Based on my own experience of the last 10 - 15 minutes I would have thought it would be a simple matter to determine the relevant legislation online and then see what it had to say. The relevant legislation seems clearly to be the Negotiable Instruments Act, 1881. Section 5 "Bill of exchange&qu...

But the documents have never been presented to the negotiating bank! The fact that the 'schedule' bears the negotiating bank's address, logo etc does not change this. That is the crux of the matter.

It really is very simple: if a complying presentation is not made to the nominated bank the nominated bank cannot claim the rights of a nominated bank under the UCP; no 'ifs or buts'.

This idea was put forward some years ago in my own organisation and rejected precisely for this reason.

Tracy, I would have thought that if an issuing bank had sent an advice of honour to the presenter it would have delivered the documents to the applicant at the same time and as a result not be in a position to return them. My main concern in these circumstances -if most unusually I were in a positio...

What I will call the 'correcting page' must appear to form part of the BL itself. An appropriately headed addendum attached to the BL would achieve this.

And thanks Glenn. Less than 6 months to go now.


[edited 3/6/2014 11:16:40 AM]

I can certainly see the logic of strictly applying sub-Article 14(g), as if one allows an exception it then becomes unclear as to where to draw the line, and therefore would not seek to argue against doing so in this particular situation. One benefit I have found of ‘putting my neck on the block’ in...

Based on what you quote above, the letter does seem to be signed clearly on behalf of the master of the vessel and thus I believe the letter is sufficient to correct data in the BL and to evidence that correction.

Bank employees that work in the field of documentary credits tend to take a very mechanical & rigid approach to examining documents, that –among other things- takes no account of the law. (And to be fair I do have some sympathy for this approach.) Thus, they will –in this type of case- invariabl...

I am as puzzled as you Jim.

Thanks for your comments Khalid & Heshmat. I have to admit to being a little puzzled at the idea the intention is to secure an open a/c transaction, as I would expect a standby LC available by sight payment, with far fewer documentary requirements, to be used in such circumstances. Furthermore, ...