Dear all,
I have faced with a more or less strange case in practice. pleasae help me.
CASE:
l/c was available with bank N (in feild 41A was mentiond bank N)and the advising bank also was same bank.
the issuing bank sent bank N an amendment as follow:
" in feild 41A please read bank S (the neaw nominated bank) instead of existing"
question:
1)how the bank S will get the l/c text and it,s amendments so that can do cheking of docs in presentation?
2)which bank is requied(according to UCP, ...)to send the l/c and amendments to bank S? bank N or issuing bank?
3)what is difference between above amendment and trasmitting of l/c to bank S?
who should send the text of l/c to nominated bank?
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advising bank vs nominated bank
it appears from your post that primarily bank N was both the advising and sole nominated bank. later the issuing bank changed the nominated bank; probably the beneficiary requested for that; to bank S. is this the case? we i see no problem. as an advising bank, bank N will advise the original credit and all the amendment to the beneficiary. the beneficiary will then present the document to bank S as if its a freely negotiable letter of credit. please correct me if im wrong in getting you.
about your question 2, of course the amendment will be routed via bank N
about point 3, im not sure about the question. anyway, an advising bank is always keep it status as an advising bank.
about your question 2, of course the amendment will be routed via bank N
about point 3, im not sure about the question. anyway, an advising bank is always keep it status as an advising bank.
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WHO MUST SEND L/C TO NOMINATED BANK?
Thank you ilc,
i want to know who must send the original l/c and it,s amendments to nominated nank(bank S)? ISSUING BANK DIRECTLY OR ADVISING BANK AND OR BENEFICIARY? FOR CHEKING DOCS IT MUST HAVE THE L/C.
i want to know who must send the original l/c and it,s amendments to nominated nank(bank S)? ISSUING BANK DIRECTLY OR ADVISING BANK AND OR BENEFICIARY? FOR CHEKING DOCS IT MUST HAVE THE L/C.
- shahriar
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- First Name: Shahriar
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advising bank
in my opinion the issuing bank should send the document to the advising bank N and advising bank will send the credit to beneficiary and beneficiary will send the credit to bank S.
in other way, bank N may use bank S as second advising bank and route the document to beneficiary via bank S.
in any case, its the beneficiary who will be getting the letter of credit, not any bank
in other way, bank N may use bank S as second advising bank and route the document to beneficiary via bank S.
in any case, its the beneficiary who will be getting the letter of credit, not any bank