Lloyd's Maritime and Commercial Law Quarterly
STRICT COMPLIANCE UNDER U.C.P. 500
Glencore v. Bank of China
In the law of documentary credits, the requisite description of the goods in the presented documents is an old problem. The concept of original documents and the world of word processors presents a new one. Both, however, are aspects of the doctrine of strict compliance, by virtue of which the applicant for a credit is guaranteed that he will not have to reimburse the issuing bank except against the documents he has specified as triggering that obligation and the bank is spared from value judgments about discrepancies in documents presented. In Glencore International A.G. v. Bank of China
1 the issues of original documents and description of the goods arose in the context of the latest revision of the Uniform Customs and Practice for Documentary Credits (U.C.P. 500).
07