handling of original documents
Posted: Wed Jun 23, 2010 11:13 am
Dear All,
I would like to have your opinions for the said scenario:
We sent the shipments and submitted the documents which are complying with LC requirements. But we asked the nominated bank not to negotiat and the documents should be sent for presentation to the issuing bank. As per our request our bank sent the documents through courier to the LC issuing bank as per the address mentioned in the Field 78 of Letter of Credit.
On tracking the documents through courier website, we found out that the courier company could not able to locate the courier company due to incorrect address-receipent (issuing bank)moved to another location. Immediately we contacted our bank regarding this and they also checked their covering schedule in which they mentioned the bank address as per LC requirement in correct.
But our bank asked us to contact the applicant to inform the situation and requested us to get the new address of bank.
Is it correct as our bank asking to get the address of bank instead of they should contact the LC issuing bank? Whether our bank is following Article 35 - Disclaimer on Transmission and Translation and Article 37- Disclaimer for Acts of an Instructed Party in this situation?
Pls give your opinions.
Regards/Vijay
I would like to have your opinions for the said scenario:
We sent the shipments and submitted the documents which are complying with LC requirements. But we asked the nominated bank not to negotiat and the documents should be sent for presentation to the issuing bank. As per our request our bank sent the documents through courier to the LC issuing bank as per the address mentioned in the Field 78 of Letter of Credit.
On tracking the documents through courier website, we found out that the courier company could not able to locate the courier company due to incorrect address-receipent (issuing bank)moved to another location. Immediately we contacted our bank regarding this and they also checked their covering schedule in which they mentioned the bank address as per LC requirement in correct.
But our bank asked us to contact the applicant to inform the situation and requested us to get the new address of bank.
Is it correct as our bank asking to get the address of bank instead of they should contact the LC issuing bank? Whether our bank is following Article 35 - Disclaimer on Transmission and Translation and Article 37- Disclaimer for Acts of an Instructed Party in this situation?
Pls give your opinions.
Regards/Vijay