Hi friends,
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We received LC docs from confirming bank, saying on its covering letter "we send docs in trust basis, pls authorize us to reimburse and do not deliver docs to applicant if not accepted".
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I haven't heard before "in trust basis" but considered docs sent for approval. İs this term used for LCs and ha similar meaning?
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Regards
in trust basis?
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Navi
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shahriar
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for approval
Hi navi!
trust basis, collection basis, for approval - none of these term is well defined but means the same thing. unless there is no LC reference no. and URC is specifically mentioned on the covering letter, these terms should be ignored and the presentation should be treated under the UCP
trust basis, collection basis, for approval - none of these term is well defined but means the same thing. unless there is no LC reference no. and URC is specifically mentioned on the covering letter, these terms should be ignored and the presentation should be treated under the UCP
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nesarul
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trust basis
dear, i agree with shahrier. In all respect issuing bank must perform its role according to article 14 and 16 in order to sound sleep at night. Nesar