NATURE AND BASIS OF LETTER OF CREDIT IN COMMERCIAL TRANSACTION IN NIGERIA

NATURE AND BASIS OF LETTER OF CREDIT IN COMMERCIAL TRANSACTION IN NIGERIA

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ABSTRACT

A letter of credit is an important payment method in International Trade.it is particularly useful where there is uncertainty and obscurity in the commercial integrity of the transacting parties. Due the nature of international dealings including factors such as distance, differing laws in each country, and difficulty in knowing each party personally, the use of letter of credit has become a very important aspect of international trade for buyer and seller protection, having regards for a good balance of security between the parties, because both rely on the security of banks and the banking system to ensure that payment is received and goods are provided in order to facilitate trading convenience. This study aims to appraise the various aspects of this subject, the nature and its legal framework in various jurisdictions, deploying comparative and analytical methodology. The work is focused on Letter of credit as an indispensable tool in today’s commercial transactions and the research is also hinged on the need for unification of uniform custom and practice to international trade practice in the world for smooth commercialization and industrialization as much as free flow of trade to nation building, especially the legal relationship arising from a letter of credit contract. Suggestions will also be made in ensuring the encouragement of the use of Letter of Credit in international trade.       


TABLE OF CONTENTS

CHAPTER ONE: GENERAL INTRODUCTION

1.1              Background to the Study                                                                                          

1.2              Statement of Problem                                                                                                

1.3              Purpose of Study                                                                                                       

1.4              Scope of Study                                                                                                          

1.5              Significance of Study                                                                                                

1.6              Methodology                                                                                                             

1.7              Literature Review

1.8              Definition of Terms                                                                                                   

CHAPTER TWO: THE NATURE AND CHARACTER OF LETTER OF CREDIT

2.1       Nature of Letter of Credit                                                                                         

2.2       The Role and Purpose of Letter of Credit                                                                 

2.3       The Mechanism of Letter of Credit                                                                           

2.4       Benefits of Letter of Credit

2.5       Types of Letter of Credit       

CHAPTER THREE: LEGAL APPROACHES/STRATEGIES FOR THE APPLICATION OF LETTER OF CREDIT IN NIGERIA

3.1       The Legal Relationship Arising from a Letter of Credit Contract                            

3.2       Application of the Uniform Code of Customs and Practice for Letters of Credits. 

3.3       Jurisdiction                                                                                                                 

3.4       Doctrine of Strict Compliance                                                                                   

CHAPTER FOUR: COMPARATIVE ANALYSIS OF GENERAL JURISDICTIONAL LAW IN DIFFERENT CONTINENTS

4.1       Jurisdictional Law of Nigeria                                                                        

4.2       Jurisdictional Law of European Union                                                                      

4.3       Differences at large                                                                            

4.4       Jurisdiction in International Letter of Credit Dispute                                                           

4.5       Laws Governing International Letter of Credits                                                       

CHAPTER FIVE: CONCLUSION AND RECOMMENDATION

5.1       Summary

5.2       Conclusions                                                                                                                

5.3       Recommendations                                                                                                     

TABLE OF CASES

ACB Ltd v. Obirimami (1990) 5 NWLR (pt. 149) p. 230 at 241 para A.                              11

ACB v. Yesufu (1978) NSCC 76 at 73                                                                                  18

African Continental Bank v. Eagle Super Pack Nig. Ltd. (1995) 2 NWLR pt. 591              9

Akinsanya v. U.B.A. Ltd (1986) 4 NWLR (pt. 35) p. 273 at p. 278 para H.                        27, 32, 43

B.W.H.G.M.B. and Co. v. U.B.N. Plc. (2002) Commercial Law Reports

Quarterly p. 257 at pages 302 – 303 para G – A.                                                            23

Berry v. Soul Circus Inc(1768) The All ER 241.                                                                    46

Blivinter Oil S.A. v. Clised Manhattan Bank and ors (1984) 1 Lloyds Report 251.             41

Cape Asbestos Co. Ltd. v. Lloyds Bank (1921) W.W. 274                                                   18

England Scottish and Australia Bank v. Bank of South Africa

(1981) 1 Lloyds Report 68, 74-75                                                                            35, 44

Equitable Trust Company of New York v. Dawson Parttos Ltd. (1927) 27

LIL Rep 29, Moralice (London) Ltd v Sand F man (1954) 2 Llyods Rep 526;             44

Guaranty Trust Company of New York v. Hannay& Co (1918) 2 KB at 623;                     2

HamzehMalass and Sons v. British Imex Industries Ltd. (1958) 2 WLR. 160                      41

Ibwa v. Unakalamba (1998)9 NWLR (pt. 565) CA 245                                                        28

International Shoe Co. v. Washington (1984) 1 Lloyds Rep 251;                                         45

J.H. Raymond and Co. Ltd. v. Hambros Bank Ltd.(1918) The All ER 151.                                    35

Jamal Steel Structure Ltd. v. ACB Ltd (1865) 1 Lloyds Rep 512: E                                                43

Nasaralai v. Arab Bank of Nigeria (1994) 3 NWLR (pt. 149) p. 430 at 141 para B.             43

Pavia & Co. S.P.A. v. Thurman Nielsen (1952) 2 QB 88; (1952) 1 The All ER 492.            3

Union Bank of Nigeria Plc. v. Sparkling Breweries Ltd. (1997) 5 NWLR

(pt. 505) at 344.                                                                                                               7

United City Merchants (Investments) Ltd. v. Royal Bank of Canada 1986

4 N.W.L.R. (pt. 35) p. 273 at p. 278 para H.                                                                  26


TABLE OF STATUTES

Art 2 Uniform Customs and Practice of Documentary Credit

Art 5 Uniform Customs and Practice of Documentary Credit

Art 4 Uniform Customs and Practice of Documentary Credit

Art 10 Uniform Customs and Practice of Documentary Credit

Art 6 Uniform Customs and Practice of Documentary Credit

Art 37 Uniform Customs and Practice of Documentary Credit

Art 41 Uniform Customs and Practice of Documentary Credit

Art 13 Uniform Customs and Practice of Documentary Credit

Art 2 Uniform Customs and Practice of Documentary Credit

Art 3 Uniform Customs and Practice of Documentary Credit

Art 8 Uniform Customs and Practice of Documentary Credit

Art 42 (a) Uniform Customs and Practice of Documentary Credit

Art 42 (b) Uniform Customs and Practice of Documentary Credit

Art 44 (a) Uniform Customs and Practice of Documentary Credit

Art 85 Uniform Customs and Practice of Documentary Credit

Art 8 (9) Uniform Customs and Practice of Documentary Credit

Section 251 (d) of the Constitution of the Federal Republic of Nigeria 1999

India Contract Act, 1872, section 28

India Code of Civil Procedure (C.P.C) 1908, section 20

EC regulations No. 44/2001

Art 8 part 1 woods Agreement Order in council 1946


LIST OF ABBREVIATIONS

Art                   –          Article

C.A.                –         Court of Appeal

C.I.F.               –         Cost Insurance and Freight

C.P.C              –         Civil Procedure Code

E.C.                 –         European Council

E.U.                 –         European Union

eUCP              –         Electronic Uniform Customs and Practice

F.O.B.             –         Free on Board

I.C.C.              –         International Chamber Commerce

I.S.P.               –         International Standby Practice

J.C.A.              –         Justice of the Court of Appeal

J.S.C.               –         Justice of the Supreme Court

L.J.                  –         Lord Justice   

N.W.L.R.        –         Nigeria Weekly Law Report

ORS                –         Others

S.C.                 –         Supreme Court

U.B.A.                        –         Union Bank of Africa

U.C.P.             –         Uniform Customs and Practice of Documentary Credit

U.CC.              –          Uniform Commercial Code

U.N                 –         United Nations

U.S.A.             – &


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