DEUTSCHE BANK AG, LONDON BRANCH V CIMB BANK BERHAD

[2017] EWHC 3380 (Comm), Queen's Bench Division, Commercial Court, Mr Justice Andrew Baker, 14 December 2017

Documentary credits - Letter of credit – Unsigned "chop" - Whether signature required - Contradictory terms as to time within which to tender documents - UCP600

CIMB was the issuing bank and Deutsche was the confirming bank in respect of documentary letters of credit used to finance international trading transactions in Indian cotton. CIMB had declined payment on the basis that a document tendered did not conform to the letter of credit requirements and that the documents were tendered more than 21 days after the shipment date shown in the documents. As to the first ground, one of the documents tendered appeared to be the kind of document specified, namely a form of registration certificate issued by AQSIQ, a Chinese body, in respect of an overseas supplier, but the "chop" (stamp) was unsigned. As to the second defence, the letter of credit conformed to the UCP600 which required presentation within 21 days but the letter of credit contained a term that documents were to be presented within the validity of the letter of credit (which following amendments was 17 March 2016).