Credit Available With Nominated Bank Other Than Issuing Bank

The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
Post Reply
muralione
Posts: 5
Joined: Fri Mar 07, 2014 9:02 am
First Name: muralidhara
Last Name: boopathy
Organization: axis
Filter: Two Plus Two =: 4
Location: india

Credit Available With Nominated Bank Other Than Issuing Bank

Post by muralione » Sun Mar 09, 2014 9:53 am

Pls clarify if credit available with nominated bank which is other than issuing bank, can beneficiary bank negotiate the documents under lc?

mzhossainctg2
Posts: 11
Joined: Wed Jan 29, 2014 11:18 pm
First Name: Mohammad
Last Name: Zakir
Organization: ONE Bank Ltd
Filter: Two Plus Two =: 4
Location: Bangladesh

Negotiation

Post by mzhossainctg2 » Sun Mar 09, 2014 11:24 pm

If nomination is not with any specific bank , LC available by negotiation and drafts drawn on any bank other than beneficiary,s bank , then beneficiary,s bank can negotiate.

Regards
Zakir
Bangladesh

silentlove
Posts: 13
Joined: Sun Feb 23, 2014 1:43 am
First Name: Hasan
Last Name: Alzayani
Organization: NA
Filter: Two Plus Two =: 4
Location: Bahrain

Yes

Post by silentlove » Mon Mar 10, 2014 12:57 am

I will assume you meant negotiating as purchasing of draft or documents.

If LC is available with a Nominated Bank By Negotiation, then it can negotiate(i.e. purchase) draft or documents from the Beneficiary.

Post Reply