Home Mr Old Man Articles WHETHER THE BENEFICIARY CAN NEGOTIATE THE DOCUMENTS WITH THE 1ST ADVISING BANK

WHETHER THE BENEFICIARY CAN NEGOTIATE THE DOCUMENTS WITH THE 1ST ADVISING BANK

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QUESTION

Hi Sir,

Can 1st advising bank contact the beneficiary and negotiate documents directly even there is a 2nd advising bank indicated in the LC?

Regards,
dotcom

———–

ANSWER

Hi,

Where the L/C is available with any bank by negotiation, the beneficiary may present the documents to any bank including the first advising bank for negotiation.

Where the L/C is restrictedly available with the second advising bank, the beneficiary who wishes to negotiate the documents should present the documents to the second advising bank for negotiation (as the first advising bank in this case is not the bank that is nominated/authorized by the issuing bank to negotiate the documents).

Kind regards,

Mr. Old Man

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