Anhui Foreign Economic Construction (Group) Co., Ltd. v. Inmobiliaria Palacio Oriental S.A.
摘要
The examination of an underlying transaction should be made in determining the existence of independent letter of guarantee (independent L/G) fraud. Still, the principles of limitation and necessity can be followed. Moreover, the scope of the examination shall be limited to the knowledge by the beneficiary that there exist no breaches of the underlying contract by the counterparty thereto, and that the beneficiary himself has no right to claim for payments.