Uncategorized WHERE CARRIER S AND AGENT S NAME ARE THE SAME By Mr Old Man Posted on March 16, 2010 3 min read 6 0 2,892 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUERY FROM NESARPost subject: where cariier and agent name are same Dear all, a bill of lading has been presented under a credit where indicated that carrier name: ABC & CO. and on a signature Box an agent of the carrier signed as follows: [signature] ABC & Co.An agent of the named carrier. Can we raise a discrepency due to the name of the carrier and agent are same. pls comments. thanks nesar ——————COMMENT Post subject: Re: where cariier and agent name are same Dear Nesar, Hoping the following excerpt from the article by Gary Collyer “More UCP opinions reviewed by the ICC Banking Commission” can help answer your query. = Quote = …. The issue centered on whether a party could sign a bill of lading in the capacity of agent for itself i.e., ABC Co. Ltd as agent for ABC Co. Ltd, the carrier. At the October 2007 meeting, the proposed response (to refuse the document on the grounds that a company could not sign as agent of itself and the bill of lading was therefore inconsistent within itself ) was accepted by the majority of the national committees, but a couple requested that the Officer’s seek input from the other two Commissions before we ratified the opinion. The response from the two Commissions was somewhat mixed in that one determined that the party ABC Co. Ltd was the agent, whilst the other referred to the fact that different parts of the same organization could perform different tasks and therefore it was not inconceivable that ABC Co. Ltd could sign as agent of ABC Co. Ltd. Based on this input, the original response was changed to reflect that a bill of lading signed in such a manner would be acceptable under the UCP. = Unquote = Best regards, Nguyen Huu Duc —————————– NesarulPost subject: Re: where cariier and agent name are same Dear Sir, Thanks for nice explanation. it will help me. thanksnesar …
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?