Swift has lately posted on their web that category 7 standards may not be used to transport non-bank-issued letters of credit.
(http://www.swift.com/index.cfm?item_id=43320).

What is your view on this issue?

There always a reason for the applicant to call for FOB terms but freight charges (prepaid) are settled outside the LC terms. It may be a back-to-back trade where the middle man is responsible for the freight charges. Incoterms, ISBP, UCP are all used to faciliate trade and we should let the buyer a...

Jeremy, Being the transferring bank, we will not incorporate any reimbursement instructions or authorize the transferee's banker to debit our account for Transfer LC. In our Transfer LC, payment will only be effected to the 2nd beneficiary (transferee) upon receipt of good funds from the LC Issuing ...

These conditions are certainly not agreement between the buyer and seller in the sales contract. Is the purpose of LC to faciliate trade or just a vehicle for bankers to grap money. Issuing banks incorporate similar terms in their LCs are passing their costs and responsibilities to the negotiating b...

It looks like an Open Account activity rather than Letter of Credit. Shipment may be perishable goods that buyer doesn't want to take the risks. Why an LC is needed? May be it is easiler for the exporter to apply for a quota or an export license. Would appreciate you check with the beneficiary and s...

Would like to apply substantial compliance rather than strict compliance in subject matter. In substance, the beneficiary has met the LC requirement to have an independent surveyor to issue Certificate of Quality and Certificate of Quantity. Why bother one certificate or two certificates?

Regards,

Good to have a game in the Forum.

I will pick the 35 years old young man as I assume he is still alive when I arrive the treatment center.

Cynthia

You may refer to the case of Voest-Alpine Trading USA Corp v Bank of China quoted in 2001 Annual Survey of Letter of Credit Law & Practice. I believe the court will be on your side.

Regards,

ahming

As a confirming bank, you have a definite undertaking in the LC on top of the LC issuing bank's undertaking. Your responsibilities is more than reasonable care. You have to ensure the amended terms are acceptable to you. For an irrevocable LC, you have the right not to confirm the amendment. If you ...

I agree with the common sense approach but some bankers don't.

How about asking the shipping company to state on the transport document that it is a fleet shipment using several trucks at one single shipment?

Regards