language of the covering letter

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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jim
Posts: 91
Joined: Fri Aug 15, 2008 11:58 am

language of the covering letter

Post by jim » Sat Dec 06, 2008 12:35 am

dear members,

i know that under UCP, banks are not required to translate the langaue of the covering letter or any documents. is it the same under documentary collection?

regards

Jim
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picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

Re: language of the covering letter

Post by picant » Sat Dec 06, 2008 12:56 pm

Hi Pal,

According to URC 522 art 14, banks are not responsible for translation, and I think covering letters have been drafted by ICC in the past to have the same boxes and same instructions to follow. I observed the same type of forms coming from different countries, then any banks adjusted these forms to their need, and now you have to peruse the instructions to avoid mistakes.

Ciao
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