Dear experts,
Please give me example of how can a documentary collection amended ?
Thank You.
How can a documentary collection be amended?
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Gemini
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picant
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New instructions
Hi Pal,
Collection remittance contains instructions for the collecting bank, but if something happens these could be modified by the remitting bank or somebody indicated as case of need(in specific limits allowed in the remittance). Swift MT430 field 74 list some instructions, but principal could give any new instructions concerning the collection.Extension of maturity, acceptance of partial payment, waiver of charges, protest just to mention a few.
Other comments appreciated
Ciao
Collection remittance contains instructions for the collecting bank, but if something happens these could be modified by the remitting bank or somebody indicated as case of need(in specific limits allowed in the remittance). Swift MT430 field 74 list some instructions, but principal could give any new instructions concerning the collection.Extension of maturity, acceptance of partial payment, waiver of charges, protest just to mention a few.
Other comments appreciated
Ciao
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Gemini
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- Last Name: rahma
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Amendment in DC
Hi Picant,
here's an example. The seller send the docs (invoice,packing list, BL) to my bank to be collected. After i sent them to the paying bank, the seller come again and send a correction to the previous docs (i.e correction in invoice). Which i must do first ?
send the correct invoice to the paying bank immediately, or give notice at the first place throught SWIFT MT430 ?
this one still makes me confuse a little bit.
Thank you for your further explanation.
here's an example. The seller send the docs (invoice,packing list, BL) to my bank to be collected. After i sent them to the paying bank, the seller come again and send a correction to the previous docs (i.e correction in invoice). Which i must do first ?
send the correct invoice to the paying bank immediately, or give notice at the first place throught SWIFT MT430 ?
this one still makes me confuse a little bit.
Thank you for your further explanation.
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Example
Hi Pal,
your bank received documents on collection, present them to you, may be by sending a letter a message or call you by phone. In the meantime the remitting bank advised your bank about a mistake in invoice, by MT430 or other means. Being the originary collection not already paid, new instructions prevails.
You are not allowed to accept it first, but you may refuse to take up documents without paying them. You will be responsible under a goods contract but not for no payment of collections. If you have already paid documents ,a successive amendment will be disregarded by the collecting bank.
See URC 522
Other comments appreciated
Ciao
your bank received documents on collection, present them to you, may be by sending a letter a message or call you by phone. In the meantime the remitting bank advised your bank about a mistake in invoice, by MT430 or other means. Being the originary collection not already paid, new instructions prevails.
You are not allowed to accept it first, but you may refuse to take up documents without paying them. You will be responsible under a goods contract but not for no payment of collections. If you have already paid documents ,a successive amendment will be disregarded by the collecting bank.
See URC 522
Other comments appreciated
Ciao
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vinodkoli
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Amendment in DC
Amendment in DC can be by just simple letter by the customer. It has to be signed.