Uncategorized LC DOES NOT STATE THE BANK WITH WHICH IT IS AVAILABLE By Mr Old Man Posted on June 25, 2012 1 min read 0 0 2,125 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION FROM EMILY TRAN(quoted from DCPro Forum) Hi all, If a credit not state the bank with which it is available, which bank a credit is available with? (any bank, issuing bank or advising bank)I'm looking forward to hearing from you soon. Thanks———– ANSWER Hi, The beneficiary should seek an amendment if the L/C does not state a nominated bank with which the L/C is available. Assuming the shipment has been made and such an amendment has not been issued, the beneficiary can present the documents to the issuing bank and the issuing bank must honour as L/C available with a nominated bank is also available with the issuing bank. Best regardsN.H.Duc
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?