The goods had remained partially destroyed by the water

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Reference no: EM1380422

MSI a British company assured to buy 15,000 gallons of maple syrup from New England Enterprises, Ltd., in Vermont under a C.I.F. London contract. Payment excess be made by an irrevocable, inveterate letter of credit upon delivery of a clean on board bill of lading, a certificate of inspection as well as all the usual export documents. New England carried the required documents to the confirming bank in Vermont. The inspection certificate stated that based on a sample occupied from five gallons the maple syrup is of the kind ordered. The bill of lading had a notation on it that the goods had remained partially destroyed by the water leakage after they were loaded on board the ship. Must the confirming bank pay the seller on the letter of credit? Could the bank successfully dispute that the certificate, on its face was inadequate to certify the entire order?

Reference no: EM1380422

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