Sale of Goods Act, 1962(Act 137)
Section 63: Where, in a c.i.f. or f.o.b. contract the price is to be paid by means of a letter of credit opened at a bank to be nominated by the seller, then in the absence of a contrary intention—
(a) the credit must be opened not later than the earliest date on which the seller may ship the goods, or where the date of shipment is to be fixed by the buyer, not later than the earliest date on which the seller may be required to ship the goods;
(b) as against the buyer, the seller is only entitled to draw against the credit on presentation to the bank of proper shipping documents.
Procedure to Follow
Not Avaiable
Responsible Institution
Ministry of Trade, Agribusiness and Industry
Ministries
- Email: info@moti.gov.gh
- Website: www.moti.gov.gh
- GPS: GA-144-0150
- Telephone: 0500073887
Relevant Forms to Download
Not Available
Online System
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Fees/ charges
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