The Beneficiary Didn't Provide His Bank Detail For Payment

[Md.zakir Hossen]

Some days ago i found import document from an exporter of usa.
The exporter send the docs directly to issuing bank without submitting the docs to the nominated bank(lc is freely nego)
But problem for the issuing bank is that beneficiary did not provide his bank details for effecting payment. As a issuing bank i provide discrepancy notice (docs is dics since bill of exchange is not submitted) to the exporter to his mailing address. But the exporter did not communicate with us rather give pressure to the importer to provide acceptance.
Importer need the goods so he takes the shipping guarantee as there are also some problem to release the goods against original docs.
I asked the importer to tell the exporter to submit the copy docs to his bank and send the docs to issuing bank so that i cant make payment or provide exporter bank details so that i can effect payment.
Am i right or wrong?

[shahriar]

Dear Zakir Vai,

i also faced a similar situation once though it was with a collection document. the document was mailed directly to us without any clue of how one should pay. there was not forwarding schedule in fact. so all i could do is to communicate the importer. i paid that later on with the details given by the importer; of course after getting the bill of entry. but your case is bit complected as it is under UCP600. i am not familiar with any UCP articles which gives a solution to this. so the importer is the only clue you have.

personally for this reason i hate the last part of 6a. i think its better to add a clause which will require the presentation of original advised copy of the credit in case of a direct presentation.

regd

shahriar

[iLC]

dear zakir,

i am confused. the document were discrepant and there was no payment instruction. having the original shipping document in hand you issued a shipping guarantee. why? you should have taken waiver form the applicant and release the document.

as far as payment is concern, this is a reimbursement issue outside the LC.

one more thing, is it mandatory that the payment will be made by using a reimbursement instruction? does your credit spoke so. it is also possible to issue a draft and pay the beneficiary.

regd

iLC

[Md.zakir Hossen]

I ISSUED SHIPPING GRANTEE THOUGH ORIGINAL SHIPPING DOCS IS AT MY HAND.THIS IS BECAUSE MY IMPORTER INFORM ME THAT IT IS NOT POSSIBLE FOR HIM TO RELEASE THE GOODS WITH THE ORIGINAL DOCS(FOR SOME REASON I DID NOT WANT TO DISCLOSE).
HOWEVER I DID NOT KNOW WHAT ARE THE RISK OF ISSUING SHIPPING GUARANTEE ALTHOUGH ISSUING BANK HAVE ORIGINAL DOCUMENTS (DOCUMENTS)? PLS INFORM ME.

[cparial]

Is it a case of

""" A credit available with a nominated bank is also available with the issuing bank.?"""

thanks

[shahriar]

dear zakir bhai,

if the beneficiary claim the document back following the day you issued the shipping gurantee, what will you do? i don't think you will get protection under article 16 C iii b

regd

shahriar