AUTHORIZATION/APPROVAL FOR NEGOTIATION/ PAYMENT OF DISCREPANT DOCUMENTS QUESTION Dear Sir, Sometimes the beneficiary presents the discrepant documents and requests my bank to negotiate the documents. In this case we would forward the documents to the issuing bank stating the discrepancies and ask for the issuing bank’s authorization or approval for us to negotiate the documents. Sometimes the issuing bank gives us its authorization to negotiate such documents. … Read More
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?