KUVERA RESOURCES PTE LTD V JP MORGAN CHASE BANK NA

[2023] SGCA 28, Court of Appeal of the Republic of Singapore, Sundaresh Menon CJ, Judith Prakash JCA and Steven Chong JCA, 28 September 2023

Contracts – Letters of credit – Contract formation – Contract terms – Sanctions clause – Letter of credit transaction between confirming bank and beneficiary – Unilateral contract

The plaintiff, now appellant, was a Singapore company trading in coal exported from Indonesia. The defendant, now respondent, was a US bank with a branch in Singapore.