Best Trade Solution

Dear All

Refer to UCP 600, article 35: Disclaimer on transmission and translation " If a nominated bank determines that a presentation is complying and forwards the documents to the issuing bank or confirming bank, whether or not the nominated bank has honoured or negotiated, an issuing bank or confirming bank must honour or negotiate, or reimburse that nominated bank, even when the documents have been lost in transit between the nominated bank and the issuing bank or confirming bank, or between the confirming bank and the issuing bank." My question is that if the issuing bank have already honoured the nominated bank then the beneficiary resubmit the document to nominated bank due to the first summit document have lose and nominated bank send the document to issuing bank again. The issuing bank found the discrepancy on the second summit document, Could the issuing bank have the right to reject the document and claim refund from the nominated bank?

Best Regards

In a 'lost in transit' case, the issuing bank has no right to claim a second presentation. It can only claim the copies of the documents, and the issuing bank will examine the copy documents. If it finds discrepancy, it can reclaim the reimbursement. The point is, when the beneficiary makes a presentation and the nominated bank sends it to the issuing bank, the risk about the documents passes on the issuing bank.
Other comments are appreciated.

The answer lies in your question only the presentation is done and issuing had honoured the same ,if required Issuing bank can request for a copy of documents but cant ask again for the same presentation.

Hio Pals,

it seems no true that a nominated bank could refuse to re-present documents, art 35 only states that beneficiary and nominated bank are not obliged to re-present "original" documents...
Some Courts, may be, excluded that an issuing bank may pay under a nominated bank declaration that complied documents have been remitted and lost....
Ehm...
Other comments appreciated
Ciao