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The Multi-fibre Agreement (MFA) has been in existence for a little longer than 30 years and is the main instrument to regulate international trade flow of textiles.

The Multi-fibre Agreement (MFA) has been in existence for a little longer than 30 years and is the main instrument to regulate international trade flow of textiles. Explain how the agreement is functioning and its economic consequences.
Question 2 :On 1st September 2011 Sebastian agreed to sell a “Quantum Quark Accelerator” to Bruno CIF Adelaide, payment against documents. Bruno agreed to arrange a letter of credit for the price, to be issued by Finance Bank PLC. There was no mention whether the letter of credit was to be irrevocable or not, nor whether it was to be confirmed of not. Sebastian and Bruno agreed that the goods would be shipped during January 20012.
Will the credit have to be irrevocable and confirmed?
On the same day Sebastian entered into an, identical contract with Bruno except that the port of discharge is Bergen. On 1st February 2012, Bruno instructed Intelligent Bank PLC to open two irrevocable credits in favour of Sebastian
What options does Sebastian have at this point?
Intelligent Bank PLC appointed Calypso Bank PLC to advise Sebastian that these letters of credit had been opened. The credits do not say whether they are revocable or irrevocable. Each credit states that payment is to be made against a clean bill of lading, a policy of insurance, an export licence, and a commercial invoice. Each of the credits is stated to be subject to the terms of the UCP 600 and that English Law applies.
On 2nd February, Calypso Bank PLC advises Sebastian that the credits have been opened and adds its confirmation to the Bergen credit. Sebastian ships the goods for all three contracts on 5th February.
Is Sebastian in breach of contract for despatching outside the shipping period?
What duties does Calypso Bank have in relation to the Adelaide credit and the Bergen credit?
Sebastian tenders a clean bill of lading for the Adelaide shipment along with the other documents. The Calypso Bank PLC examines the documents and accepts them and pays Sebastian. The Bank does not notice that shipment was outside the shipping period.
What are the legal consequences of accepting these documents for Calypso bank?
Sebastian tenders a clean bill of lading for the Bergen contract along with the other documents. The bill of lading describes the goods as “Strange Quark Accelerator”. The Bank refuses to pay. “Strange Quark Accelerator” is just another name for a “Quantum Quark Accelerator”.
Is the bank legally permitted to refuse to pay Sebastian?


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