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United Kingdom letters of creditbills of lading

Glencore Energy UK Ltd v Cirrus Oil Services Ltd

[2014] EWHC 87 (Comm)
JurisdictionUnited Kingdom
CourtEngland and Wales High Court (Commercial Court)
Year2014
StatusBinding authority

Summary

Documentary credit autonomy requires a bank to pay against conforming documents irrespective of disputes in the underlying commodity sale contract.

Key Principle

The court applied the principles of documentary credit in commodity trade; the autonomy of documentary credits means the bank must pay against conforming documents regardless of disputes in the underlying contract.

Area of Law

shipping

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