field 46a missing in a letter of credit

[nura]

Hello!

we received a overseas letter of credit which has no information on swift field 45a. there is no description of goods anywhere. even no reference to any proforma invoice. other fields are there and documents required are well understood. as we contacted the the applicant, they informed us it was a mistake from the part of the issuing bank and they are issuing amendment. meanwhile they have requested us to work as per contract.

please tell whether this credit is acceptable to work on. isnt 45a a mandatory filed?

[picant]

Hi Pal,

unfortunately field 45A Descriction of goods and services is classified as Optional by Swift. However if it is an issuing bank mistake, the issuing bank has to send an MT 799 to complete the field, as this has to be considered a clerical mistake and does not need, IMHO ,an MT 707.

Other comments appreciated

Ciao

[Judith]

Are you the seller in this transaction?

If yes, you can go ahead and work under the contract and present the required documents. The issuing bank will be obliged to honour your drawing even though field 45A was left blank by them.

Although Field 45A is usually necessary, it is not a mandatory field!

[shahriar]

hey.. i think this LC is like a blank cheque . go ahead

[cristiand969]

Still reluctant to work with.... There are rules and regulations in place which several banks worldwide must abide to. One of them is preventing money loundering and another one would be that for some goods classified as dangerous goods or prohibited goods (weapons, etc) , banks are prevented to involve in such transactions.
Therefore, I am not sure that a bank may accept to negotiate or even to handle documents under a credit for which goods are unknown.