Availment

[karthikh]

Hello All,
Would help to understand the definition on availment with suitable example with respect o LC.

Advance thanks on your responses. Karthik

[picant]

Hi Pal,

I am not native speaker, but with availment I understand to present correct documents towards a Documentary credit that is AVAILABLE by payment, deferred payment, acceptance or by negotiation. Availment and available have the same root.
Other comments appreciated
Ciao

[Futtaim]

For a better answer, pls. elaborate ur question by example.

[picant]

Hi Pal,

I am beneficiaryof a DLC amounting to EUR 100.000,00, partial shipment allowed. By first shipment of EUR 30.000,00 I am availing the DLC for this amount by presenting correct document to the nominated bank, as per DLC terms. Then aqfter few days I shipped other EUR 30.000,00 and I will a vail the credit for this amount too, at the end i will complete my availment by shipping the balance of EUR 40.000,00. Naturally shipping gods and not money, as per terms and conditions of the DLC. If the DLC it available by negotiation(but by payment, deferred paymen t and acceptance too) with any bank, any availment will be noted on the original l/c document to hamper any misuse.
Hoping to have be understable,
Ciao

[Futtaim]

for taking pain to explain

[SANUSILAMIN]

dear PICANT
please I still need more clarification about availment DC
DOES availment documentary credit means the beneficiary must submit the correct docs to the bank ? is that mean if he submitted discrepancying documents will be rejected from the bank without notifying the applicant?
please send ur answer with easy vocabulary to be able understand ur moral .
Regards,,
Libyan

[picant]

Hi Pal,
presentation must contain complying documents, if not so the nominated bank must reject such presentation , invite the presenter/beneficiary to correct discrepant documents, or, under authorization, send the documents to issuing bank, who will provide refusal in the stated period, informing the remitting bank as per art 16 UCP 600, HOLD, RETURN, NOTIFY and PREVINST, under notice to applicant specially in case of NOTIFY:
Ciao