I agree that the issuing bank should have drafted it better. Unfortunately on the export side, as the advising bank, we see these almost everyday. It is logistically impossible to question every single item and get the issuing bank to comply when we are advising them. We have gotten fierce arguments...

Laurence, thank you for your welcome and your reply. There was quite a bit of discussion at our bank and we were pretty evenly divided on the subject. One side said that the L/C condition should be taken literally and should be stated on the document word for word, while the other stated that if the...

I would like to pose a question concerning insurance documents. If a L/C states: “Insurance policy / certificate for 110% of invoice value evidencing claims payable in Shanghai, in the currency of the draft”. The currency of the credit and draft is USD. The document presented is an insurance policy ...