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Docs Corrected By Amendment I/O MT752
Posted: Tue Sep 12, 2017 1:35 am
by liviuc
Hi all,
I encountered the following case: we received discrepant docs from the beneficiary and as per its instructions, we requested to the issuing bank the authorization to negotiate by MT750, before sending the presentation.
Instead of an acceptance message we received an MT707 which makes the presentation compliant.
Would you send the docs as being in order now or would you still wait for the explicit acceptance via swift from the issuing bank?
For the first option, should we ask the issuing bank in the MT754 to consider null and void the initial MT750 or is not necessary as the docs will be found in order at the issuing bank's counters.
Many thanks for your opinions.
Re: Docs corrected by Amendment i/o MT752
Posted: Tue Sep 12, 2017 10:18 am
by picant
Hi Pal,
IMHO, it is the same, by asking the issuing bank its authorization to negotiate you quoted the
discrepancies, if the issuing bank on receipt of documents should have found further non compliant documents, it could be reason for refusal. So the amendment makes the documents acceptable but
still under final decision of the issuing bank.
Other comments apreciated-ciao
Re: Docs corrected by Amendment i/o MT752
Posted: Tue Sep 12, 2017 11:52 am
by cristiand969
It is quite dificult to assume the implication of an amendment vs acceptance of a discrepancy via MT752 without seeing what has actually been amended. If the amendment permits further utilisations of the credit which could have not been possible by means of mt 752, well... it could be a problem. For example, where the credit prohibits partial shipments and beneficiary shipped 80% of goods and issuing bank ammend 'partial shipment as permitted' to make documents compliant, you could face a high cost of transportation for the rest 20% or even worse, not having need at all for these balance.
So this situation differs. Send me a pm if you need further clarifications.. vad ca esti din Brasov!
Re: Docs corrected by Amendment i/o MT752
Posted: Wed Sep 13, 2017 10:35 am
by LOAN
Hi,
I will send to issuing bank an MT799 requiring issuing bank to consider to my previous MT750 as dull and void. Then, I will send documents appear to comply with amendment.
regds,
Re: Docs corrected by Amendment i/o MT752
Posted: Wed Sep 13, 2017 1:29 pm
by moneo
What I understand that presentation happened before the MT707 ( amendment ). presentation date need to be changed to be same/after the date of the MT707 and recheck the latest date of presentation only
Re: Docs corrected by Amendment i/o MT752
Posted: Wed Sep 13, 2017 5:57 pm
by SANUSILAMIN
DEAR
IN MY HUMBLE OPINION YOU SHOULD SEND MT750 FOR CHECK AND PROVIDE YOU THE OPINION OF BENEFICIARY ABOUT DISCREPANT DOS .
I SEE THAT THE BEST WAY TO SOLVE THIS PROBLEM AND GET EXTRA FEES (MANGER"S WAY) MY ISSUING BANK ALWAYS SOLVE THE SAME CASE IN THIS WAY.
REGARDS
Re: Docs corrected by Amendment i/o MT752
Posted: Tue Sep 19, 2017 3:14 pm
by liviuc
cristiand969 wrote: ↑Tue Sep 12, 2017 11:52 am
It is quite dificult to assume the implication of an amendment vs acceptance of a discrepancy via MT752 without seeing what has actually been amended. If the amendment permits further utilisations of the credit which could have not been possible by means of mt 752, well... it could be a problem. For example, where the credit prohibits partial shipments and beneficiary shipped 80% of goods and issuing bank ammend 'partial shipment as permitted' to make documents compliant, you could face a high cost of transportation for the rest 20% or even worse, not having need at all for these balance.
So this situation differs. Send me a pm if you need further clarifications.. vad ca esti din Brasov!
cristian How can I get in touch with you since I can't sent any private message?