Dear All Friend,
Role of Banks - Issuing Bank / Advising Bank / Nominated Bank which are known to every body in LC.
Confirming Bank - Bank irrevocable undertakes to pay to beneficiary.
Please forward thoughts or more explaination in relation with after utilisation of LC.
Presenting Bank /Claiming Bank ????
Negotiating Bank
Reimbursing Bank
Thanking you
Pradip Bhavsar
Role of Banks in LC
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HARIFAK
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Roll Of Banks
Presenting bank is usually, who presents documents on behalf of the beneficiary, if the credit is
available with nominated bank, if it is freely negotiable, then presenting bank, may become
negotiating bank/presenting bank/Claiming bank, and forward the documents to the issuing bank, if they so wish?
.
Negotiating bank is the one who negotiates and pay the value of the documents.
.
Reimbursing bank roll is to pay a claim, claimed by any bank. Reimbursing bank
is solely act under authorisation of the issuing bank and according to URR 725
.
I hope the above is of some help
available with nominated bank, if it is freely negotiable, then presenting bank, may become
negotiating bank/presenting bank/Claiming bank, and forward the documents to the issuing bank, if they so wish?
.
Negotiating bank is the one who negotiates and pay the value of the documents.
.
Reimbursing bank roll is to pay a claim, claimed by any bank. Reimbursing bank
is solely act under authorisation of the issuing bank and according to URR 725
.
I hope the above is of some help