Hello
I would like to hear your opinions regarding the following question:
Is a presentation compliant with UCP and ISBP if:
+the credit states in field 46A three docs to be presented (invoice, cmr and packing list)
+the credit states in field 47A "documents acceptable as presented"
+ only invoice and CMR presented without any Packling list
.
Thanks
C
Documents acceptable as presented
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cristiand969
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picant
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Re: Documents acceptable as presented
Hi Pal,
acceptable also with missing document. See ISBP 745 A 19 g.
Other comments appreciated
Ciao
acceptable also with missing document. See ISBP 745 A 19 g.
Other comments appreciated
Ciao
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cristiand969
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Re: Documents acceptable as presented
Hi Picant
I feel that the paragraph quoted by you refers more exactly to the situation when the number of documents required is not respected (i.e it was required 3 original of such document but only a copy presented) . Otherwise I cannot explain myself how a beneficiary or a confirming bank can draw under L/C without presentation of any document.....and how much....
I feel that the paragraph quoted by you refers more exactly to the situation when the number of documents required is not respected (i.e it was required 3 original of such document but only a copy presented) . Otherwise I cannot explain myself how a beneficiary or a confirming bank can draw under L/C without presentation of any document.....and how much....
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cristiand969
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Re: Documents acceptable as presented
Yep, reading again the quoted article: documents acceptable as presented - a presentation may consist of one or more of the stipulated documents..... Therefore the stipulated documents had to be presented at least in one copy.
Brgds
Brgds
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picant
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Re: Documents acceptable as presented
Hi Pal,
this is a part of FAQ by Collyer, that suggests to better word the sentence:
1. In my opinion, the wording as quoted, requires that all the original bills of lading be presented. The wording in ISBP 745 paragraph A19 was deliberately included to act as a warning to banks that simply stating "documents accepted as presented" would mean exactly that i.e., how and in what form they are presented, even with missing documents. The intention being that banks would pay more attention to the wording and actually state what they generally mean i.e., "All documents must be presented in the number of originals and copies as stated, but any discrepancies within those documents are acceptable except for those relating to credit being overdrawn, quantity and credit expired."
Ok
this is a part of FAQ by Collyer, that suggests to better word the sentence:
1. In my opinion, the wording as quoted, requires that all the original bills of lading be presented. The wording in ISBP 745 paragraph A19 was deliberately included to act as a warning to banks that simply stating "documents accepted as presented" would mean exactly that i.e., how and in what form they are presented, even with missing documents. The intention being that banks would pay more attention to the wording and actually state what they generally mean i.e., "All documents must be presented in the number of originals and copies as stated, but any discrepancies within those documents are acceptable except for those relating to credit being overdrawn, quantity and credit expired."
Ok
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cristiand969
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Re: Documents acceptable as presented
Picant
Thanks for sharing such an alternative. it seems that the paragraph A19g of ISBP as it is worded by now does not bring toO much clarity or uniformity in interpretation and the intervention of Mr Collyer is most welcomed. However, in my opinion the so called deliberative action of Banking Commission when drafting ISBP is difficult to be acceptable or understood since it would create a real danger when no documents are to be presented by still there is a drawing for a certain amount.
Anyway thanks again for sharing
Thanks for sharing such an alternative. it seems that the paragraph A19g of ISBP as it is worded by now does not bring toO much clarity or uniformity in interpretation and the intervention of Mr Collyer is most welcomed. However, in my opinion the so called deliberative action of Banking Commission when drafting ISBP is difficult to be acceptable or understood since it would create a real danger when no documents are to be presented by still there is a drawing for a certain amount.
Anyway thanks again for sharing