The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
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jim
- Posts: 91
- Joined: Fri Aug 15, 2008 11:58 am
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by jim » Fri Nov 07, 2008 5:38 pm
Hi!
Can anyone tell me what is the meaning of
(Including, to the extent to which they may be applicable, any standby letter of credit)
does this mean -
the articles that are applicable in standby letter of credit or
the articles that the documentary credit is applicable to
regards
Jim
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cristiand969
- Posts: 754
- Joined: Tue Aug 05, 2008 1:52 pm
- First Name: Cristian
- Last Name: D.
- Organization: Bank
- Filter: Two Plus Two =: 4
- Location: RO
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by cristiand969 » Fri Nov 07, 2008 8:11 pm
Dear Jim,
This wording means that a standby LC can issued subject to UCP 600 (and not to ISP98 or other Publications)
regards
Cristian
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shahriar
- Posts: 923
- Joined: Fri May 16, 2008 1:03 am
- First Name: Shahriar
- Last Name: Masum
- Organization: Mutual Trust Bank
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- Location: Bangladesh
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by shahriar » Fri Nov 07, 2008 8:23 pm
Dear Jim,
The words are pointing to Standby letter of credit, not “letter of credit”. A careful reading will reveal two key words before you,
(Including, to the extent to which they may be applicable, any standby letter of credit)
These two words clearly mean that the sentence is about something which has not been spoken or encompasses so far.
What you are taking about (the articles that are applicable to a letter of credit) is in fact located in definition of complying presentation which says
“Complying presentation means…… applicable provisions of these rules…”
regd
shahriar
