Dear Experts,
Does the confirmation from bank on(tenor +bill of lading date) maturity date,, force the bank to
make the payment on so on so value date despite the payment from the IB.
case:
Nominated bank(un confirmed LC)received confirmation from the IB on maturity for discrepant documents Which they relayed to presenter. But unfortunately, on said due date issuing bank could not make payment/or made payment but struck up somewhere to the nominated which resulted client questioning the delay payment at nominated bank with interest charges.
Does the situation create failure at nominated bank though it simply relayed the message received from issuing bank confirming maturity date?
.
Regards
Dinesh Kumar
Maturity date confirmation.
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dinesh2476
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picant
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No undertaking...
Hi Pal,
the nominated bank not confirming has no undertaking towards beneficiary.
If it is admissible, nominated bank has to create a sort of post confirmation booking in Risk System.
Other comments appreciated
Ciao
the nominated bank not confirming has no undertaking towards beneficiary.
If it is admissible, nominated bank has to create a sort of post confirmation booking in Risk System.
Other comments appreciated
Ciao
-
dinesh2476
- Posts: 727
- Joined: Sat Oct 15, 2011 12:27 pm
- First Name: Dinesh Kumar
- Last Name: ...
- Organization: Chrome
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Maturity date confirmation.
Picant,
I understand that but my worry is forwarding such maturity confirmation message from issuing bank without disclaimer stating that nominated bank forwarding those messages without any risk and responsibility on their part/ or generating message with maturity date to presenter basis the issuing bank message makes nominated bank liable to make payment on so on date upon request from the beneficiary.
Failing to include such disclaimer in the relay message, i see that creates an opportunity to beneficiary to claim on maturity date as beneficiary sees that as a legal document with confirmation from the nominated bank rather than relay message or message created just to update maturity basis the IB message.
Please opin.
I understand that but my worry is forwarding such maturity confirmation message from issuing bank without disclaimer stating that nominated bank forwarding those messages without any risk and responsibility on their part/ or generating message with maturity date to presenter basis the issuing bank message makes nominated bank liable to make payment on so on date upon request from the beneficiary.
Failing to include such disclaimer in the relay message, i see that creates an opportunity to beneficiary to claim on maturity date as beneficiary sees that as a legal document with confirmation from the nominated bank rather than relay message or message created just to update maturity basis the IB message.
Please opin.
-
picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
IMHO....
Hi Pal,
as per art 12 a a nominated bank must express that is ready to undertake itsself.
so a simple communication, even if without mentioning that it is without any rusk and responsability on its part, it is not enough to meanthat the bank is incurring in an undertaking.
Naturally attorneys at law may build any sort of claim.
other comments appreciated
Ciao
as per art 12 a a nominated bank must express that is ready to undertake itsself.
so a simple communication, even if without mentioning that it is without any rusk and responsability on its part, it is not enough to meanthat the bank is incurring in an undertaking.
Naturally attorneys at law may build any sort of claim.
other comments appreciated
Ciao