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Can Issuing Bank Pay Without Receiving The Second Set Of Doc
Posted: Wed Jan 21, 2015 6:45 am
by SREEJA
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?
Issuing Bank instructions
Posted: Thu Jan 22, 2015 3:37 am
by picant
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
Docs sent in two sets
Posted: Mon Jan 26, 2015 4:42 pm
by hardy2175
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.
NOed
Posted: Wed Jan 28, 2015 1:36 pm
by RANGANAA
Unless full set BL is received by the issuing bank paymen will not be honoured
Not compliant
Posted: Wed Jan 28, 2015 6:59 pm
by IJTUDU
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
BL in two lots
Posted: Thu Jan 29, 2015 4:18 pm
by harlanadinata
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