our bank issued an irrevocable transferable L/C and stipulated that available at any bank by negotiation.
under article 38. UCP said that: " transferring bank means a nominated bank that...An issuing bank may be a transferring bank". That means, any bank want to be a transferable bank is authorized by us.
Can u indicate clearly risk to issuing bank in this case?
Thanks all
transferable L/C
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picant
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no
Hi Pal,
as per art 38 b 2 alinea in case of freely available L/C, the issuing bank must authorized specifically a bank to transfer. Than other problems could occurr, depending on the way the transfer is made. For your knowledge document 470/977 rev 3 it is freely downable at www.iccwbo.org that is on UCP500 but still useful
Other comments appreciated
Ciao
as per art 38 b 2 alinea in case of freely available L/C, the issuing bank must authorized specifically a bank to transfer. Than other problems could occurr, depending on the way the transfer is made. For your knowledge document 470/977 rev 3 it is freely downable at www.iccwbo.org that is on UCP500 but still useful
Other comments appreciated
Ciao