INSURANCE COVER UNDER CIF INCOTERMS QUESTION Dear Mr. Old Man, We have received a proforma invoice wherein the incoterms is CIF ICD Birgunj, Nepal. Nepal is a landlocked country and goods first arrive to Indian sea ports, Kolkata or Vishakhapatnam and then goods are transferred to rail/truck for transportation to final destination. In this case, the beneficiary has agreed to transport the goods till ICD … 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?