Reimbursement under letters of credit

Comments on the Commercial Court judgment in Societe Generale SA v Saad Trading on a letter of credit, examining whether, if the confirming bank failed to forward all the documents to the issuing bank in compliance with the list, the issuing bank was still entitled to reimbursement. Considers whether the issuing bank had a separate and independent obligation to examine whatever documents were forwarded, and whether indemnity should be paid if some documents were left out but the documents were compliant in fact.