Uncategorized MATHEMATICAL CALCULATIONS By Mr Old Man Posted on April 28, 2014 2 min read 2 0 3,876 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Dear Mr. Old Man, I must admit that examining documents is a devil of a job. Please help me get to grips with this problem. Paragraph A22 of ISBP 745 has stipulated as follows: “When the presented documents indicate mathematical calculations, banks only determine that the stated total in respect of criteria such as amount, quantity, weight or number of packages, does not conflict with the credit or any other stipulated document” However, if I do a calculation just for carefulness and find out that total value of items detailed in Attachment to Commercial Invoice is different from total value of the goods shipped stated in the face of Invoice, is it a valid discrepancy? I highly appreciate your answer. Thank you very much! Kira ————————- ANSWER Hi, Banks are not obliged to carry out mathematical calculations of individual items, weights or measurements to ensure consistency with other documents. If total value are shown on the document, then it should be in agreement with that shown on other documents presented. If the attachment in your case shows the total value which is different from the total value shown on the invoice, then it is a discrepancy. However, if the attachment does not show the total value but value of each item, then you cannot raise the discrepancy that the total value (calculated by you) on the attachment is different from the total value shown on the invoice. 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?