EXPIRED LC QUESTION Hi Mr. Old Man, We have the following case relating to expired L/C. Our bank sent the issuing bank the documents under the L/C available with the issuing bank by acceptance. As the L/C expired, the issuing bank sent us a message informing that it treated the documents as a collection. Two weeks later, the issuing bank sent us … 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?