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Available With Any Bank By Negotiation 180 Days After Sight
Posted: Thu Jan 16, 2014 11:45 pm
by simcorporate
Dear Sirs!
Kindly request you to post your comments concerning this L/C.
According to the L/C terms it is available by negotiation in any bank (41 D any bank by negotiation). Field 42с states drafts at 180 days after sight. Field 42А DEUTSGSG. Field 47А additional condition states "TIME DRAFTS SHALL BE PAID AT SIGHT FOR THE FACE AMOUNT". 53A DEUTSGSG.
The question is......may I present shipping documents to the issuing bank (south korean bank) and obtain paymant at sight basis or I need to request my bank to negotiate the docs or waiting payment for 180 days after accptance of docs.
Hope for your comments.
With best regards Simcorporate.
Claim at sight basis allowed
Posted: Fri Jan 17, 2014 8:40 am
by thanhhabb
simcorporate wrote:Dear Sirs!
Kindly request you to post your comments concerning this L/C.
According to the L/C terms it is available by negotiation in any bank (41 D any bank by negotiation). Field 42с states drafts at 180 days after sight. Field 42А DEUTSGSG. Field 47А additional condition states "TIME DRAFTS SHALL BE PAID AT SIGHT FOR THE FACE AMOUNT". 53A DEUTSGSG.
The question is......may I present shipping documents to the issuing bank (south korean bank) and obtain paymant at sight basis or I need to request my bank to negotiate the docs or waiting payment for 180 days after accptance of docs.
Hope for your comments.
With best regards Simcorporate.
Dear Simcorporate,
I have encoutered this kind of LC many time. It allows you to claim from reimbursing bank at sight basis regardless the tenor of drafts if your docs are totally complied. However, If your LC subjects to URR725 and no further instruction for sending drafts, the time draft must be sent to reimbursing bank as required by URR725/art 10. You can claim by letter enclosed with drafts to reimbursing bank if you want to save cost for customer, certainly it will take longer to receive money than sending MT742 first and draft will be sent by courier later. If T/T not allowed, you are to do the same as above.
Regards,
Time Draft Payable At Sight Basis
Posted: Fri Jan 17, 2014 4:13 pm
by Marina
Dear all have a nice day,
Pls clarify or let us know the following additional Information from the lc text :
in field 78 is usually mentioned the sending of docs as well as the sending of a time draft payable at
sight basis (i.e. the draft may be sent with the other docs to the issuing bank in S.Korea
or to the drawing/reimbursing bank in Singapore,according the the issuing bank s instructions )
. and /or
any other Information,in any field ,about the discounting fees due to the purchase of a time
draft (for example discounting comm. and fees are for applicant s or bnf s account)
.
Rgrds
Marina
Posted: Tue Jun 23, 2015 8:14 pm
by pj4u44
This is called as UPAS lc I.e usance payable at sight lc
Marina wrote:Dear all have a nice day,
Pls clarify or let us know the following additional Information from the lc text :
Pls clarify or let us know the following additional Information from the lc text :
in field 78 is usually mentioned the sending of docs as well as the sending of a time draft payable at
sight basis (i.e. the draft may be sent with the other docs to the issuing bank in S.Korea
or to the drawing/reimbursing bank in Singapore,according the the issuing bank s instructions )
. and /or
any other Information,in any field ,about the discounting fees due to the purchase of a time
draft (for example discounting comm. and fees are for applicant s or bnf s account)
.
Rgrds
Marina
Posted: Sun Aug 16, 2015 5:55 pm
by ibmben
CAN WE WRITE IN FIELD 41A TO READ ANY BANK BY NEGOTIATION ?