Resolved Question: How Can I cancel a Letter of credit?
Is there no way under any laws that an L/C can be cancelled if you think that the good you have ordered does not conform with the original goods with all the safety features we require for our country were the suppliers guarantee that all safety of these goods would conform and before shipment we find out that was not true, we pleaded with the issuing bank to cancel and they said only the suppliers can cancel the L/C which we knew they would not, is there absolutely no protection for the buyer, I have been sitting with 3 containers worth US$450,000.00 and I cannot sell these goods because I will be breaking the safety laws and consumers laws in our country, I have tried to take the supplies to arbitration in their country but all this has cost is legal fees and nothing came out of it. surely there must be something in law that would stop this fraudulent company, we have since found out that the suppliers has done the same thing in may other countries.
Please HELP