Who has the right to claim
Posted: Wed Aug 15, 2018 11:01 pm
Dear Experts,
LC is issued by AAA Bank
LC Receiver is BBB Bank
LC is available with Bank CCC
Advise through Bank DDD (which is also confirming bank)
Reimbursing bank EEE
.....
Which bank has the right to send claim to the reimbursing bank EEE?
BBB- Since he is the receiver of the LC, the implied meaning is that LC instruction is to the receiver
CCC- This is bank specifically nominated by the issuing bank to act on presentation from the beneficiary. So the reimbursing bank instruction is to this bank once presentation complies.
DDD- This bank became the confirming bank as per the additional condition allowing this bank to add confirmation. This bank did not insist to change the LC available field become this bank.
Thanks &Regards
Dinesh Kumar
LC is issued by AAA Bank
LC Receiver is BBB Bank
LC is available with Bank CCC
Advise through Bank DDD (which is also confirming bank)
Reimbursing bank EEE
.....
Which bank has the right to send claim to the reimbursing bank EEE?
BBB- Since he is the receiver of the LC, the implied meaning is that LC instruction is to the receiver
CCC- This is bank specifically nominated by the issuing bank to act on presentation from the beneficiary. So the reimbursing bank instruction is to this bank once presentation complies.
DDD- This bank became the confirming bank as per the additional condition allowing this bank to add confirmation. This bank did not insist to change the LC available field become this bank.
Thanks &Regards
Dinesh Kumar