(a) If an issuer wrongfully dishonors or repudiates its obligation to paymoney under a letter of credit before presentation, the beneficiary,successor, or nominated person presenting on its own behalf may recover fromthe issuer the amount that is the subject of the dishonor or repudiation. Ifthe issuer's obligation under the letter of credit is not for the payment ofmoney, the claimant may obtain specific performance or, at the claimant'selection, recover an amount equal to the value of performance from theissuer. In either case, the claimant may also recover incidental but notconsequential damages. The claimant is not obligated to take action to avoiddamages that might be due from the issuer under this subsection. If, althoughnot obligated to do so, the claimant avoids damages, the claimant's recoveryfrom the issuer must be reduced by the amount of damages avoided. The issuerhas the burden of proving the amount of damages avoided. In the case ofrepudiation, the claimant need not present any document.
(b) If an issuer wrongfully dishonors a draft or demand presented under aletter of credit or honors a draft or demand in breach of its obligation tothe applicant, the applicant may recover damages resulting from the breach,including incidental but not consequential damages, less any amount saved asa result of the breach.
(c) If an adviser or nominated person other than a confirmer breaches anobligation under this title or an issuer breaches an obligation not coveredin subsection (a) or (b), a person to whom the obligation is owed may recoverdamages resulting from the breach, including incidental but not consequentialdamages, less any amount saved as a result of the breach. To the extent ofthe confirmation, a confirmer has the liability of an issuer specified inthis subsection and subsections (a) and (b).
(d) An issuer, nominated person, or adviser who is found liable undersubsection (a), (b), or (c) shall pay interest on the amount owed thereunderfrom the date of wrongful dishonor or other appropriate date.
(e) Reasonable attorney's fees and other expenses of litigation must beawarded to the prevailing party in an action in which a remedy is soughtunder this title.
(f) Damages that would otherwise be payable by a party for breach of anobligation under this title may be liquidated by agreement or undertaking,but only in an amount or by a formula that is reasonable in light of the harmanticipated.
(a) If an issuer wrongfully dishonors or repudiates its obligation to paymoney under a letter of credit before presentation, the beneficiary,successor, or nominated person presenting on its own behalf may recover fromthe issuer the amount that is the subject of the dishonor or repudiation. Ifthe issuer's obligation under the letter of credit is not for the payment ofmoney, the claimant may obtain specific performance or, at the claimant'selection, recover an amount equal to the value of performance from theissuer. In either case, the claimant may also recover incidental but notconsequential damages. The claimant is not obligated to take action to avoiddamages that might be due from the issuer under this subsection. If, althoughnot obligated to do so, the claimant avoids damages, the claimant's recoveryfrom the issuer must be reduced by the amount of damages avoided. The issuerhas the burden of proving the amount of damages avoided. In the case ofrepudiation, the claimant need not present any document.
(b) If an issuer wrongfully dishonors a draft or demand presented under aletter of credit or honors a draft or demand in breach of its obligation tothe applicant, the applicant may recover damages resulting from the breach,including incidental but not consequential damages, less any amount saved asa result of the breach.
(c) If an adviser or nominated person other than a confirmer breaches anobligation under this title or an issuer breaches an obligation not coveredin subsection (a) or (b), a person to whom the obligation is owed may recoverdamages resulting from the breach, including incidental but not consequentialdamages, less any amount saved as a result of the breach. To the extent ofthe confirmation, a confirmer has the liability of an issuer specified inthis subsection and subsections (a) and (b).
(d) An issuer, nominated person, or adviser who is found liable undersubsection (a), (b), or (c) shall pay interest on the amount owed thereunderfrom the date of wrongful dishonor or other appropriate date.
(e) Reasonable attorney's fees and other expenses of litigation must beawarded to the prevailing party in an action in which a remedy is soughtunder this title.
(f) Damages that would otherwise be payable by a party for breach of anobligation under this title may be liquidated by agreement or undertaking,but only in an amount or by a formula that is reasonable in light of the harmanticipated.
(a) If an issuer wrongfully dishonors or repudiates its obligation to paymoney under a letter of credit before presentation, the beneficiary,successor, or nominated person presenting on its own behalf may recover fromthe issuer the amount that is the subject of the dishonor or repudiation. Ifthe issuer's obligation under the letter of credit is not for the payment ofmoney, the claimant may obtain specific performance or, at the claimant'selection, recover an amount equal to the value of performance from theissuer. In either case, the claimant may also recover incidental but notconsequential damages. The claimant is not obligated to take action to avoiddamages that might be due from the issuer under this subsection. If, althoughnot obligated to do so, the claimant avoids damages, the claimant's recoveryfrom the issuer must be reduced by the amount of damages avoided. The issuerhas the burden of proving the amount of damages avoided. In the case ofrepudiation, the claimant need not present any document.
(b) If an issuer wrongfully dishonors a draft or demand presented under aletter of credit or honors a draft or demand in breach of its obligation tothe applicant, the applicant may recover damages resulting from the breach,including incidental but not consequential damages, less any amount saved asa result of the breach.
(c) If an adviser or nominated person other than a confirmer breaches anobligation under this title or an issuer breaches an obligation not coveredin subsection (a) or (b), a person to whom the obligation is owed may recoverdamages resulting from the breach, including incidental but not consequentialdamages, less any amount saved as a result of the breach. To the extent ofthe confirmation, a confirmer has the liability of an issuer specified inthis subsection and subsections (a) and (b).
(d) An issuer, nominated person, or adviser who is found liable undersubsection (a), (b), or (c) shall pay interest on the amount owed thereunderfrom the date of wrongful dishonor or other appropriate date.
(e) Reasonable attorney's fees and other expenses of litigation must beawarded to the prevailing party in an action in which a remedy is soughtunder this title.
(f) Damages that would otherwise be payable by a party for breach of anobligation under this title may be liquidated by agreement or undertaking,but only in an amount or by a formula that is reasonable in light of the harmanticipated.
