10 tonnes of prime Latvian beef, EUR 200.000, CIF Abu Qir, INCOTERMS 2010. The times of shipment for all six instalments are fixed.

In January 2019, an international sales contract is concluded between Yannis Beef Co of Latvia and Yara Retailers Plc of Egypt. The contract calls for six instalments, each for: 10 tonnes of prime Latvian beef, EUR 200.000, CIF Abu Qir, INCOTERMS 2010. The times of shipment for all six instalments are fixed. Shipment of the first two instalments is to take place in March and May respectively. The contract of sale calls for the immediate opening of letter of credit facilities confirmed by Latvijas Banka, for the first two instalments. These are duly opened in conformity with the contract. Payment is to be against an invoice, a marine bill of lading, and an insurance policy issued by Lloyd’s of London. The contracts also specifically require Yannis Beef Co to arrange carriage under bills of lading to which the Hague-Visby Rules apply. The goods are shipped aboard MS Shakhti The bills of lading contain inter alia the following clause: “The carrier warrants that he will at all times keep the vessel registered with a recognised classification society. Production of a current certificate of class shall be conclusive evidence that the vessel is seaworthy.” The ship has such a certificate.
The beef is loaded into the refrigeration containers of MS Shakhti, where it is contaminated with residues of cargo previously carried, making the beef worthless. En-route to Egypt MS Shakhti picks up an SOS call from a nearby ship. MS Shakhti deviates from the permitted route to save life and property but finds that it does not have enough room to save the entire cargo of the sinking ship. The captain therefore decides to throw all the beef overboard under the belief that he would make a larger profit by saving the sinking cargo than by delivering the beef. Yara Retailers, is informed of this decision and contacts the confirming bank requesting the letter of credit not be honoured on the presentation of the requisite documents. The next day, Yannis presents conforming documents to the confirming bank.
Can the buyer or the seller hold the carrier liable for the loss of goods?
Assuming that confirming documents are presented to the conforming bank – what are the confirming bank’s obligations towards the buyer and the seller?
What are the advantages of using an irrevocable confirmed Letter of Credit in this scenario? Would the Buyer be in a better position if a revocable Letter of Credit had been used?

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more