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Confirmed L/C by payment
Posted: Sun Jul 08, 2018 11:28 am
by AzadFahad
Hi there,
If an L/C is confirmed and available with negotiating bank by payment. Do we still need drafts drawn under issuing bank? If not, who will be the drawee in that case.
Regards,
Fahad
Ehm....
Posted: Wed Jul 11, 2018 11:13 am
by picant
Hi Pal,
If the l/c has been confirmed and it is by payment, no draft is necessary. If properly required the drawee should be the paying bank, claused "drawn under l/c no..... dated issued by (issuing bank).
Other comments appreciated
Ciao
Thanks Picant for your answer. And I got that Ehm...
Posted: Fri Jul 13, 2018 11:40 pm
by AzadFahad
Re: Confirmed L/C by payment
Posted: Wed Aug 08, 2018 11:44 am
by tulsi
3 POINTS TO REMEMBER DRAWING DRAFT
Draft to be drawn on drawee bank, if the drawee bank available in the field 42A.
Draft to be drawn on issuing bank, if the drawee bank address is not expressly stated and the L/C is not confirmed.
Draft to be drawn on confirming bank, if the L/C is confirmed.
Usually 42A -Drawee bank will be the confirming bank for a confirmed LC.
