Dear experts
I have opened the conformed LC in favour of the Beneficiary and he asks now to amend some LC's terms As follows:
46A: 47A: (1) All documents must be sent to you in one lot via courier / we can sent copies of all documents as it is for the bank to receive all originals on presentation, your draft MUST state copies to be sent to you.
78A: Payment terms agreed was 100% at SIGHT on presentation, this MUST be on the draft.
Do that Fileds concern to the bank policy and could I do that requests with out riskes ?
your urgent reply appreciated.
is Amend Fileds No.47A & 78 possible
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SANUSILAMIN
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Re: is Amend Fileds No.47A & 78 possible
Hi Pal,
not all the part of Swift Msg MT700 are for beneficiary, but aall banks are sending the print out , without removing the fields that are not necessary to beneficiary. Sending documents in one lot or two separate lots is an instructions to the nominated bank and not concerning beneficiary. Field 78 is concerning the bank as the credit availability is in field 41A.
IMHO sending documents in one lot is risky when in presence of full set bill of lading as it is necessary to present one original to take up the goods, so it is better to send documents by courier and after 2-3 days by registered airmail or if it is possible, when consigned to the issuing bank, remit 1/3 original by Captains mail addressed to the applicant, that to take up the goods has to present the original bill of lading to the issuing bank and instructing the letter to accept documents as presented.
Ciao
not all the part of Swift Msg MT700 are for beneficiary, but aall banks are sending the print out , without removing the fields that are not necessary to beneficiary. Sending documents in one lot or two separate lots is an instructions to the nominated bank and not concerning beneficiary. Field 78 is concerning the bank as the credit availability is in field 41A.
IMHO sending documents in one lot is risky when in presence of full set bill of lading as it is necessary to present one original to take up the goods, so it is better to send documents by courier and after 2-3 days by registered airmail or if it is possible, when consigned to the issuing bank, remit 1/3 original by Captains mail addressed to the applicant, that to take up the goods has to present the original bill of lading to the issuing bank and instructing the letter to accept documents as presented.
Ciao