NEGOTIABILITYParties : regent(postnominal) Corp , USA (import company in natural York ) and Azmat Bangladesh Ltd (Textile regionicipation in BangladeshContract : Purchase of bed sheets and pillowcases for resale in get unneurotic StatesCondition : Required goods should have been manufactured in BangladeshDispute : Goods manufactured part in Pakistan and hire stop to Azmat trustee Corp , USA Vs Azmat Bangladesh LtdAn of the essence(p) peg down is that the ed goods should have been manufactured in Bangladesh , whereas the Azmat Bangladesh Ltd failed to make break through the condition . Hence the salary can be halt and it is valid though the drafts accompanied bills of ladingThe Regent Corporation procured cinque letters of credit from BNY and Citi margin for the supposed to make payment . through International Finance Investment and Commerce bank building Limited (IFIC .
As the goods supplied by Azmat Bangladesh Ltd shows the export visa foreman to BNY and Citibank , the partial payments were releasedSince the essential condition failed by the Azmat Bangladesh Ltd to produce the goods of Bangladesh , whereas the goods produced from Pakistan , the Regent brought the action against Azmat , Citibank and BNY besides IFIC . But IFIC objectedHowever the court finds the following1 ) That the drafts were non passable instruments as they failed to conform the requirements of UCC under section 3-104 (1 (c ) and 3-109 (1 (a ) as they were not p ayable on demand or at a decided time2 ) T! hat no issue of fact existed of fraud in the...If you extremity to get a full essay, order it on our website:
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