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Hi,

Please give your valuable opinion for the below said situation.

Invoice evidences applicant name as ABC Company instead of ABC Company Ltd> The word "LTD" missing.

Whether the above is discrepancy? If not please support with any case or docdex or opinion number.


Regards/
Mani

Hi Pal,

In my opinion it is not the case of discrepancy. When the document reads ABC Company it implies ABC Company Limited. Though it can be a subject of discussion if the company is private or public but whenever the company is written it implies limited company whether or not " limited " is written in the company name.

Other Comments Appreciated !!!


Best Regards.....

nitinkp wrote:Hi Pal,

In my opinion it is not the case of discrepancy. When the document reads ABC Company it implies ABC Company Limited. Though it can be a subject of discussion if the company is private or public but whenever the company is written it implies limited company whether or not " limited " is written in the company name.

Other Comments Appreciated !!!


Best Regards.....

Let me ask you a question

If there are companies named ABC Company Limited, ABC Company LLC, ABC Company FZE ... etc in the same country
The specifies applicant name as ABC Company Limited
Then an invoice showing ABC Company

How do you relate it. It can be any these companies specified above.

The applicant name must be exact match to that of mentioned in the letter of credit.

Its a discrepancy.

Attn :Seeking

Thank you for sharing information.

I presume that this can still be a matter of discussion. No matter what is affixed with company name; LLC, PLC,Ltd, FZE all implies that the company is either private or public. Moreover when the name of the company is written as ABC Company instead of ABC Company Limited in commercial invoice, the company may not be the same company as mentioned in the credit. It is a valid point. But in my opinion address of the company mentioned in Commercial invoice should also be taken into consideration while arriving at any conclusion.

If the word "Limited" is omitted in Applicant's name in commercial invoice and if the other details i.e. the address is consistent with the credit, should we still consider it as a discrepancy?

Comment Appreciated !!

Dear Experts,

We have a similar situation with the name of the applicant as ABC Company Ltd in the Invoice whereas the applicant name in the SBLC is ABC Company.

What if there is a dispute? Can the banks raise this as a discrepancy and withhold payment? Is there any clause in ISP98?

Comments and discussions highly appreciated.

Hi Pal,

where in UCP 600 missing legal status in the name of applicant could be acceptable(correction on the documents issued by beneficiary), I think that with ISP98 must be seen case by case.
Ciao

Dear Picant,

Cant find any clauses in ISP 98 that protects us if the legal form is missing. Even the internet is empty with solutions.

Hi Pal,

where for ICC Publications it is possible to find opinions, comments etc. ISP98 have been issued by Institute of International Banking Law and practice, inc, so no literature by ICC, in my hands.
However, the invoice indicated the applicant + ltd, so the applicant is identified?
Let us know. Ciao