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UCP600 article 11
Posted: Thu Apr 09, 2009 5:56 am
by jabra
Hello,
could you please tell me, if a letter of credit contains terms like "full details to follow", as mentioned in article 11, is it equivalent to preadvice?
Hi
Posted: Thu Apr 09, 2009 9:59 am
by vinod
Yes the term full details to follow implies an operative credit would be issued subsequently and constitutes a preadvice.
Question
Posted: Fri Apr 10, 2009 3:58 pm
by ok12
Hi Vinod,
I have some queries pertaining to this topic too:
1. Article 11(a) - If the credit sent via MT700 and stated in field 47a that this is not an operative credit and mail confirmation will follow. Can we disregard this terms and treat this credit as operative?
2. Article 11(a), second para - If the credit sent via MT799 and stated that mail confirmation will follow. Can we disregard this sentence and treat this credit as operative?
Regards
whats the good idea?
Posted: Fri Apr 10, 2009 10:21 pm
by iLC
good question dear ok12.
well in my opinion, in both the cases i would consider the credit as not operative. there in actually no ISBP (?!) about making a credit inoperative and i see no reason to take a risk in this regards.
personally i dont distinguish much between a credit issued by 700 and 799. 700 offers me some better understanding. thats all.
non operative credit
Posted: Sat Apr 11, 2009 12:03 am
by nayanrshah
I have never seen a non operative credit.
If field 47A very well available why it needs to send separate mail confirmation?.
In which situation issuing bank issues non operative credit?
UCP600 article 11
Posted: Mon Apr 13, 2009 4:21 pm
by SHAMEER
YES
AND NON OPERATIVE UNTIL YOU RECEIVE THE FULL
Thanks & Regards,