DCC 67/2003
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai
Taxonomy
Admiralty, Shipping & Navigation, Guarantees
Decision date
21 Sep 2003
Catchwords
Shipping - Bank Guarantee - Bill of Lading
This case involved the status of a bank guarantee which had been given for goods shipped as a bill of lading was not available at that time.
Background
A Plaintiff bought from the first Defendant company goodsfor22500 US dollars and opened an overdraft of 82500 AED equivalent to the value of the goods in favour of the seller which could not be cancelled at the Oman and the Respondent shipped the goods on the ship under the bond and in return for a letter of bank guarantee.