation and, at the time of writing, leave is being sought to appeal the Commercial Court decision.
In the other Ince case, the Crudesky, the Court of Appeal has dealt with a dispute arising out of a sale contract for crude oil that brought up issues relating to force majeure, foreseeability and FOB Incoterms. Although ultimately the owners were successful in passing the demurrage claim down the contractual chain, the case highlights the potential pitfalls of having a string of sale contracts that are not entirely back to back…
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In Germany, new rules specifically designed to regulate the limits of working hours in the offshore industry came into effect on 1 August 2013.
Shanghai: Chinese Supreme Court strengthens interpretation on respecting the independence of refund guarantees
The Chinese Supreme Court in November 2013 circulated a draft judicial interpretation dealing with cases in relation to independent guarantees.