Laws 3073 World Trade Law - Shenghua Co Ltd (S) - Law Assignment Help

ASSIGNMENT TASK:

TASK:

Shenghua Co Ltd (S), a Chinese import/export company based in Shanghai, specialising in manufacturing and exporting a kind of chemicals, the sodium bromide. They collect and manufacture the chemicals in China and export it world-wide.

Big Buck Chemical Pty Ltd (B) is an Australian disinfectants producer and exporter, located in Port Adelaide. They import the chemicals, sodium bromide, make the disinfectants by using the chemicals in Adelaide and export the disinfectants mainly to countries in South Pacific. B ordered 7,000 tons of the chemicals from S, and the contract term is CIF Adelaide (Incoterms 2020) at the price of $5000 per ton. The parties agreed that Shenghua would sell export quality chemicals to the buyer, the Big Buck Chemical Pty Ltd, and the delivery date should not be later than 20th March 2020.

It was agreed that payment would be effected by an irrevocable letter of credit (L/C), which expressly adopted the 2006 Uniform Customs and Practice for Documentary Letters of Credit (UCP600). The letter of credit was expressed to be payable upon the presentation of a clean bill of lading and an agreed set of commercial documents, including a commercial invoice and an insurance policy. Specifically, the letter of credit described that the chemicals should be of “export quality”.

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