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I have come across a case where one Bank had issued the Revolving LC.
Max Revolves 4 times .Revolvments after Bill Paid.At any point Liab. not exceeds USD 1mn.Max amounts 3mn.
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Required Docs. 2 set of Drafts for full Invoice value + Invoice.
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Later on LC amended as "Stand by LC".Max revolve 3 times.Revolments after Negotiation of Bill by Issuing Bank.(not after payment of bill)
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Subsiquently 4 Docs. received on various dates ,within validity period for.......
1.USD 1.00 mn (Invoice USD 1.30 mn)
2.USD 1.00 mn (Invoice USD 1.30 mn)
3.USD 0.10 mn (Invoice USD 0.50 mn)
4.USD 0.90 mn (Invoice USD 1.10 mn)
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Bank rejects first three docs. with reason "BOE not drawn as per LC terms". (Not full invoice value) and Fourth with discrepancy of "BOE not drawn as per LC terms". and "only three revolments permitted".
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1.Is this LC to consider a DC or Standby LC?
2.As a LC issuing bank what precaution to keep in mind?
3.As a Beneficiary what could be recourse if LC is not expired?
4.If Benef. presented a single Draft is it a Discrepancy?
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Pls. discuss on topic.

a good case to crack at the hot summer noon.
but i request some detail. is it subject to UCP or ISP.
is it transmitted by 700 or 760
what are the other required document

nayanrshah wrote:Required Docs. 2 set of Drafts for full Invoice value + Invoice.

your 4th question is about this line i think. to me the clause means for each drawing is to be supported by two drafts. if only one is placed, its a discrepancy

if there is a valid discrepancy, there is no protection to the beneficiary.

please provide us with more detail.

It is a Inland LC issued in Hard Copy under UCP 600.
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And Required Docs. :2 set of Drafts for full Invoice value + Invoice only.
No transport Docs.(Commodity:Supply of Gas)

5. Invoice amount is USD 1.30 mn and claimed for USD 1.00mn (not for Full Invoice Value as per LC terms),Is this a Discrepancy ?

In addition to it.....
LC is still not expired.Expiry date is still 1 month available.
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Applicant status is NPA.