CIF Value Mathematical Calculation

Pechorin84 · Post by **Pechorin84** » Mon Feb 08, 2016 5:06 pm

I wish you a good day all.
I will be glad if you share your opinions regarding below mentioned subject.
On l/c, invoice showing cost insurance and freight seperately required.
Presented invoice showing cost insurance and freight seperately but when we sum three of them it does not equal to cif value. We as applicant bank have refused to honor due to this discrepancy but confirming bank has objected with isbp a 22 mathematical calculation article.
We don't agree with it cause it has only three numbers to sum and we are thinking to argue with ucp art 14d.
Your comments will be appreciated.

RAKESHCH · Post by **RAKESHCH** » Fri Feb 12, 2016 11:58 am

IMHO we should crosscheck the amount given for negotiation and the invoice value.If both are same confirming bank is right(provided CIF value is same as BOE amt/or within acceptable tolerance limits, if any, prescribed).

picant · Post by **picant** » Sat Feb 13, 2016 6:52 pm

Hi Pal,

Isbp refer to complicated calculations, in this case it could be a typo mistake, the issuing bank has right to ask clarification and confirming bank, being IB agent, should detect the difference.
Intelligent checking vs formal checking.
Other comments appreciated
Ciao