Restricted Letter of Credit

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sagar1984
Posts: 21
Joined: Fri Sep 25, 2009 8:19 pm
First Name: SAGAR
Last Name: LOTANKAR
Organization: SPARSH BPO SERVICES
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Restricted Letter of Credit

Post by sagar1984 » Sat Apr 24, 2010 1:45 pm

If lc is available with specific bank which is not confirming bank and documents have been presented by some other bank will it constitute a discrepancy under ucp600?
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ibnejafar
Posts: 6
Joined: Sun Apr 25, 2010 3:25 am
First Name: Khurram
Last Name: Bin Jafar
Organization: Meezan Bank Ltd
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RE- Restricted Letter of Credit

Post by ibnejafar » Sun Apr 25, 2010 3:44 am

Dear, off course since that bank has not complied the caluse 41D and was not authorized for such nomination.

Regards-
Ibnejafar
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iLC
Posts: 504
Joined: Thu Jun 26, 2008 10:33 pm

article 6

Post by iLC » Sun Apr 25, 2010 11:14 am

ibnejafar wrote:Dear, off course since that bank has not complied the clause 41D and was not authorized for such nomination.

Regards-
Ibnejafar

dear ibnejafar, please dont be so confident. have you forgot article 6? we should always remember that credit is an undertaking from the issuing bank and issuing bank is always honor a presentation if it is complying. there is no specific requirement on the process of presentation. please refer to article 2
Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered.
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