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ARTICLE 16
Posted: Wed Apr 01, 2009 11:34 pm
by rania
DEAR ALL,
What is meant by sub-article 16(c)iii d) that the bank is acting in accordance with instructions previously received from the presenter.
RGDS.
an example
Posted: Thu Apr 02, 2009 7:15 pm
by jmitra
consider a nominated bank found a discrepancy in a presentation and informed the beneficiary. the beneficiary ask the bank to forward the document. in that case the nominated bank may note some instruction on the covering schedule.
example -
in observance of discrepancy please advice us and communicate the applicant for waiver
in observance of discrepancy please advice us and hold the document
in observance of discrepancy please advice us and return the document etc.
?
Posted: Mon Apr 06, 2009 5:33 am
by fionawang
Actually, the situation you mentioned all in iii.a) b) c), therefore I don't know why d) exist? It's non sense.
article 16c d (iii)
Posted: Mon Apr 06, 2009 7:15 am
by shruti
Dear Fionawang & Rana
sub-article 16(c)iii d) that the bank is acting in accordance with instructions previously received from the presenter.
the situation may be covred by UCP art 16c(iii) a , b , c , but here the bank is acting also on instructions of presnting bank.
there is mutual consent. this has to part of MT734 or similar document.
hope , this makes sense
kalra n k