Can Issuing Bank Pay Without Receiving The Second Set Of Doc

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SREEJA
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Can Issuing Bank Pay Without Receiving The Second Set Of Doc

Post by SREEJA » Wed Jan 21, 2015 6:45 am

LC STATES PRESENTATION IN TWO LOTS

nominated bank send first lot of documents to the issuing bank after negotiating



question 1: can the issuing bank make payment to nominated bank without receiving the second set?

question 2:if "yes" and if the copy of invoice and certificate of origin is discrepant(in the second set) can the issuing bank recall the payment?
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picant
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Issuing Bank instructions

Post by picant » Thu Jan 22, 2015 3:37 am

Hi Pal,

due to the availability of the l/c, the risk of lost in transit, is for the beneficiary or for the issuing bank/applicant.
In your case the issuing bank requires the sending of documents in two lots, so the first lot suffice to avail the l/c.
Naturally the covering letter must indicate that the balance of documents will be remitted asap.
Frankly first lot contains all documents required, less one fold that follows,so it is very difficult to find second sending with
copies of documents different from first one, but not excluding this possibility.
Other comments appreciated
Ciao
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hardy2175
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Docs sent in two sets

Post by hardy2175 » Mon Jan 26, 2015 4:42 pm

If the LC requires full set of BL , 2/3 is sent with the first set of docs and 1/3 by the second set . Can the docs be honoured just after receiving the first set.
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RANGANAA
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NOed

Post by RANGANAA » Wed Jan 28, 2015 1:36 pm

Unless full set BL is received by the issuing bank paymen will not be honoured
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IJTUDU
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Not compliant

Post by IJTUDU » Wed Jan 28, 2015 6:59 pm

hardy2175 wrote:If the LC requires full set of BL , 2/3 is sent with the first set of docs and 1/3 by the second set . Can the docs be honoured just after receiving the first set.
No - as the documents are not compliant since full set of BL has not been received as stipulated in the LC.

Regards,

Isaac Tudu
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harlanadinata
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BL in two lots

Post by harlanadinata » Thu Jan 29, 2015 4:18 pm

IJTUDU wrote:
hardy2175 wrote:If the LC requires full set of BL , 2/3 is sent with the first set of docs and 1/3 by the second set . Can the docs be honoured just after receiving the first set.
No - as the documents are not compliant since full set of BL has not been received as stipulated in the LC.

Regards,

Isaac Tudu

Yeah, agree with Isaac
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