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Transferable LC- Shipment documents
Posted: Tue Feb 17, 2009 5:55 pm
by mando@vsnl.net
Dear All Friends,
Need more depth explaination on shipment documents under transfer LC especially B/L,CO,Insurance documents and how secrecy of parties are maintained.
Thanking you
Pradip Bhavsar
Secrecy in LC Transfer
Posted: Wed Jul 14, 2010 1:28 am
by bdesh
As per UCP, The letter of credit (L/C) can be transferred only on the terms and conditions stipulated in the original L/C, except with the following which may be changed:
the L/C amount,
the unit price of goods (if stated in the original L/C),
the time of shipment,
the last date for presentation of negotiation documents,
the expiry date of L/C,
any or all of the above may be reduced in the transferred credit to the second beneficiary.
.
Thinking: Actually the 1st beneficiary does not disclose the unit price of the goods. The remainings are for the convenience of the 1st beneficiary to substitute the documents.
More clear concept welcome.
Regards.