Hi We are in receipt of an export letter of credit expiring in the beneficiaries country. The L/C has been confirmed by benificiary's bankers. Payment instructions on the L/C by the issueing bank: "upon receipt of documents by us in strict compliance we shall remit cover as required at maturity...

Is the confirming bank obliged to pay the beneficiary immediately after establishing that the docs comply to the L/C prior to obtaining payment from the isueing bank.

We have an export letter of credit case scenario where we, the negotiating Bank (Bank B) has negotiated documents under our confirmed letter of credit with no discrepancies raised. Client request immediate discounting of proceeds which we duly did. The issueing bank (Bank A), upon receipt of docs ra...

"A bill of lading, however named, must appear to: indicate that the goods have been shipped at the port of loading stated in the credit...." We need clarification as when we issue letters of credit port of lading is stated sometimes as "any chinese port " and the specific port of...

I would appreciate feedback on the following:- The letter of credit calls for "Full set original bills of lading showing the following: 1) Consignee: xxxxxx 2) Notify Party: xxxxxx 3) Remarks: : Freight prepaid CFR........ Full set of original Bills of lading have been presented as per the term...

We would appreciate your valued opinion on the following:- We are in possession of a bill of a Bill of Lading issued by the Mediterranean Shipping Company S.A. Geneva. The bill of lading has been signed off with the wording "Mediterranean Shipping Company (PTY) Ltd, signed on behalf of the mast...

Thanx to everyone for their valued input on this subject.

Plse may I have responses in terms of the UCP rulings and in order to avoid any ambiguity in future, how should the tolerance issue be worded in letters of credit?


Regards
Neil

We issued a letter of credit where one of the terms of the L/C states: "A tolerance of plus/minus 5 percent is allowed on value and quantity" Amount of L/C: $29550.15 Description of goods read as:- "18.55 tons of honey". No price was stated on the L/C. Beneficiary exported 18.55 ...