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Letter of Credit issued by Nigerian Bank and confirmed by US Bank.
LC available with confirming bank by deferred payment.
1st Beneficiary transfers the letter of credit to second beneficiary.
Second beneficiary submits compliant documents under letter of credit.
1st beneficiary replaces invoice and drafts and documents become discrepant.

I have read the comments on similar situations here - but was wondering if there are any specific icc rulings on this issue.

assistance appreciated.

Regards,
Finance

Hi Pal,

Ithink that in your case art 38 i is applicable, the second beneficiary's compliant documents will be used to avail the
l/c, first beneficiary will risk to obtain its own income.
Read the article in full.
Other comments appreciated
Ciao