An issuing bank issue a transferable lc wherein the advising bank is also the transfering bank
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Field 40a: irrevocable transferable
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47a item 17:if l/c is transferable, the second beneficiary to send 2/3
Set of documents to first beneficiary within 15 days of shipment
And subsequently first beneficiary to send 2/3 of the documents
To the issuing bank within 21 days of shipment and a certificate
Presented to that effect by first beneficiary only required for
Their final negotiation.
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46a: 2/3 shipping document
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47a 1 1/3 shipping document
Advising & transfering bank came back seeking the following clarification:
''We refer to your above l/c which has been advised
To beneficiary for information only at this stage.
Kindly urgently clarify field 47 a 17) is it your
Intention that if the l/c is transferred the first
Beneficiary has to send 2/3 of all documents
Including bill of lading and ccvo directly to
Yourselves within 21 days of shipment and only a
Certificate confirming the same has to be
Presented to (transfering & advising bnk) for payment. Apart from
The draft and the certificate will the first
Beneficiary need to present any other document to
(transfering & advising bnk) for payment.
.
Please also confirm that if the lc is transferred
Clause 47 a (3) will not be applicable as we would
Not be aware of the shipment date as b/l may be
Sent to you directly.
.
Also please clarify field 47 1) (a) if the l/c is
Transferred will the documents stated in this
Field be forwarded by first beneficiary or second
Beneficiary to the issuing bank and will the
Certificate confirming the same be required from
The first or second beneficiary.''
Is this clarification required, if required how should issuing bank clarify?
Orunmila