CAN A TRANSFERRED LC CHANGE THE PAYMENT TERMS FROM SIGHT TO DEFERRED PAYMENT? QUESTION Dear Sir. Need a clarification on transferable LC regarding clause 42C: If the original LC mentions LC at sight, can the 1st beneficiary change this to LC 30 days usance when transferring this LC to the 2nd beneficiary ( if 2nd beneficiary agrees to LC 30 days). If a sight LC is transferred as a sight LC, we foresee … Read More
QUESTION REGARDING THE TRANSFERRING BANK’S LIABILTY UNDER THE TRANSFERRED LC QUESTION Dear Mr. Old Man, Em có 2 câu hỏi về LC chuyển nhượng như sau: Khi người thụ hưởng thứ 2 xuất trình chứng từ cho ngân hàng chuyển nhượng và bộ chứng từ là hợp lệ thì ngân hàng này có phải thanh toán ngay cho người thụ hưởng thứ 2 không hay phải chờ xuất trình chứng … Read More
WHERE BILL OF LADING PRESENTED UNDER TRANSFERRED LC INDICATES UNIT PRICE AND AMOUNT DIFFERENT FROM THOSE ON INVOICE SUBSTITUTED BY THE FIRST BENEFICIARY QUESTION We, as issuing bank, issues a transferable letter of credit available with any bank by negotiation and Bank A is nominated as transferring bank. The credit does not contain a clause like “Unit price, amount and/or second Ben’s information are prohibited to be indicated on documents except invoice and draft.” We are advised by the transferring bank that credit was transferred … Read More