Dear All,
pls advise me , I am the Beneficiary of LC and my LC shows in additional condition as : Documents as presented acceptable except commodity,quantity and price.
but my confirming bank is saying it is not valid point to accept all discrepancy in our documents except commodity ,qty and price.
pls guide me how i will convince to my bank for agree on that clause and allow to accept all discrepancy.
is it fall under any clause.
thank you all in advance for your help to me.
Documents As Presented Acceptable Except Commodity, Quantity And Price
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amar
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picant
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IMHO...
Hi Pal,
probably the confirming bank would be sure that some documents let it to control the goods, as guarantee of its undertaking,e.g. bill of lading straight consigned to applicant presented but goods already in the hands of the consignee.
Every l/c has its own risk, bank must mitigate it, so if the latter has to confirm a l/c, or it has a full confiance in the issuing bank or may ask for a collateral deposit, Sometime having control of the goods:full set negotiable bill of lading
may suffice .
Othet comments appreciated
Ciao
probably the confirming bank would be sure that some documents let it to control the goods, as guarantee of its undertaking,e.g. bill of lading straight consigned to applicant presented but goods already in the hands of the consignee.
Every l/c has its own risk, bank must mitigate it, so if the latter has to confirm a l/c, or it has a full confiance in the issuing bank or may ask for a collateral deposit, Sometime having control of the goods:full set negotiable bill of lading
may suffice .
Othet comments appreciated
Ciao
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Navi
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clarification needed in the term...
Hi Amar,
Conditions in the LC such as "All documents acceptable as presented " are not desired by the banks and ICC as well.
When such term included, only one of the documents required in the LC may be presented provided it is presented within LC validity and drawing amount is within LC limits.
In your case, commodity, quantity and price excluded. But it may not be enough for the banks. There is still risk of non presentation of most of the documents. Moreover, banks may desire to see to whom the property consigned in the transport document.
In my opinion, an amendment in the clause that makes compulsory to present all documents stipulated in the LC and transport document to evidence the consignee party correctly (and endorsements if any) may convince conifrming bank to add its confirmation.
regards
Conditions in the LC such as "All documents acceptable as presented " are not desired by the banks and ICC as well.
When such term included, only one of the documents required in the LC may be presented provided it is presented within LC validity and drawing amount is within LC limits.
In your case, commodity, quantity and price excluded. But it may not be enough for the banks. There is still risk of non presentation of most of the documents. Moreover, banks may desire to see to whom the property consigned in the transport document.
In my opinion, an amendment in the clause that makes compulsory to present all documents stipulated in the LC and transport document to evidence the consignee party correctly (and endorsements if any) may convince conifrming bank to add its confirmation.
regards