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Our Subscribers Say...
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Getting Paid Through a Standby Letter of Credit
Easton, a general contractor, engaged Polly Tree as a subcontractor for a construction project. Since Polly was unable to post a performance bond, Easton agreed to accept a standby letter of credit. Polly obtained the standby letter of credit from Hospital Trust, and Easton was the named beneficiary. The letter was subject to the Uniform Custom and Practices for Documentary Credits and covered defaults or failures to perform by Polly Tree. The letter specified that if Polly failed to perform as required, drafts were to be presented not prior to September 5 nor later than September 30.
In the event, Easton was dissatisfied with Polly's performance, terminated the contract, and performed the work themselves. On Tuesday, September 24, Easton prepared a presentation for payment and posted it to Hospital Trust. Hospital Trust received it on Thursday, September 26. Because hurricane Gloria struck on Friday, Hospital Trust was closed that day and the next banking day was Monday, September 30, the expiration date of the standby letter of credit.
The Hospital Trust manager testified he had reviewed the presentation and found three deficiencies:
- It was not accompanied by a draft.
- One of the invoices was addressed to Hospital rather than to Easton.
- It did not specify the amount that Easton wished to withdraw.
After a jury trial and a suit by Hospital Trust for declaratory judgment, the court found that Hospital Trust had acted properly in denying payment to Easton under the letter of credit.
Easton appealed. Do they have a case?
Make your decision and click on "next" below for the answer and analysis of this situation.
Next >>
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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February 2012
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