Doctrine of Strict Compliance
Category: Credit Transactions
What is the doctrine of strict compliance?
The documents tendered by the seller/beneficiary must strictly conform to the terms of the letter of credit. The tender of documents must include all documents required by the letter. Thus, a correspondent bank which departs from what has been stipulated under the LC acts on its own risk and may not thereafter be able to recover from the buyer or the issuing bank, as the case may be, the money thus paid to the beneficiary. (Feati Bank and Trust Company v. CA, G.R. No. 940209, Apr. 30, 1991)
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Doctrine of Strict Compliance
Category: Credit Transactions
What is the doctrine of strict compliance?
The documents tendered by the seller/beneficiary must strictly conform to the terms of the letter of credit. The tender of documents must include all documents required by the letter. Thus, a correspondent bank which departs from what has been stipulated under the LC acts on its own risk and may not thereafter be able to recover from the buyer or the issuing bank, as the case may be, the money thus paid to the beneficiary. (Feati Bank and Trust Company v. CA, G.R. No. 940209, Apr. 30, 1991)
Newer Philippine Law Resources:
Additional Law Reading:
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