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What Is Sending Document On Approval Basis?

Posted: Tue Nov 18, 2008 12:31 am
by mkp
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

Re: approval basis

Posted: Tue Nov 18, 2008 11:24 pm
by iLC
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.