Poorly Formated LC And Document Lost In Transit
Posted: Thu Jun 19, 2008 9:30 pm
dear friends,
few weeks back i received a mail letter of credit as advising bank from a local bank. the letter of credit was poorly written and not even mentioned who is the nominated bank or with which bank it is available. this is a clear violation of UCP 6a. however the letter of credit was a long awaited one by the beneficiary and accepted it anyway.
a week ago we forwarded the document to the issuing bank. but it never reached the bank. it was lost. two days back i forwarded a copy stating that the original was lost but we found it complying. please honor the presentation as per UCP Article 35. the issuing bank replied that the article is only applicable for for nominated bank and we are advising bank only.
any idea to rescue the client
shahriar
few weeks back i received a mail letter of credit as advising bank from a local bank. the letter of credit was poorly written and not even mentioned who is the nominated bank or with which bank it is available. this is a clear violation of UCP 6a. however the letter of credit was a long awaited one by the beneficiary and accepted it anyway.
a week ago we forwarded the document to the issuing bank. but it never reached the bank. it was lost. two days back i forwarded a copy stating that the original was lost but we found it complying. please honor the presentation as per UCP Article 35. the issuing bank replied that the article is only applicable for for nominated bank and we are advising bank only.
any idea to rescue the client
shahriar