Opening Bank Neither Refused Nor Paying
Posted: Sun Oct 19, 2014 3:34 pm
Hello,
here is our situation.
We had few "small" discrepancies on an export LC (notifying and confirming bank is a French one). Our bank kept them locally, but of course the confirmation is not valid anymore.
The opening bank (in Algeria) did not raise any Irregularity within the 5 days delay.
We are now few weeks later and we not been paid yet as our bank did not receive the money from the Applicant's bank.
We are trying to solve the issue amicably with the help of our customer that have also not received the official documents of the LC through / from its bank and he is unable to do the custom clearance.
But we are close to decide an official action (with the help of our bank ?) against the opening bank.
What could be this action. How do you advice us to handle this issue ?
Best Regards
here is our situation.
We had few "small" discrepancies on an export LC (notifying and confirming bank is a French one). Our bank kept them locally, but of course the confirmation is not valid anymore.
The opening bank (in Algeria) did not raise any Irregularity within the 5 days delay.
We are now few weeks later and we not been paid yet as our bank did not receive the money from the Applicant's bank.
We are trying to solve the issue amicably with the help of our customer that have also not received the official documents of the LC through / from its bank and he is unable to do the custom clearance.
But we are close to decide an official action (with the help of our bank ?) against the opening bank.
What could be this action. How do you advice us to handle this issue ?
Best Regards