NEGOTIATING THE DOCUMENTS PRESENTED UNDER SIGHT PAYMENT LC QUERY Dear Sir, I'd like to ask you some common problems about DC transactions. I am working in VCB. My customer has presented a LC that available with SCBLVNVX by payment and asked me to negotiate this LC with recourse basis. Can I accept this and forward to the issuing bank as general rule. In this case, do I have … 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?