dear friends
I need following clarifications
1. a transferred L/C can not be canceled without permission of second beneficiary. is it true
2. if transfer realized by nominated bank through second beneficiary's bank. is the bank (second beneficiary/s bank) under a obligation to examine the docs.
3. can second beneficiary presents the docs. directly to nominated bank (ignore second benf.s bank)
4. can second beneficiary presents the docs. directly to issuing bank
thanks in advance
Transferable L/C
-
- Posts: 105
- Joined: Wed Dec 16, 2009 12:38 am
- First Name: edilee
- Last Name: cdcs
- Organization: cdcs
- Filter: Two Plus Two =: 4
- picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Transferable L/C
Hi Pal
you can download from ICC website www.iccwbo.org document no 470/977 rev 3 that is still valid for UCP 600.
Once read please post your queries if necessary.
Ciao
you can download from ICC website www.iccwbo.org document no 470/977 rev 3 that is still valid for UCP 600.
Once read please post your queries if necessary.
Ciao
- shahriar
- Posts: 923
- Joined: Fri May 16, 2008 1:03 am
- First Name: Shahriar
- Last Name: Masum
- Organization: Mutual Trust Bank
- Filter: Two Plus Two =: 4
- Location: Bangladesh
to answer
to answer your questions
1. true
2. a nominated bank is never under any obligation to act on its nomination unless expressly communicated so
3. yes
4. as per UCP no. but there is an opinion which does allow this in case of 100% transfer and where such has been allowed by the transferring bank.
1. true
2. a nominated bank is never under any obligation to act on its nomination unless expressly communicated so
3. yes
4. as per UCP no. but there is an opinion which does allow this in case of 100% transfer and where such has been allowed by the transferring bank.