Predeep,
we decided not to go ahead with the deal, it sounds suspecious.

thank you all for the help, really appreciated.

Basel

Pradeep
We really do not know the exact wording, our client simply mentioned he wants that clause to be added, we were suspecious about the clause so we want to know if anybody got a clue about it.

Dear All,
we have received a request from one of our clients based on request from his business counterparty to add a claue called"Fresh Cut" to payment L/G text.
does anyone can explain the meaning and structure of such clause.

Dear Jeremy,
I admit here that we all bankers agree with your point when it comes to cost, on the other hand the changes and improvements tackeled by UCP 600 are important to our job on long run, plus the cost can be depreciated over years to come.
we are voting in favour of the new UCP.

Basel

Dear Samaha,
the issuing bank was not mistaken in his action as per article 9 of the UCP500, however if the nominated bank is willing to accept that the draft drawn on them they should express that to the issuing bank and request an amendment.

Regards,
Basel

the required documents can be presented to the issuing bank directly as per article 9 of UCP500 and the issuing bank has to check those documents in light of articles13,14 to determine whether they comply with l/c tems or not.


Basel

Bilsel, without responsibility: I guess you are in a tricky situation,the applicability of articles 13,14 depends on the form you received the documents required under item 4 mentioned in the l/c. if the documents presented with a covering letter clearly says that those documents are in fulfillment ...

Roland,
could you please elaborate more about LOI, i.e wordining, mechanism and whrere the bankers should be aware and stress when checking this spesific document.
Basel

Pradeep, thanks for your contribution, the word" issuer" means the issuer of the document which in our case is the beneficiary of the l/c. the objection of the issuing bank is that the commercial invoice issued by beneficiary, signed and stamped also by the beneficiary but the stamp mentio...

Polterd,
you're right in your analysis and I also went through similiar cases but this is the first time i get a rejection.
thanks anyway.

Basel