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The letter provided that upon proper presentment of all paperwork and drafts to the Jiangyin Sub-Branch, the Bank of China would pay Voest-Alpine the appropriate quantity. Sf AttorneysSf Legal Professionalssf attorneysJiangyin LawyerJiangyin Lawyer
[The Bank of China's] refusal to ahead funds underneath the letter of credit clearly has a direct impact in the United States-[Voest-Alpine] doesn't recuperate fee beneath the letter of credit for goods it shipped from the United States to China. It did not designate a specific place of fee, though it did state that it was to be ruled by the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, Publication No. The Bank of China is an instrumentality of the People's Republic of China. On July 6, 1995, the Bank of China's Jiangyin Sub-Branch issued the letter of credit in the amount of USD $1.2 million. The letter of credit referred to JFTC because the applicant and Voest-Alpine as the beneficiary.
