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Reliance Commodities, Inc. vs. Daewoo Industrial Co., Ltd.

RELIANCE COMMODITIES, INC., petitioner, vs. DAEWOO INDUSTRIAL CO., LTD., respondent.

G.R. No. L-100831 | 1993-12-17

D E C I S I O N


FELICIANO, J.:

On 9 January 1980, petitioner Reliance Commodities, Inc. ("Reliance") and private respondent Daewoo Industrial Co., Ltd. ("Daewoo") entered into a contract of sale under the terms of which the latter undertook to ship and deliver to the former 2,000 metric tons of foundry pig iron for the price of US$404,000.00. Pursuant to this contract, Daewoo shipped from Pohang, Republic of Korea, 2,000 metric tons of foundry pig iron on board the M/S Aurelio III under Bill of Lading No. PIP-1 for carriage to and delivery in Manila to its consignee, Reliance. The shipment was fully paid for. Upon arrival in Manila, the...