WHERE THE DOCUMENTS CONTAIN DISCREPANCIES NOT WAIVED BY THE APPLICANT QUESTION Hi Mr. Old Man, I hope you are doing fine. I have some follow-up questions again. 1/ What happens to an LC if it is discrepant and the buyer refuses to waive the discrepancies? a. Does the buyer typically let the LC expire? If so, are there any fees charged to the seller? b. I assume the seller would … 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?