Uncategorized MISSING COPIES OF NON NEGOTIABLE BILL OF LADING By Mr Old Man Posted on July 10, 2015 1 min read 3 0 3,423 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION LC requires: Full 3/3 set of original and 4 non-negotiable copies bill of lading made out to order of issuing bank marked freight prepaid and notify applicant. We as confirming bank sent the documents without non-negotiable copies. The issuing bank cited the discrepancy “Less 3 non-negotiable copies of bill of lading”? Can by any way we as nominated bank escape from the issuing bank’s refusal? Any ICC opinion that can protect us? K.G —– ANSWER Hi, Sorry but I find no ICC opinion that supports your position. According to ICC opinion R769/TA720rev, a missing copy of a document would obviously give rise to a discrepancy… It would be expected that the issuing bank would, if necessary, allow the nominated bank to provide a further copy to supplement those already received and which otherwise comply with the LC requirement. 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?