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discrepant or not
Posted: Fri Sep 17, 2010 2:34 am
by Hussam
dear all
a bill of lading issued with two spaces filled by handwriting and stampled "correction approved" with no signature on it
the issuing bank refuse to take up document due to that saying: correction not approved by issuer of the bill of lading
as per ISBP article 11 handwriting does not signify a correction
waht do you palls think??
discrepant or not
Posted: Mon Sep 20, 2010 4:37 am
by sln_1980
hi
As per ISBP paragraph 11, it is not a discrepancy.
please do refer Paragraph 41. " A signature need not be handwritten" even a stamp is
sufficient
However need a more information to ascertain the issue.
Discrepany quoted as "correction not approved by issuer of the bill of lading"
Can you please let me know who has stampled the correction in your case.
For example
case 1 B/L issued by ABC co Ltd as carrier and the correction has a stamp ABC Co LTD,
then it is not a discrepancy as per paragraph 9.
.
case 2 B/L issued by XYZ co LTd as agent for carrier ABC CO LTD and the correction has a
stamp XYZ co LTD then it is not a discrepancy as per paragraph 9
.
case B/L issued by XYZ co LTd as agent for carrier ABC CO LTD and the correction has a
stamp ABC co LTD. in this case i am not clear.
please let me have your opinion.
.
Regards
SLN
discrepant or not
Posted: Mon Sep 20, 2010 6:48 pm
by Hussam
Dear Sir,
the stamp bear no name on it just "correction approved"
however, this is not the case, handwritten insertion on a document (as well as multiple type styles or font size) does signify a correction - as per ISBP art 11
the issuing bank took the stamp (coorection approved) as a proof of correction, is that correct??
IMHO
Posted: Mon Sep 20, 2010 7:27 pm
by Gart
Dear Hussam,
Your question is not an easy one...
You say that as per ISBP article 11 handwriting does not signify a correction, but the remark 'Correction approved' itself signifies that the correction has been somewhere made and it is not approved and you as a documentary credit specialist are not supposed to analyze the document like a 'chemist' in order to trace some signs of corrections made.
Other opinions are welcome.
As always I'd suggest beneficiary to contact the applicant directly to waive the discrepancy.