OFFSHORE INTERNATIONAL S.A. v. BANCO CENTRAL S.A. AND HIJOS DE J. BARRERAS S.A.

[1976] 2 Lloyd's Rep. 402

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Ackner

Banking - Letter of credit - Proper law - Credit opened by Spanish bank through New York bank - Whether law of issuing bank or law of place of performance (advising bank) proper law. Banking - Letter of credit - Validity - Credit to be extended if valid submission to arbitration before expiry - Dispute as to whether valid submission to arbitration in time - International Chamber of Commerce Rules, June 1, 1975. Arbitration - Submission to arbitration - Meaning - Rules of International Chamber of Commerce incorporated in contract - Whether revised rules applied to dispute concerning validity of letter of credit. Evidence - Exchange of telex messages in establishment of letter of credit - Whether admissible.