Best Trade Solution

i have just read the following comment from me. collyer and would appreciate your comments

if the credit stated to be available with the issuing bank... then it will be considered to be a a nominated bank under the definition that is given in UCP 600 article 2

Dear sir,
I think that rules of the issuing banks differs than that of the nominated bank
as we should refer in this respect to art. 7 and art.12 of ucp600.
accordingly , i can not consider issuing bank in this case as nominated bank.
Thanks

interesting indeed. if issuing bank is in fact a nominated bank then that would change the liability of the confirming bank significantly especially when the document is presented to the issuing bank directly under a confirmed letter of credit. this would however take UCP more close to ISP 98 which indeed allow direct presentation and negotiation by the issuing bank

Just to add;

What responsibilities should issuing bank undertake; issuing bank responsibilities or, nominated bank responsibilities or, both?.
IMHO, both can not be as;
1- issuing bank undertaken is irrevocable, while;
2- nominated bank undertaken is not. And,
3- issuing bank acts on a without recourse basis, while;
4- nominated bank can act on a with recourse basis. And,
5- issuing bank can not negotiate and,
6- nominated bank can negotaite.

brgds,

Ghubshawi