presentation of a freight receipt without specifying its iss
-
- Posts: 140
- Joined: Tue Aug 11, 2009 8:56 pm
- First Name: LEUNG
- Last Name: KING SANG
- Organization: WACHOVIA BANK N.A.
- Filter: Two Plus Two =: 4
presentation of a freight receipt without specifying its iss
Dear All,
A DC subject to UCP 600 required presentation of a freight receipt without specifying its issuer and data content. A freight receipt issued by the beneficiary was presented, certifying that the freight was received by the carrier. Is it acceptable?
Please let me have your opinions of the above mentioned questions.
Thank you for your assistance.
Regards,
ucp 800
A DC subject to UCP 600 required presentation of a freight receipt without specifying its issuer and data content. A freight receipt issued by the beneficiary was presented, certifying that the freight was received by the carrier. Is it acceptable?
Please let me have your opinions of the above mentioned questions.
Thank you for your assistance.
Regards,
ucp 800
-
- Posts: 118
- Joined: Thu Mar 12, 2009 8:59 am
Suggestion
Can you post each question in a separate post.
Long posts are hard to read...
Long posts are hard to read...
-
- Site Admin
- Posts: 30
- Joined: Thu May 15, 2008 11:37 pm
post splited
Hello dear UCP800
i have split the post in 6 part so that our friends can read it easily. i hope wont mind for doing this without your permission. take care.
regd
admin
i have split the post in 6 part so that our friends can read it easily. i hope wont mind for doing this without your permission. take care.
regd
admin
- loankim
- Posts: 146
- Joined: Thu Dec 25, 2008 12:29 pm
- First Name: Loan
- Last Name: Nguyen
- Organization: VIB
- Filter: Two Plus Two =: 4
- Location: Viet Nam
sub- article 14f
Hi,
I personally think that sub- article 14f will be applied here because the freight receipt is not a transport document within the meaning of the UCP 600.
i think a freight receipt will certify that its issuer has receive the consigment designated to forward it to the named congsinee or to place it at the disposal of a other party, so he does not act as a carrier and will then not be liable as carrier.
( But in the case FCR required, he is as a forwarder in accordance with the Freight Forwarders' Standared Terms and Conditions)
The freight receipt presented in yr case certifies that :" that the freight was received by the carrier" , i think it's okie and " the issuer is the beneficiary " , why not ???
the doc presented is acceptable, in my opinion :
Comments welcom.
Nice day !
I personally think that sub- article 14f will be applied here because the freight receipt is not a transport document within the meaning of the UCP 600.
i think a freight receipt will certify that its issuer has receive the consigment designated to forward it to the named congsinee or to place it at the disposal of a other party, so he does not act as a carrier and will then not be liable as carrier.
( But in the case FCR required, he is as a forwarder in accordance with the Freight Forwarders' Standared Terms and Conditions)
The freight receipt presented in yr case certifies that :" that the freight was received by the carrier" , i think it's okie and " the issuer is the beneficiary " , why not ???
the doc presented is acceptable, in my opinion :
Comments welcom.
Nice day !
-
- Posts: 754
- Joined: Tue Aug 05, 2008 1:52 pm
- First Name: Cristian
- Last Name: D.
- Organization: Bank
- Filter: Two Plus Two =: 4
- Location: RO
Receipt
The usual meaning of a receipt is that when somebody receives money he gives to the person who paid a document proving the payment. It can be considered a financial document as far as bookeeping is concerned.
Also even if more documents are subject to art 14 of UCP 600, this document still not fulfilled his function, i.e to have a proof from the carrier that he has received the freight amount.
A freight receipt by beneficiary would equate with a false document.
Also even if more documents are subject to art 14 of UCP 600, this document still not fulfilled his function, i.e to have a proof from the carrier that he has received the freight amount.
A freight receipt by beneficiary would equate with a false document.
- loankim
- Posts: 146
- Joined: Thu Dec 25, 2008 12:29 pm
- First Name: Loan
- Last Name: Nguyen
- Organization: VIB
- Filter: Two Plus Two =: 4
- Location: Viet Nam
Not fulfilled his function
Dear,
i agree with you Cristiand. pls ignore my posting.
i have made a basic mistake on my mind .
.
But i wonder whether you can tell me more about the fulfilling doc's function.
i think it's so difficult to determine that because there are a lot of docs involing to trade transactions. If we don't have any clarification in credit , then asking for a specific docs ( not be covered under UCP ) without their contents or the issuer seems hard to decide in most of cases.
rgds,
i agree with you Cristiand. pls ignore my posting.
i have made a basic mistake on my mind .
.
But i wonder whether you can tell me more about the fulfilling doc's function.
i think it's so difficult to determine that because there are a lot of docs involing to trade transactions. If we don't have any clarification in credit , then asking for a specific docs ( not be covered under UCP ) without their contents or the issuer seems hard to decide in most of cases.
rgds,
-
- Posts: 754
- Joined: Tue Aug 05, 2008 1:52 pm
- First Name: Cristian
- Last Name: D.
- Organization: Bank
- Filter: Two Plus Two =: 4
- Location: RO
Dear loankim
To answer to your question of how we can interpret function of documents this will basically imply some simple knowledge about financial and commercial documents used in bookeeping, docs issued by thrid parties and so on.
I indeed agree with the fact that when you are not sure about how a document looks like or their contents to be anticipated, due to techical data, the most appropriate step is to contact issuing bank.
But a receipt is a receipt, well recognized not only in day to day commercial exchanges but also in a bank (when you withdraw money you sign a receipt that you got them )
I indeed agree with the fact that when you are not sure about how a document looks like or their contents to be anticipated, due to techical data, the most appropriate step is to contact issuing bank.
But a receipt is a receipt, well recognized not only in day to day commercial exchanges but also in a bank (when you withdraw money you sign a receipt that you got them )
- picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Rationale
Hi Pals,
very interesting issue, but how about transport document ? And delivery terms? what kind of documentary credit is, if we dont see documents and the full text of l/c?
When does applicant ask for a freight receipt? IMHO when freight has been paid on behalf of applicant, it could be indicated in the invoice too and difference, may be paid a part. I am confused, please more details?
Ciao
very interesting issue, but how about transport document ? And delivery terms? what kind of documentary credit is, if we dont see documents and the full text of l/c?
When does applicant ask for a freight receipt? IMHO when freight has been paid on behalf of applicant, it could be indicated in the invoice too and difference, may be paid a part. I am confused, please more details?
Ciao
-
- Posts: 754
- Joined: Tue Aug 05, 2008 1:52 pm
- First Name: Cristian
- Last Name: D.
- Organization: Bank
- Filter: Two Plus Two =: 4
- Location: RO
Model answer
The provisions of UCP 600 article 14 (f) should not be abused. Examination of documents should be based on common sense as promoted by the father of letter of credit, Bernard S. Wheble. The beneficiary has no right to issue any freight receipt because freight has to be paid to the carrier that has such right. The statement made by the beneficiary can only serve as a statement of fact (freight has been paid to the carrier). It is not an acknowledgement of receipt of freight as required by the credit. Hence it does not serve the purpose of the provision of the credit and should be rejected. It also does not comply with the provisions of ISBP 681 Paragraph 41, that require a document to meet the function of that document. To make it functional, it must be issued by the carrier.