DISCOUNT UNDER TRANSFERRED CREDIT QUERY Hi; As per sub-article 38-j of UCP 600 it is possible to make the transferred credit available at the place to which a documentary credit is transferred. Sub-article 12-b of UCP 600 provides for discount authorization simply by the issuing bank nominating a bank to accept a draft or incur a deferred payment undertaking. Taking into consideration of the … 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?