An Appeal Court ruling clarifies exposure to risk when dealing with letters of credit transactions, writes Roger Masefield. Roger Masefield is a tenant of Brick Court Chambers.
The decision of the Court of Appeal in Banco Santander v Banque Paribas is important for those involved in letter of credit transactions. The case concerned the shipment of oil from Kazakhstan CIF Porvoo, Finland. The sale was to be by an English firm, Bayfern, to Napa Petroleum – at an agreed price of about […]