Documents send against sales contract. Documents release against acceptance. Acceptance receive on full documents value for example $10,000.00. but at the time of payment Buyers Bank made payment $7,000.00. Buyers Bank gives clarification as per buyers request they have made such payment.
now what steps beneficiary/exporter will take to repatriate the balanced amount?
Document Send Under Collection Under URC
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- Posts: 13
- Joined: Wed Jan 23, 2013 10:45 pm
- First Name: imam
- Last Name: ahmad
- Organization: bank
- Filter: Two Plus Two =: 4
- Location: bangladesh
- picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Partial payment
Hi Pal,
the collecting bank has no liability as the draft has been accepted by drawee. At maturity it is posible to effect partal payment without delivering the accepted draft and eventually protest it for the unpaid balance.
However a lawyer may help you to obtain the balance.
Other comments appreciated
Ciao
the collecting bank has no liability as the draft has been accepted by drawee. At maturity it is posible to effect partal payment without delivering the accepted draft and eventually protest it for the unpaid balance.
However a lawyer may help you to obtain the balance.
Other comments appreciated
Ciao
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- Posts: 13
- Joined: Wed Jan 23, 2013 10:45 pm
- First Name: imam
- Last Name: ahmad
- Organization: bank
- Filter: Two Plus Two =: 4
- Location: bangladesh
Document send under collection URC
Thanks for reply...but the collecting bank gave reply as they have close their file and the payment was final...
what type of help remitting bank can sought from collecting bank or what advice/help remitting bank can give to his beneficiary/exporter
what type of help remitting bank can sought from collecting bank or what advice/help remitting bank can give to his beneficiary/exporter
- picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
No possible....
Hi Pals,
I think you can claim about this, if the collecting bank closed the file, it must return the unpaid document, being bill of exchange or other drawee undertaking. On receipt of this you will start a legal action to recover the amount unpaid.
Try to urge said bank,
Good luck
Ciao
I think you can claim about this, if the collecting bank closed the file, it must return the unpaid document, being bill of exchange or other drawee undertaking. On receipt of this you will start a legal action to recover the amount unpaid.
Try to urge said bank,
Good luck
Ciao
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- Posts: 40
- Joined: Sun Jul 07, 2013 6:42 pm
- First Name: thuy
- Last Name: van
- Organization: bank
- Filter: Two Plus Two =: 4
- Location: vietnam
partial payment
I have just read this situation and totally agree with Picant, collecting bank was wrong doing. Our bank-as remitting bank- have had faced the same situations, at last collecting bank transfered the balance after more than a month arguing. Hope that your deal is ok now.