Italy, Drafts, and Stamp Duty: Why Confirming Banks Prefer ‘Available by Payment’ in LCs QUESTION Dear Mr. Old Man, I have a scenario that I’d appreciate your thoughts on: The issuing bank is located in Singapore. The advising/confirming bank is in Trieste, Italy. In the original LC, Field 31D (Date and Place of Expiry) is: 18 June 2025 – Singapore. Field 41A (Available With… By) is: Available with the confirming bank by NEGOTIATION. The … Read More
MEMO: Handling of Drafts and Documents under LC with Draft Drawn on Nominated Bank Subject: LC issued by K. BANK – Refusal to Confirm and Subsequent Presentation From: Mr. Old Man Date: 4 June 2025 Background Bank N received a letter of credit (LC) from K. BANK with the following terms: 41A: Available With Bank N By Negotiation 42A: Drawee: Bank N 42C: Draft: At Sight 47A: T/T Reimbursement is Not Allowed 49: Confirmation … Read More
DRAFTS UNDER CONFIRMED LCs AVAILABLE BY NEGOTIATION WITH CONFIRMING BANK QUESTION Hi, Attention is being drawn to the issue regarding drawing of drafts under a UCP600 confirmed credit available by ‘ negotiation ‘ with the confirming bank. This clarification is necessary because of different interpretations among LC practitioners. The contention here is whether drafts under confirmed credits available by ‘negotiation’ with the confirming bank are to be drawn on the … Read More