LC AVAILABLE BY NEGOTIATION VS LC AVAILABLE BY PAYMENT QUESTION Dear Mr. Old Man, It is very common that we see the LC available with “any bank” or name and address of a bank by negotiation. Today, I received a LC available with any bank in India by “Payment” What does it mean? How it works? Is it beneficial for beneficiary? Request you all to throw light in detail. Urgent … 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?