Remitting Bank Sent Document With Wrong Drawee name

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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TradeLaporte
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Remitting Bank Sent Document With Wrong Drawee name

Post by TradeLaporte » Tue Mar 19, 2013 7:08 pm

Remitting bank instruct with 999 MSG to deliver docs to another party free of payment . We request authenticated MSG then a third bank from NY relay similar instructions via swift 199 without their responsibility . Dear members will you follow instructions base on messages receive and deliver docs after collecting our fees to the party that was not mentioned in the documents
Your comments highly appreciate it

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picant
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Remitting bank instructions

Post by picant » Tue Mar 19, 2013 11:55 pm

Hi Pal,

I will accept fresh instructions received from the remitting bank, via authenticated message via another bank.
Probably the first buyer is not in the position to pay and take up the goods, so a third person will try to find another buyer, being the goods already at destination.
This is common in trade, the URC speak about somebody the "case of need" that may act ,in allowed limits stated in the remittance letter, to solve this type of problems.
Other comment appreciated
Ciao

mskhan42
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First Name: MUHAMMAD SAQIB
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Remitting bank instructions

Post by mskhan42 » Wed Mar 20, 2013 1:46 pm

Dear Tradelaporte,

Totally agreed with Ciao.

Regards,
M. Saqib Khan

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