TT Reimbursement

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Emil123
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TT Reimbursement

Post by Emil123 »

Dear fellas,

Could you give me some advice on how does the TT Reimbursement clause in the Letter of Credit works and in what type of payment term can this clause be used?

Thanks in advance

Regards,
Emil :)
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picant
Posts: 1945
Joined: Wed Aug 20, 2008 1:49 pm

Re: TT Reimbursement

Post by picant »

Hi Pal,

in my opinion, the l/c is available by payment and at the counter of the nominated bank(sometime confirming too), than will reimbourse itsself by claim the disboursed amount to the bank indicated in the l/c.
Other comments appreciated
Ciao
Emil123
Posts: 2
Joined: Tue Sep 14, 2021 5:30 am
First Name: Emil
Last Name: Kh
Organization: -
Filter: Two Plus Two =: 4
Location: Jakarta

Re: TT Reimbursement

Post by Emil123 »

Dear Mr. Picant,

Thank you so much for your help, I really appreciate it.

Another thing I want to ask is if the instruction for claiming reimbursement is stated in clause 78 and clause 53A is not present, can TT Reimbursement be done?
The absence of field 53a is okay?

Thank you

Regards,

Emil
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picant
Posts: 1945
Joined: Wed Aug 20, 2008 1:49 pm

Re: TT Reimbursement

Post by picant »

Hi Pal,

every l/c should be workable, so collectively has to contain details in the way that banks may afford negotiation/payment etc.
IMHO if field 53a is absent, field 78 must indicate the way of obtaining reimbursement even if from issuing bank.
Where it is raccomandable for beneficiary to check all the l/c conditions ad eventually require amendments, the advising bank has to observe if somerhing is not correct.However the Preliminary Consideration in ISBP 745 para v stated that applicant is responsable for ambiguos in its instructions when requires issue of L/c, the same the issuing bank.
Other comments appreciated
Ciao
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