The L/C is opened in cover of the services (teaching of specialists). In accordance of L/C terms the Act on study termination, signed by the beneficiary and the applicant should be presented to the Bank. We are interested to know, whether it is lawful to equate the date of signing such a document an...

Dear Sirs, We'd like to describe several situations concerning L/C confirmation and reimbursement undertaking which we face some difficulties to take the decision, therefore your opinion would be highly appreciated. SITUATION 1 Bank 'A' (issuing bank) applies to Bank 'B' asking for adding the confir...

Dear Sirs, We'd like to apply to you as your valuable opinion concerning the matter outlined below would be very interested for us. Examining the application for opening an import Letter of Credit an issuing bank faced the conditions which envisaged the presentation of ocean Bill of Lading. The ship...

Dear Sirs, We would much obliged to you if you could give us your valuable comments. The documents are sent by the nominated bank to the address of its branch in the Applicant's country before opening a Letter of Credit. When the Letter of Credit is opened, the nominated bank sends the notice of neg...

A bank has confirmed an L/C in accordance with issuing bank instructions: "Pls advise L/C adding your confirmation". The beneficiary has accepted L/C in question but rejected the confirmation. Question: Which party is to pay the confirmation commission if according to L/C terms: 1) commiss...

Dear Sirs, We would like to apply to you and hope that you have at your disposal any data regarding the methods preferred by banks when collecting commissions for opening Letters of Credit, namely: - the commission is charged once for the full period of the L/C's validity when opening Letter of Cred...

Exemple: Issuing bank "X" opened the L/C and advised it to beneficiary via advising and negotiating bank "Y".L/C terms provided payment of bank's "Y" charges and commissions for beneficiari's account. The beneficiary presented all documents to bank "Y" and rec...