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Re: presentation on SBLC

Posted: Tue Sep 16, 2014 10:51 am
by LCTest
I have an existing standby letter of credit, which requires presentation of copy of unpaid invoice(s) and copy of transport document for shipment of water slide. I would draw only if the applicant does not pay me, but My concern is how will the bank be reviewing these two documents? How much details will they be checking in order for my documents to be clean? Will they be checking for contract # on both invoice and transport document? How does the bank tie in the invoice and transport document for this claim? Also this standby is to cover multiple contracts, which SBLC list individual contracts. Would allowing multiple drawing and presentation meet the purpose of having more than one draw for each contract?

Thnx for your help,

drawing on SBLC

Posted: Mon Jan 12, 2015 7:48 am
by Liberty6681
As far as i know, the drawing for SBLC requires only benef statement of default. Issuing bank need not check the documents other than benef statement of default.


Posted: Tue Jan 13, 2015 2:43 am
by picant
Hi Pals,

it is necessary to quote under which rule the guarantee is issued in order to examine documents; request and supporting
Other comments appreciated