Tolerance on SBLC under UCP 600
Posted: Thu Feb 08, 2018 7:52 pm
All,
I have read a lot of blog posts on this but none that clarified the situation I am facing clearly.
Appreciate your help.
The facts are:
Standby Letter of Credit under UCP 600
Amount of LC: for an amount of €100,000 +/- 1%
Quantity shipped: covering the shipment of 1,000MT of x product +/- 1%
Final invoice: €95,000 for a quantity shipping of 95,000MT
Partial shipments: not allowed
I understand that under article 30, since the full quantity as described has not been shipped, I will not be covered in the case of a claim. Correct?
I have read a lot of blog posts on this but none that clarified the situation I am facing clearly.
Appreciate your help.
The facts are:
Standby Letter of Credit under UCP 600
Amount of LC: for an amount of €100,000 +/- 1%
Quantity shipped: covering the shipment of 1,000MT of x product +/- 1%
Final invoice: €95,000 for a quantity shipping of 95,000MT
Partial shipments: not allowed
I understand that under article 30, since the full quantity as described has not been shipped, I will not be covered in the case of a claim. Correct?