Dear Friends,
UCP 600 Article 35,
If a nominated bank determines that a presentation is complying and forwards the documents to the issuing bank or confirming bank, whether or not the nominated bank has honoured or negotiated, an issuing bank or confirming bank must honour or negotiate, or reimburse that nominated bank, even when the documents have been lost in transit between the nominated bank and the issuing bank or confirming bank, or between the confirming bank and the issuing bank.
what does the word "even" mean here. does it mean there are other situation that this one?
UCP 600 Article 35
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Judith
- Posts: 118
- Joined: Thu Mar 12, 2009 8:59 am
emphasis
The words “even when” lay emphasis on the fact that the nominated bank has the right to be reimbursed when it determines that:
- the documents are compliant AND
- when the documents have been forwarded from its counters to the issuing bank / confirming bank
The issuing bank / confirming bank cannot refuse reimbursement if the documents are lost in transit as this event is beyond the control of the nominated bank.
This is an important aspect of nomination.
- the documents are compliant AND
- when the documents have been forwarded from its counters to the issuing bank / confirming bank
The issuing bank / confirming bank cannot refuse reimbursement if the documents are lost in transit as this event is beyond the control of the nominated bank.
This is an important aspect of nomination.