What Is Sending Document On Approval Basis?

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mkp
Posts: 9
Joined: Tue Nov 11, 2008 12:39 pm

What Is Sending Document On Approval Basis?

Post by mkp » Tue Nov 18, 2008 12:31 am

Dear all
Hi
what is sending document on approval basis ? What are reasons for sending docs on approval basis ? Are there any views about it from ICC ?
Thanks
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iLC
Posts: 504
Joined: Thu Jun 26, 2008 10:33 pm

Re: approval basis

Post by iLC » Tue Nov 18, 2008 11:24 pm

The expression "Approval basis" has no definite meaning or interpretation. in general it involves forwarding of discrepant documents to the issuing bank. The nominated bank usually mentions that they have found xxxx discrepancy and is forwarding the document for waiver.
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