Rangkuman Kasus Letter of Credit

Direktori Putusan Mahkamah Agung Republik Indonesia

putusan.mahkamahagung.go.id

P  U  T  U  S  A  N

No. 1372 K/Pdt/2007

memeriksa perkara perdata dalam tingkat kasasi telah memutuskan sebagai berikut dalam perkara :

FRANKY THESMAN,

bertempat tinggal di Jalan Paradise 7 Blok F.13 No. 30 Sunter Agung Podomoro Jakarta Utara, dan Jalan Agung Timur 9 Blok N.3 No. 1B Sunter Agung Podomoro, Jakarta Utara, dalam hal ini memberi kuasa kepada M. Said Muchtar, SH.,MBL. Dan kawan kawan, para Advokat, beralamat di Jalan Jenderal Basuki Rahmat No. 8-E Lt. IV, Jakarta Timur 13310, Pemohon Kasasi dahulu Tergugat IV/Pembanding/Terbanding ;

m e l a w a n :

PT. BANK HARAPAN SANTOSA (Bank Dalam  Likuidasi),

berkedudukan di Jalan Patra Kuningan Raya Blok L.I. No. 2, Jakarta Selatan, Termohon Kasasi dahulu Penggugat/Terbanding/Pembanding;

D a n :

1. PT. PUTRI SALJU INDAH,

2. PT. PUTRI KENCANA POWERINDO,

3. BENNY THESMAN, kesemuanya berkedudukan/beralamat di Jalan Agung Timur 9 Blok N.3 No. 1B, Sunter Agung Podomoro Jakarta Utara.

Dalam kasus ini Pemohon Kasasi dan para turut Termohon Kasasi dahulu sebagai para Tergugat I sampai dengan IV di  muka  persidangan Pengadilan Negeri Jakarta Utara

pada intinya dalil-dalil tersebut berbunyi seperti ini:

·         Berdasarkan akta pengakuan hutang yang dibuat dihadapan Notaris Ny. Lanny Ratna Ekowati Soebroto, SH., Tergugat I telah  mendapatkan fasilitas kredit dan atau fasilitas Bank, dan karenanya Tergugat I mengaku berhutang kepada Penggugat dalam rangka fasilitas kredit dalam bentuk Letter Of Credit (L/C) lokal/surat keterangan berdokumen dalam negeri yang totalnya berjumlah Rp. 2.000.000.000,- (dua milyar rupiah) untuk jangka waktu 1 (satu) tahun, Tergugat I harus sudah melunasi seluruh hutangnya kepada Penggugat.

·         Bahwa jangka waktu fasilitas kredit  tersebut telah dilakukan perpanjangan, dan berdasarkan perubahan perjanjian kredit, telah disepakati perpanjangan fasilitas kredit sebesar Rp. 2.000.000.000

 

·         Tergugat I mendapatkan tambahan fasilitas kredit/ fasilitas Bank dalam bentuk Letter of Credit (L/C) tersebut sebesar Rp. 500.000.000,- (lima ratus juta rupiah), dan karenanya Tergugat I mengaku berhutang kepada Penggugat dalam fasilitas kredit dalam bentuk  Letter of Credit (L/C) yang total keseluruhannya sebesar Rp. 2.500.000.000,- (dua milyar lima ratus juta rupiah), jumlah fasilitas mana tidak termasuk bunga atau biaya – biaya lainnya

·         Dalam pelaksanaannya, transaksi fasilitas kredit/fasilitas Bank dalam bentuk Letter of Credit  tersebut dibuka atas nama Tergugat II, sedang pembayaran/pelunasannya tetap menjadi tanggung jawab Tergugat I

·         Tergugat II berdasarkan  suratnya tertanggal 18 Agustus 1997 mengajukan permohonan perpanjangan L/C sebesar GBP 335.608.20 tersebut selama 1 (satu) bulan, maka kewajiban Tergugat I atas L/C pada tanggal 18 September 1997 setelah ditambah interest menjadi sebesar GBP 337.847.70

·         Tergugat I kembali mengajukan permohonan penundaan pembayaran kewajiban atas L/C yang telah menjadi GBP 337.847.70 tersebut untuk jangka waktu 2 (dua)  bulan

·         Tergugat III berdasarkan akta pernyataan jaminan pribadi telah pula mengikatkan diri sebagai penjamin atas kewajiban Tergugat I kepada Penggugat, demikian juga Tergugat IV telah juga memberikan  jaminan secara Cessie atas sebidang tanah SHGB sesuai dengan akta pemberian jaminan secara Cessie, maka Tergugat III dan Tergugat IV ikut bertanggung jawab atas hutang tersebut.

·         dll

Karena hutang-hutang tersebut tidak juga dilunasi oleh Tergugat I, maka semakin lama semakin bertambah pula kewajiban yang harus dibayar kepada Penggugat  yaitu tambahan berupa bunga dan denda, yang menurut akta pengakuan hutang No. 281 tanggal 23 Juni 1995. akte pengakuan hutang (tambahan) No. 47 tanggal 19 Pebruari 1997 pasal 5 dan pasal 9, kewenangan menentukan jumlah hutang, bunga, dan denda lain-lain ada ditangan Penggugat.

Dengan tidak dibayarnya hutang tersebut tepat waktu sebagaimana  yang diperjanjikan, maka telah terbukti secara hukum Tergugat I, Tergugat II, Tergugat III dan Tergugat IV telah melakukan cidera janji, oleh karena itu secara hukum Tergugat I s/d Tergugat IV wajib dibebani membayar ganti rugi berupa bunga dan denda sampai lunas pembayarannya

Tergugat I, Tergugat II, Tergugat III dan Tergugat IV lalai melaksanakan keputusan dalam perkara ini;

Bahwa berdasarkan hal-hal  tersebut di atas Penggugat mohon kepada Pengadilan Negeri Jakarta Utara agar terlebih dahulu meletakkan sita jaminan atas tanah dan bangunan milik para Tergugat sebagaimana diuraikan dalam gugatan dan selanjutnya  menuntut kepada Pengadilan Negeri tersebut supaya memberikan putusan yang dapat dijalankan lebih dahulu

Tergugat IV kemudian mengajukan permohonan kasasi : Bahwa secara keliru Pengadilan Negeri Jakarta Utara telah memberikan putusan Tergugat IV, sebab telah jelas Pemohon Kasasi, menolak tentang adanya Surat Pernyataan dan Kuasa(yang memberikan jaminan berupa tanah), bahkan Pemohon Kasasi menduga bahwa kemungkinan Tergugat III telah memalsukan tanda tangan tergugat IV dengan disertai bukti yang kuat.

Akibat dari gugatan ini adalah bahwa berdasarkan pertimbangan di atas, lagi pula ternyata bahwa putusan judex facti dalam perkara ini tidak bertentangan dengan hukum dan/atau undang-undang, maka permohonan kasasi yang diajukan oleh Pemohon Kasasi : FRANKY THESMAN tersebut harus ditolak.

Menolak permohonan kasasi dari Pemohon Kasasi : FRANKY THESMAN  tersebut ;

Menghukum Pemohon Kasasi/Tergugat IV untuk membayar biaya perkara dalam tingkat kasasi ini sebesar Rp.500.000.

Session 6 - Letter of Credit

Course       : Law in International Business

Lecturer     : Dr. Shidarta, S.H., M.Hum.

Date            : 9 April 2013 (Session 6)

Topic          : Letter of Credit

Method      : GSLC

Export: A function of international trade whereby goods produced in one country are shipped to another country for future sale or trade after meeting the applicable provisions.

 

Exporters: The person who sends goods or commodities to a foreign country, in the way of commerce. They must have business license to be able to export.

Import: A good or service brought into one country from another after meeting the applicable provisions.

Importers: Entrepreneurs who can perform trading activities by entering the goods from abroad into the customs territory of Indonesia according to applicable regulations.

International Trade Payment System

Export><Import->Cross-country

Background:

·         Currency differences

·         The different parties regions

·         Difficulty of procedure

·         Different locations

The international commerce contracts also included how the payment system or clause works.

Letter of Credit is a letter issued by a bank (foreign bank) at the request of the importer (customer/bank subscription) addressed to the exporter in a foreign relations of the importer, which entitles the exporter to draw drafts-notes the importers concerned to the amount of money mentioned in the letter.

An order made ​​by the buyer or importer addressed to the bank to open an L / C in order to pay a sum of money to the seller or exporter.

Advantages of L/C:

·         Exporters feel safe as payment for goods delivered to the importer is no certainty

·         The seller will carry out delivery of goods if he has obtained the information from the bank about the opening credits that were ordered for him.

·         Importer feel secure because the new bank realizes the payment of the purchase if the seller has handed over documents in question according to the agreement.

Legal Basis of L/C

PP 1/1982 & Uniform Custom Practice for Documentary Credits (UCP 500)

Ways of implementing domestic payment: cash, marketable securities: checks, bills of exchange, promissory notes / promissory note, demand deposit, commercial paper / commercial paper, and L / C in abroad (SKBDN).

Opening of L/C

Importer asks the bank to open an L/C for & on behalf of the exporter.

Opening of L/C is done through correspondent banks abroad.

Advising bank inform exporters about the opening of L/C.

1.      Buyer took the initiative to order the goods or services.

2.      Seller asks the buyer to open an L/C by telling, “terms & conditions” that could be accepted & the name of the designated advising bank.

3.      Buyer requested bank where the account is located (Issuing Bank) to open an L/C to notify “terms & conditions” is acceptable as well as the name of advising bank designated by the seller.

4.      Issuing Bank to open an L/C and send it to the Advising Bank. (As well as sending a copy to the buyer, the buyer sends the copy to the seller as a confirmation that the L/C has been opened).

5.      Advising Bank submits L/C to the beneficiary (seller).

6.      Once the goods / services ordered are ready to be delivered, beneficiary (seller) to prepare the required documents within the L/C (export documents).

7.      Advising Bank will study the contents of the document; if it has been qualified (in accordance with the conditions of L/C) then the document will be sent to the Issuing Bank to demand payment.

8.      Once the documents are received, the Issuing Bank will check the completeness and appropriateness of the documents received by the terms and conditions in the L/C.

Terms of opening an L/C

1.      L/C should be a commercial documentary L/C so that the importer can specify the requirements listed in the L/C tailored to the needs, requirements for security administration and issuance of import licenses.

2.      Completeness of the document as follows:

·         Draft/Bill of Exchange/Receipt

·         Shipping documents:

·         Full set of Bill of Lading

·         Commercial invoice

·         Packing List

·         Wight Note

·         Measurement List

·         Insurance Certificate

·         Inspection Certificate

·         Certificate of Origin

·         Manufacturer’s Certificate

·         Chemical Analysis

·         Assembling Guide Book

·         Layout Scheme

·         Instruction Manual

·         Consular Invoice

·         Brochure/Leaflet

3.      Description of goods in short but clear words.

4.      Delivery requirements such as: loading port & destination or discharging port.

5.      Requirements that are required by the competent authority, for example: import license number, order number, contract number and the sales of the trademark goods.

6.      Clause about whether or not the right recipient L/C to pass down L/C to another party or another supplier, stating assignable L/C or transferable L/C.

7.      The validity of the L/C should be longer than the last shipment time, at least be equal to the last shipping date.

L/C by nature

·         Revocable: L/C that at times may be withdrawn/canceled by the opener or opening a bank without the consent of the beneficiary.

·         Irrevocable: L/C that cannot be canceled during the period of validity specified in the L/C opening bank & still guaranteed.

·         Irrevocable & Confirmed: Payments are fully guaranteed by the opening bank & advising bank if all requirements are met. It is also not easy to be canceled because it is irrevocable & it is also considered the safest & perfect L/C.

Applicant – The buyer in a transaction

Beneficiary – The seller or ultimate recipient of funds

Issuing bank – The bank that promises to pay

Advising bank – Helps the beneficiary use the letter of credit

The bank will only issue a letter of credit if they know the buyer will pay. Some buyers deposit enough money to cover the letter of credit & some customers use a line of credit with the bank. Sellers must trust that the bank issuing the letter of credit is legitimate.

To pay on a letter of credit, banks simply review documents proving that a seller performed his required actions. They do not worry about the quality of goods or other items that may be important to the buyer & seller.

Advantages for sellers: By asking for an appropriate letter of credit a seller is reassured that they will receive their money in full & on time. A letter of credit is one of the most secure methods of payment for exporters as long as they meet all the terms & conditions. The risk of non-payment is transferred from the seller to the bank.

Advantages for buyers: When a buyer uses a letter of credit they get a guarantee that the seller will honor their side of the deal  & provide documentary proof of this.

References:

http://banking.about.com/od/businessbanking/a/letterofcredit.htm

https://www.gov.uk/letters-of-credit-for-importers-and-exporters

Conclusion

An L/C is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be transferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods.

Credits are highly sophisticated tools in commerce. If structured correctly, they can substantially reduce some of the risks associated with international transactions. If structured incorrectly, they can lead to unfortunate results that differ significantly from one or more of the parties’ expectations. It is better to seek advice of competent legal counsel before engaging in any transaction involving credits.

Session 10 - Arbitration: Overview According to Law 30 of 1999

Course       : Law in International Business

Lecturer     : Dr. Shidarta, S.H., M.Hum.

Date            : 21  May 2013 (Session 10)

Topic          : Arbitration: Overview According to Law 30 of 1999

Method       : Face to Face (F2F)

What is arbitration?

Arbitration term derived from the word "Arbitrare" (Latin) which means "the power to get things done according to the discretion of the case".

Arbitration in Indonesia known as "arbitration" is more clearly seen in the Law. 1 In 1950, the set of the show in the rate of appeals against decisions of the referee, so people tackle the dispute was appointed referee or so-called "arbiter"


UU No. 30/1999
• For the latest regulations governing the arbitration institution, the
government issued Law no. 30/1999 on Arbitration and Alternative
Dispute Resolution, on August 12, 1999 which are intended to replace rules regarding arbitration institution that no longer fit with the times and progress of international trade. Therefore, the provisions of the arbitration referred to in Article 615 s / d 651 RV, HIR Article 377, and Article 705 RBG, is no longer valid. Thus the provisions of the procedural  law of the arbitration institution has used the current provisions in the Act NO. 30/1999.



Arbitration is a dispute object of all civil (not criminal) in the field of trade and labor / employment provided that the disputes concerning personal rights can be fully controlled by the parties.
Personal rights "do not include" are rights that do not involve public order or public interest, such as: divorce, child status, recognition of children, guardianship and others.
Agency Procedure Law & Arbitration:

In Indonesia there is a body of arbitration law called the Indonesian National Board of Arbitration (BANI). Where there any legal disputes regarding the arbitration will be resolved to the Indonesian National Agency Arbitrage this as an alternative dispute resolution.

According BANI Arbitration Procedure

How to start an arbitration petition was also provided for in the law No. 30 of 1999 on Article 6 of the initiate arbitration petition, which reads:
Article 6. Petition for Arbitration

1.      The arbitration procedure begins with registration and submission of the Petition for Arbitration by the party who initiated the arbitration process ("Applicant") in secretariat BANI.

2. Appointment of Arbitrators
In Petitioner's Petition for Arbitration and the Respondent's Answer on the Respondent's request to appoint an arbitrator or submit the nomination to the Chairman of BANI.

3. Costs
Petition for Arbitration must be accompanied devel ¬ postdated registration fees and administrative costs in accordance with the provisions of BANI.
Administrative costs include administrative costs Secretariat, inspection fees and court costs and the cost of the arbitrator Assembly Secretary.
If a third party outside the arbitration agreement to participate and join in the process of dispute resolution through arbitration as contemplated by article 30 of Law no. 30/1999, then the third party is obliged to pay the administrative costs and other expenses in connection with such participation.

4. Examination of the arbitration case will not begin before the administrative fee paid by the parties in accordance with the provisions of BANI.

Such arbitration procedure according to Indonesian National Board of Arbitration (BANI) ranging from understanding the arbitration itself to initiate arbitration procedures. This is a rule that has been regulated by law No. 30 of 1999 on arbitration. The arbitration procedure shall be regulated in the other clauses in the law No. 30 of 1999 on arbitration.

Arbitration institution chosen by the business community, as the parties consider that they are both right, feels entitled to the disputed object, so that each remains in his argument.

Excess Settlement of Disputes Through Arbitration:

1. Confidentiality of the parties' dispute is assured;
2. Unavoidable delays caused by procedural or administrative matter;
3. The parties may choose arbitrators who have the experience and background of the issues in dispute fairly, honestly and fairly;
4. The parties may determine the choice of law to resolve the problem as well as the process and the place of the arbitration process and
5. Arbitrator's decision is a decision binding on the parties through a simple procedure and can be implemented immediately.

Settlement of Disputes Through Arbitration weaknesses:

1. Arbitration award is very dependent on the technical ability of arbitrators to give a satisfactory decision for both parties. Because even if the arbitrator is an expert, but not necessarily be able to satisfy the parties;
2. Not bound by the arbitration decision before, or do not know the legal precedence. Therefore, the award could have been the opposite and contradictory;
3. Recognition and implementation or execution of the award depends on the recognition of and confidence in the arbitration institution itself;
4. The arbitration process will take time, effort and cost is more expensive, if there is one party that has not been satisfied and still want to bring an arbitration award.
Similarly, a brief description of the advantages and disadvantages of dispute resolution through arbitration proceedings.


Conclusion:

Based on the description of the advantages of choosing arbitration then the conclusion is that the most ideal for businesses in resolving disputes is arbitration. The reason is that arbitration is an efficient solution because it is based on good faith, cooperation and without confrontation. This makes solving problems that are "win win solution". In contrast to the settlement in court that is "win-lose". I conclude that the Arbitration is a way of solving a problem or a dispute between the parties want and will hold an agreement that is devoted to an agreement in the field of business, therefore I have described some of the advantages and disadvantages that occur in a settlement of the dispute through the means arbitration today.

Session 9 - GATT in International Trade Law

Course       : Law in International Business

Lecturer     : Dr. Shidarta, S.H., M.Hum.

Date           : 14  May 2013 (Session 9)

Topic         : GATT in International Trade Law

Method      : GSLC

GATT is one of the sources of law in regulating inter-State trade policy and the rules of trade between businessmen.

GATT was formed in 1947 and brought two changes:

1. GATT and the WTO to take over the role of making it as one attachment WTO rules.

2. GATT principles to frame rules for new fields in the WTO agreements. For example GATS, TRIMS, TRIPS.

Purpose of establishing the GATT: Creating a climate of international trade are obvious to the business community and sustainable trade liberalization, trade jobs and a healthy climate.

The main objective of GATT:

1)  Improving the living conditions of human beings

2) Increase employment opportunities

3) Increase the utilization of the world’s natural resources

4) Increase the production & exchange of goods

The main function of GATT:

1. A set of regulations governing multilateral trade transactions undertaken by GATT member countries.

2. As a forum for trade negotiations and trade liberalization.

3. Keeping the rules clear for the opening of the national market.

Background of GATT:

1.    Formed as a temporary container after the World War two.

2.    The need was felt true multilateral institutions

3.    To prevent a recurrence of the practice in the 1930s protectionism.

Organizational systems of GATT:

1.    A mechanism of decision-making in the WTO is by consensus.

2.     Voting with one country, one vote to win a majority.

Organizational structures of GATT:

1.    Ministerial Conference (Highest decision-making)

2.    General Council (Daily Executive shall consist of representatives of the member)

3.    Council for Trade in Goods (Implementation of agreements in the field of goods)

4.    Council for Trade in Services (Implementation of agreements in the field of service)

5.    Council for Trade Related Aspects of Intellectual Property

6.    Dispute Settlementy Body (Settlement of disputes between members of the forum)

Terms of trade in GATT:

1.    38^th article.

2.    Tokyo round of negotiations produced is anti-dumping regulations, subsidies and non-tariff provisions or sectoral issues.

3.    Multifibre arrangements.

Principles of GATT:

1.    Most favored nation (Giving other countries the same treatment)

2.    National treatment (Must be the same as any imported products in the country)

3.    Prohibition of quantitative restrictions (The export/import can be in any form)

4.    Protection through tariff (Protection of domestic industry through tariff)

5.    Reciprocal (Mutually beneficial to both parties)

6.    Specially for countries that are still developing (Help economic growth)

Work of the Goods Council:

The Goods Council is the one handling the operation of the GATT Agreement & the committees’ duties, working groups & working parties on sectors of activity covered by the Agreement. Which are:

1.    Agriculture

2.    Market access for goods

3.    Sanitary & phytosanitary measures

4.    Subsidies & countervailing measure

5.    Anti-dumping

6.    Customs valuation

7.    Rules of origin

8.    Import licensing

9.    Investment

10.  Safeguards

11.  State trading enterprises

12.  Information technology agreement

Examples of current GATT events:

·         December 2010 – The European Union expresses support for Russia’s bid to join the WTO after Moscow agreed to cut timber export tariffs & rail freight fees. Russia is the only major economy outside the WTO. China says it plans to appeal against WTO ruling that the US was entitled to impose extra duties on China tyre imports.

·         December 2011 – Russia finally joins the WTO after 18 years negotiating its membership. Switzerland brokered a deal to persuade Georgia to lift its veto, which it had imposed after the 2008 Russo-Georgian war. WTO agrees terms for Samoa & Montenegro to join in 2012.

·         January 2012 – The WTO rejects China’s appeal against a ruling that it broke free trade rules by imposing quotas & taxes on exports of key materials.

Reference:

http://www.wto.org/english/tratop_e/gatt_e/gatt_e.htm

http://news.bbc.co.uk/2/hi/europe/country_profiles/2430089.stm

Conclusion:

GATT is more focused on protecting individual rights & it is also an international agreement that contains different set of economic goals than other international agreement organizations have established. GATT also contains precise obligations to manage trade relations & it has also resolved a lot conflicts between the contracting parties.