THE PAYMENT TERM OF 90 DAYS AFTER THE ARRIVAL DATE FCIB’S QUERY RELAYED BY KIM CHRISTENSEN TO LCM TRADE SERVICE UPDATES’ COUNTRY CORRESPONDENTS FOR COMMENTS Dear FCIB Members: A fellow member has a question regarding Payment Terms – Automotive Aftermarket Industry. I am interested if there is a "best practice" for determining payment terms, specifically to vendors in China. If terms are FOB China; 90 day terms. (I realize this … 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?