Refer to ISBP 745 paragraph B5b.ii.
Rgds

The expiry date is the expiry date "for presentation". The "place" i.e. "for presentation" is the place where the credit is available. The place of expiry and place for presentation (ie. where the LC is available) should be the same. Making a LC available with the issui...

Thanks N.H. Duc, On reading the inquiry posted, I also recalled the same opinion R634 which is clear. UCP 600 sub-Article 14k. states in part that the shipper or consignor "need not be the beneficiary". If the sub-Article is excluded from the LC, it means the shipper or consignor "nee...

Dear HESHMAT,

ICC Opinion R572 (which supercedes R284) is very similar to your case. The conclusion being, as replied, that the date of the on board notation will be used as the date of shipment.

Regards

Hi Shahed, As per the SWIFT usage rules, F49 contains instructions for the receiver of the M700. If the receiver of the MT700 does not add its confirmation, and there is a second advising bank, then the receiver (as first advising bank) will advise the LC through the second advising bank by MT710 st...

Hi Shahed, I agree fully with Judith. I have seen many UPAS LCs since decades ago. The issuing bank undertakes to pay a usance LC at sight and such LCs are restricted to the issuing bank only - NOT available with any bank. It does not make sense for an issuing bank to allow "any bank" to i...

Hi Shahed, Sorry for not replying sooner - thought this issue was closed. In any event I was going to provide the same text that Jim has already provided with reference to the ISP model forms 2 and 11.1.
Kind regards
Rita

RR (Canada): This question continues to come up from time to time. The wording in this case would be interpreted as taking effect upon sending. The wording of the such conditions is extremely important since if it is worded in a way to mean that the beneficiary must receive the notice, this could pr...

Hi Shahed You may wish to refer to the ICC Recommendation Paper in respect of the requirements for an On Board Notation. Page 4 of the paper explains that a notation of ‘’on board’’ does not always equate to ‘shipped on board’ a vessel. The paper also refers to ICC Opinion TA.679 which seems similar...

Usually with outsourcing, the nominated bank receives the original documents and scans copies to its processing agent for examination. As such the nominated bank's position remains intact since complying documents were presented to it (UCP600 Art. 7a) and it forwards them to the issuing bank (UCP600...