NEGOTIATION LC AND BANKS OBLIGATIONS ABDUL’S QUERYNegotiation credits Hi, I need to know what a negotiation credit is and what the bank's obligations are relating to such a credit. Also, what are the consequences for a bank which fails to act according to the required standards? ———————MR. OLD MAN’S COMMENTNegotiation L/C and Banks' Obligations Dear Abdul, Negotiation means the purchase by the nominated bank of … 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?