Article 4 of UCP 600 ( Credits v. Contracts)
Posted: Mon Nov 24, 2008 1:21 am
Hi
under article 4 of ucp 600 ( Credits v. Contracts):
1- what does " .... the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationships with the issuing bank or the beneficiary" mean ?
2- what does " A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank." mean ?
I would grateful if you would pay to these matter with examples.
Regrads
under article 4 of ucp 600 ( Credits v. Contracts):
1- what does " .... the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationships with the issuing bank or the beneficiary" mean ?
2- what does " A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank." mean ?
I would grateful if you would pay to these matter with examples.
Regrads