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Collection Order Letter In Accordance To URC 522

Posted: Sun Mar 02, 2014 6:16 pm
by hq163
The buyer "presenting bank or receiving bank "retail" branch instead to the bank head quarter trade service. My advising bank also did not sent swift or telecommunication to communicate with the buyer bank before courier out the shipping document.
Is almost 30days I still cant get my payment, my advising bank inform me the buyer bank has make a mistake bi m the seller(drawer) , and have submitted all my shipping documents to my advising bank
And my advising bank, have prepare collection order letter in accordance to urc 522, 1) settlement instruction perfectly and (dp) tenor payment at sight, and my advising bank sent by courier with all relevant shipping document to y release the document to the buyer without collection of payment.
Every now and then i m pressing my advising bank , and my advising bank is pressing very hard on the buyer's bank to pay and the buyer bank has inform my advising bank they are investigating on the matter .
I m jam now, waiting and waiting.
1) how long i have to wait for the matter to clear ? Can the bank let me wait forever or there is a time limit ?
2) is it i have to get a lawyer to sue my advising bank and my advising then will sue the buyer bank to get my payment ?
3) or the bank have to follow the rule URC 522 to honor and make payment ?
I need help for the advices
Thank
li hq

Ehm Ehm....

Posted: Tue Mar 04, 2014 12:12 pm
by picant
Hi Pal,

the bank that received the documents and delivered them to the drawer without payment, is liable for the value of the collection. Naturally, it is a mistake and all had to intervene in order to settle this matter friendly. Taking a legal action is long and costly. Seller must insist with buyer to be paid too.
Other comments appreciated
Ciao