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Hi,

Can I have your comments / interpretation of the below point that has been added in an L/C?

"As per local regulations, we would not be able to make payments on this LC where the name of the beneficiary on any of the documents presented is different from the name of the L/C beneficiary as stated on field 59 of the L/C."


This is a confirmed LC for shipment to Nigeria and this clause has never appeared in any of the previous LC's that we have received.

There will be various documents issued by ourselves which we are the beneficiary for example the invoice and drafts but also the other shipping documents that are issued by our manufacturer / the shipper of the cargo who are the parent company of ours. They will issue the B/L's, packing list, etc. So we will have two parties of different company names issuing the shipping documents.

Is this OK to issue various shipping documents with different company names / parties which this will not cause an issue with the above clause when presenting the shipping documents to the confirming bank?

Regards

Hi Pal,

due to AML, KYC, KYT etc banks and customers are obliged to follow various rules.
Many documents may be photocopied with your letterhead and b/l may be issued
indicating your nameas shipper.
Other comments appreciated
Ciao