ICC Opinion 470/TA806 Rev
Posted: Sun Mar 22, 2015 9:48 pm
Hi Pals
Reading the Opinion concerning the fact that if the issuing bank requiresthat the presenting negotiating bank must confirm on the remittance letter covering schedule that the amount of the drawing has been endorsed on the reverse of the credit and the conclusion, I wonder as such request is not containing in the wording of the l/c but on the book 7 of Swift guidebook, where in the usage rules it is written:
-FOR FREELY NEGOTIABLE DOCUMENTARY CREDITS, IF THE RECEIVER DOES NOT FURTHER TRANSMIT THE CREDIT BY MT710, IT MUST ADD SENTENCES TO THE EFFECT THAT:
-THE ADVICE TO THE BENEFICIARY MUST BE PRESENTED AT EACH NEGOTIATION,
-THE NEGOTIATING BANK MUST NOTE EACH NEGOTIATION ON THAT ADVICE.......
Consideing that UCP 600 allows the documentary credit to be freely PAYABLE and ACCEPTABLE a review of these Usage Rules
should be necessary.
Then, I think that in a Foreign Department of a bvank doing international, people must know something more then its own section, Documents chekers should know Swift message, Forwarder rates etc to satsfy the need of customers.
Probably it happens only in little/medium banks, being the big bank so divided that one clerk has not idea of the work of the collegue near-by.
Up with little/medium bank.
Ciao
Reading the Opinion concerning the fact that if the issuing bank requiresthat the presenting negotiating bank must confirm on the remittance letter covering schedule that the amount of the drawing has been endorsed on the reverse of the credit and the conclusion, I wonder as such request is not containing in the wording of the l/c but on the book 7 of Swift guidebook, where in the usage rules it is written:
-FOR FREELY NEGOTIABLE DOCUMENTARY CREDITS, IF THE RECEIVER DOES NOT FURTHER TRANSMIT THE CREDIT BY MT710, IT MUST ADD SENTENCES TO THE EFFECT THAT:
-THE ADVICE TO THE BENEFICIARY MUST BE PRESENTED AT EACH NEGOTIATION,
-THE NEGOTIATING BANK MUST NOTE EACH NEGOTIATION ON THAT ADVICE.......
Consideing that UCP 600 allows the documentary credit to be freely PAYABLE and ACCEPTABLE a review of these Usage Rules
should be necessary.
Then, I think that in a Foreign Department of a bvank doing international, people must know something more then its own section, Documents chekers should know Swift message, Forwarder rates etc to satsfy the need of customers.
Probably it happens only in little/medium banks, being the big bank so divided that one clerk has not idea of the work of the collegue near-by.
Up with little/medium bank.
Ciao