It sounds like what we are talking about is a nominated bank (e.g. to negotiate) is requested by the beneficiary to issue an undertaking that they will honor their nomination, provided documents comply, in advance. The difference to me is the engagment and responsibility must be in the undertaking a...

Judith makes a good point. If a credit is available by Payment you must assume the funds are readily available to the nominated bank. Once the documents have been found to comply by definition the nominated bank is suppose to be "able" to pay. Of course we all know what is really the case ...

May Add was like when a credit was issued and said "in red ink" This is a Red Clause Credit. It was understood the nominated bank could give up to 100% Advance against a simple receipt. May Add was the abbreviation for May Add at Beneficiary's Request and was my understanding of why SWIFT ...

It would seem to me that the document need only appear to meet the conditions of the requirement and not conflict with the terms of the contract or the other documents. Having said that bit of nonsense, with the requirements so vague you can argue the document complies provided it says something abo...

I go back to before SWIFT was even a form of communication and the term May Add always meant May Add Confirmation at Beneficiary's Request. When the fields for SWIFT were created field 49 options of Confirm, May Add, and Without were intended to mean either add confirmation, may add confirmation at ...

The following are comments I made to our National Committee a month ago on this topic. Last Friday, I found the comments regarding, what appears to be Gary ________opinion regarding the On Board notation, extremely upsetting and conflicting with the comments which I have heard since the first draft ...

Maybe I was not very clear. The requirement for the Certificate of Authenticity/Certificate of German Origin is under one documentary requirement (e.g. document number one), there was also a document number two and a document number three and so on and so forth. I had no problem with the requirement...

Letter of Credit calls for a Certificate of Authenticity Certificate of German Origin (all in one documentary requirement). The documents when presented include a Certificate of Authenticity plus a Certificate of Origin (evidencing the goods are of German Origin). My opinion is the documents do not ...

The whole issue of which article of UCP applies has been an issue since UCP 500 came out. This is especially true for inland applicants who do not want to allow transhipment, want an ocean bill of lading and Article 23 to apply but want the goods covered to an inland point (e.g. Chicago). On the oth...

It is the policy of this institution that we will only transfer a credit which we are prepared/authorized to determine compliance with the terms and conditions of the letter of credit/transfer. As was stated in a previous message, a bank has to be able to review documents to conduct the substituion....