Overview of opinions 680-687 is available at:
http://www.coastlinesolutions.com/News.htm
Overview of opinions
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
brava Judith
Hi Pals,
Coastline Solution Newsletter, Lcviews, LC monitor, forwarderlaw etc, are a very interesting source to keep up our knowledge on l/c. This Forum too, especially noting how many events may occurr in very far countries. And how many points of view could be discussed, coming from different areas of the world. Please insist to inform the community and place posts. Thank you
Ciao
Coastline Solution Newsletter, Lcviews, LC monitor, forwarderlaw etc, are a very interesting source to keep up our knowledge on l/c. This Forum too, especially noting how many events may occurr in very far countries. And how many points of view could be discussed, coming from different areas of the world. Please insist to inform the community and place posts. Thank you
Ciao
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berry
- Posts: 329
- Joined: Fri Nov 07, 2008 11:36 pm
opinion summary
dear all,
i just found the opinions text and here is the summary -
TA673
Q: Whether an insurance document signed by a broker is acceptable
Answer: An insurance document may be issued and/or signed by a broker provided it indicates that it is acting in the capacity of agent or proxy for an insurance company or underwriter. When an individual is an employee of an insurance company and has a title of "broker", he must sign for or on behalf of the insurance company.
TA674 -
Q: Occasionally, issuing banks extend the maturity date of accepted drafts (or bills of exchange) or deferred payment letters of credit when all of the parties to the letter of credit (nominated and/or confirming bank, issuing/accepting bank, importer and exporter) have agreed to the extension. UCP is silent with respect to such extensions. Our question is: do all of the rights and protections of UCP 600 continue to prevail for all parties to the transaction once an extension to the maturity date has occurred, as they did with the original acceptance/deferred payment?
answer:
- the draft must be re-accepted to mature on the new agreed maturity date (where the credit is available by acceptance with the confirming bank); or
- a new or amended deferred payment undertaking must be incurred to reflect the new agreed maturity date (where the credit is available by deferred payment with the confirming bank).
By complying with the above, and in line with the definition of honor in article 2, i.e.,
Someone please help me on this. Is it correct to say, for extension of maturity, the issuing bank, nominated bank that has acted on its nomination and the beneficiary must agree with the extension?
TA7675 -
The documentary credit requires:
++FULL SET ORIGINAL CLEAN ON BOARD, MARINE BILLS OF LADING MARKED FREIGHT PREPAID AND MADE OUT TO ORDER AND BLANK ENDORSED, MARKED NOTIFY
++BILLS OF LADING THAT ON THEIR FACE INDICATE THAT GOODS MAY BE RELEASED WITHOUT PRESENTATION OF AN ORIGINAL BILL OF LADING ARE NOT ACCEPTABLE." [Emphasis added]
The following wording is indicated just above the carrier's signature:
"Where the bill of lading is non-negotiable, the Carrier may give delivery of the Goods to the named consignee upon reasonable proof of identity and without requiring surrender of an original bill of lading. "
Answer: No Discrepancy
i just found the opinions text and here is the summary -
TA673
Q: Whether an insurance document signed by a broker is acceptable
Answer: An insurance document may be issued and/or signed by a broker provided it indicates that it is acting in the capacity of agent or proxy for an insurance company or underwriter. When an individual is an employee of an insurance company and has a title of "broker", he must sign for or on behalf of the insurance company.
TA674 -
Q: Occasionally, issuing banks extend the maturity date of accepted drafts (or bills of exchange) or deferred payment letters of credit when all of the parties to the letter of credit (nominated and/or confirming bank, issuing/accepting bank, importer and exporter) have agreed to the extension. UCP is silent with respect to such extensions. Our question is: do all of the rights and protections of UCP 600 continue to prevail for all parties to the transaction once an extension to the maturity date has occurred, as they did with the original acceptance/deferred payment?
answer:
- the draft must be re-accepted to mature on the new agreed maturity date (where the credit is available by acceptance with the confirming bank); or
- a new or amended deferred payment undertaking must be incurred to reflect the new agreed maturity date (where the credit is available by deferred payment with the confirming bank).
By complying with the above, and in line with the definition of honor in article 2, i.e.,
Someone please help me on this. Is it correct to say, for extension of maturity, the issuing bank, nominated bank that has acted on its nomination and the beneficiary must agree with the extension?
TA7675 -
The documentary credit requires:
++FULL SET ORIGINAL CLEAN ON BOARD, MARINE BILLS OF LADING MARKED FREIGHT PREPAID AND MADE OUT TO ORDER AND BLANK ENDORSED, MARKED NOTIFY
++BILLS OF LADING THAT ON THEIR FACE INDICATE THAT GOODS MAY BE RELEASED WITHOUT PRESENTATION OF AN ORIGINAL BILL OF LADING ARE NOT ACCEPTABLE." [Emphasis added]
The following wording is indicated just above the carrier's signature:
"Where the bill of lading is non-negotiable, the Carrier may give delivery of the Goods to the named consignee upon reasonable proof of identity and without requiring surrender of an original bill of lading. "
Answer: No Discrepancy