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Restricted Letter of Credit
Posted: Sat Apr 24, 2010 1:45 pm
by sagar1984
If lc is available with specific bank which is not confirming bank and documents have been presented by some other bank will it constitute a discrepancy under ucp600?
RE- Restricted Letter of Credit
Posted: Sun Apr 25, 2010 3:44 am
by ibnejafar
Dear, off course since that bank has not complied the caluse 41D and was not authorized for such nomination.
Regards-
Ibnejafar
article 6
Posted: Sun Apr 25, 2010 11:14 am
by iLC
ibnejafar wrote:Dear, off course since that bank has not complied the clause 41D and was not authorized for such nomination.
Regards-
Ibnejafar
dear ibnejafar, please dont be so confident. have you forgot article 6? we should always remember that credit is an undertaking from the issuing bank and issuing bank is always honor a presentation if it is complying. there is no specific requirement on the process of presentation. please refer to article 2
Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered.