Very long Letter of Credit
Posted: Sat Mar 17, 2018 2:58 pm
Hi Guys
I am currently in the process of creating an extremely lengthy (Lots of text) letter of credit (MT700).
We have created a draft copy thus far and submitted to the applicant (My customer), who in turn has emailed a copy to the beneficiary. The beneficiary has shared this draft Letter of credit with his banker, who says that they are not wiling to accept an LC that has too much text.
My customer "the applicant", has been advised that the LC needs to stay as is and no clauses should be removed from 46 & 47.
At current state, the LC consists of a MT700 plus 15 MT701's. Is there any other way around this matter in-order to get the beneficiary bank to accept this lengthy LC ? or another documentary product perhaps ?
Your advise and comments would be greatly appreciated.
regards
Wayne.
I am currently in the process of creating an extremely lengthy (Lots of text) letter of credit (MT700).
We have created a draft copy thus far and submitted to the applicant (My customer), who in turn has emailed a copy to the beneficiary. The beneficiary has shared this draft Letter of credit with his banker, who says that they are not wiling to accept an LC that has too much text.
My customer "the applicant", has been advised that the LC needs to stay as is and no clauses should be removed from 46 & 47.
At current state, the LC consists of a MT700 plus 15 MT701's. Is there any other way around this matter in-order to get the beneficiary bank to accept this lengthy LC ? or another documentary product perhaps ?
Your advise and comments would be greatly appreciated.
regards
Wayne.