Uncategorized ABBREVIATIONS By Mr Old Man Posted on November 7, 2013 2 min read 7 0 8,307 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Hi Mr. Old Man, LC states the name of the beneficiary as follows: ABC Company Limited 242 Le Loi street, Da Nang, Vietnam Documents presented show the name of the beneficiary as follows: ABC Co., Ltd 242 Le Loi street, Da Nang, Vietnam Is it a discrepancy? Thank you———- ANSWER Hi, There is no discrepancy. Use of “Ltd” instead of “Limited” or use of “Co” instead of “Company” does not constitute a discrepancy. Please refer to paragraph A1 ISBP 745, which says: “Generally accepted abbreviations, such as, but not limited to, "Int'l" instead of "International", "Co." instead of "Company", "kgs" or "kos" instead of "kilograms" or "kilos", "Ind." instead of "Industry", "Ltd" instead of "Limited", "mfr" instead of "manufacturer" or "mt" instead of "metric tons" may be used in documents in substitution for a word or vice versa. A credit that includes an abbreviation in its text allows a document to show the same abbreviation or any other abbreviation that has the same meaning, or to show the complete spelling of the word or vice versa”. Please also refer to ICC opinion R455. Kind regards,Mr. Old Man
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?