When Transferred LC Errors Threaten Payment: Who Bears the Risk? Intro: In trade finance, mistakes by a transferring bank can create tricky situations for the second beneficiary. A common issue arises when an insurance requirement under a transferred LC is incorrectly stated, potentially putting payment at risk. Let’s look at a practical example and clarify who is responsible. ___________ QUESTION Dear Mr. Old Man, Consider the following scenario: The agreed … Read More
When the LC beneficiary is a “sister company” in Singapore: How can Bank V remain the presenting bank?
When the LC beneficiary is a “sister company” in Singapore: How can Bank V remain the presenting bank?