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I often observe some clause in the D.C which I think should not in the Credit.If you donot agree with me.Pls advice me.
01."Beneficiary should notify applicant of details of shipment on FaX No.XXXXXXXXXX.Fax receipt or acknowledgement to be presented along with shipping documents."
I think this clause doesnot give the beneficiary any alternative for cases where fax number provided is out of order or is disconnected for any reason.In such cases it may not be possible to make a complying presentation unless an amendment is sought.

02."hipment to be made on a specific date and on a specific vessel or airline."
Complying with this condition may be impossible if the voyage for the specific vessel is cancelled or if there is no flight by the indicated airline from the country in question on the specified date.
03."One original B/L consigned to order and Blank endorsed to be sent directly to the applicant.Courier receipt to be presented along with the shipping document."
With this clause, it is possible for the applicant to gain access/release of the cargo with the bill of lading that has been forwarded directly to them.The issuing Bank hereby loses security interest in the goods.
anyone oppose, explain please.
today no more...........

dear zakir,

good post!

1. true. i generally ask for a certificate.
2. in some case, especially when timing is a big factor for the applicant, the clause is used. bit risky for the beneficiary but i believe that they are also paid higher for taking this extra risk
3. when issuing bank gives such clause, that means they have no interest in the goods. ofcourse for the beneficiary such cluase may be extremely harmful. there are a good no. of icc case on similar issues. but if beneficiary wants to take the risk, he / she can i guess.

shahriar