"to be issued in the name of..."

[silver]

Hi friends

I have an export LC which I am difficult in making docs.
Content of the credit:

F50 Applicant: By order of ABC company for account of DEF company
Documents required: Beneficiary's signed commercial invoice issued in the name of DEF company
Additional conditions:All document to be issued in the name of DEF company except B/L and Insurance as the buyer

My questions are:
1. According to art 18aii (ucp600), invoice must be made out in the name of applicant (except sub-art 38(g)). So, how do I have an invoice which complies with LC condition and ucp 600?
2. Is the term "to be issued in the name of" the same of the term "to be made out in the name of"?

Thanks so much

[wongvv]

Hi !

Answer

1. This requirement of L/C modifies the UCP600 Art art 18aii. Therefore, you are only required to comply with this L/C's term only.

2. Both of these these terms refer to the addressee of the documents.

Hope it may help!

V.V.

[shahriar]

though i dont understand why the applicant name was shown in this way. i see no reason. the additional condition was sufficient. from the text of the credit, it appears that DEF have no credit line with the issuing bank and using the facility allowed to ABC.

agree with Wong. the text of LC is modifying the UCP rule here.

[silver]

Dear Friends

Thanks for your opinions. But I saw in "ICC Banking commission 1995-2001"R291, they used the term "issued in the name of DEF" as meaning DEF is the party who issued documents.

I confuse this term. So, are there any rules for using this term "issued in the name of..."? Pls share with me.

Once again, thanks so much

[wongvv]

Hi !

According to TA610, it states "+ insurance certificate issued in the name of the applicant for 110 pct of CIP value of the goods shipped". Does it mean the insurance certificate should be issued by applicant ? :lol:

I think the meanings should depend on the whole lines, instead of just a phase.

V.V.

[MOHAMED.ASHOUR]

DEAR SILVER ,
THE ANSWER OF YR FIRST QUESTION IS CLEARLY STATED UNDER UCP600 ART-1
' UNLESS EXPRESSLY MODIFIED OR EXCLUDED BY THE CREDIT'
WHICH MEANS THAT LC TERMS WILL OVERRIDE UCP ARTICLES.
RESPECT THE SECONF QUESTIO , I THINK THAT BOTH ARE THE SAME.
THANKS