Search found 19 matches

by RobReissner
Fri Feb 12, 2010 12:00 am
Forum: UCP 600
Topic: Surrendered BL
Replies: 17
Views: 10201

Surrendered BL

Dear all,

In my opinion a "Surrendered B/L" is not a document addressed in the UCP600. I am not familiar with the type of document nor with the purpose it serves. However, if required under a letter of credit, I would look at it in terms of UCP600 Article 14 f.

Kind regards,

Rob Reissner
by RobReissner
Fri Feb 12, 2010 12:00 am
Forum: ISBP
Topic: Discrepancy on Draft
Replies: 6
Views: 4791

Discrepancy on Draft

Dear all, I can agree that discrepancies in a draft should not be a reason for a bank to decline on honouring the documents all together. A reason for having drafts drawn on applicant excluded in UCP600. However, a bank is entitled to require a draft to be drawn correctly before agreeing to accept i...
by RobReissner
Fri Nov 27, 2009 12:00 am
Forum: General
Topic: agent's address
Replies: 4
Views: 2835

agent's address

Agree. It is generally acknowledged that requirements in a letter of credit should be clear and precise. Failing indication of a specific address or a definition of details the address should contain, banks will accept any address given. Also, based on what would it be mandatory that an address is o...
by RobReissner
Thu Nov 26, 2009 12:00 am
Forum: General
Topic: ON BOARD PRE-CARRIAGE
Replies: 14
Views: 8786

ON BOARD PRE-CARRIAGE

Dear all, Assessment of the bill of lading can only be done based on what the document indicates. If transhipment actually takes place at Singapore, there is a different situation, but the bill of lading apparently does not show that. As to Daniel's comments, I guess, the opinion of the Banking Comm...
by RobReissner
Mon Nov 23, 2009 12:00 am
Forum: General
Topic: ON BOARD PRE-CARRIAGE
Replies: 14
Views: 8786

ON BOARD PRE-CARRIAGE

Dear Thi, The issue under Opinion R352 evolved more around the question of transhipment under a letter of credit prohibiting transhipment. In the analysis and conclusion the Banking Commission states "....the bill of lading would need a separate on board notation which clearly shows the date th...
by RobReissner
Mon Nov 23, 2009 12:00 am
Forum: General
Topic: ON BOARD PRE-CARRIAGE
Replies: 14
Views: 8786

ON BOARD PRE-CARRIAGE

Dear Thi, Looking at the example given by you, I doubt whether reference to ICC Opinion R352 is appropriate. The situation rather resembles case No. 1 under ICC Opinion R457. There the Banking Commission was of the opinion that, by its drafting, the bill of lading indicates that the pre-carrying ves...
by RobReissner
Fri Nov 20, 2009 12:00 am
Forum: UCP 600
Topic: Art 7c and Documents for approval
Replies: 21
Views: 12611

Art 7c and Documents for approval

Dear all, When my attention was first drawn to the court case Jeremy referred to, I had high hopes it would confirm my view (and also Jeremy's) on the principle of actually acting on your nomination. After reading the full report I was a bit dissapointed in that. I doubt that Fortis, in this case, a...
by RobReissner
Fri Nov 20, 2009 12:00 am
Forum: General
Topic: Document Checking Insurance
Replies: 3
Views: 2589

Document Checking Insurance

Lynda, Never heard of it. However, I guess you can practically insure yourself against anything if you're prepared to pay the premium attached to it. A surgeon can insure him/herself against the consequences of a mistake made performing an operation. Banks do have insurances against claims and make ...
by RobReissner
Mon Oct 12, 2009 1:00 am
Forum: UCP 600
Topic: synonym - MANUFACTURE V PRODUCTION
Replies: 8
Views: 4903

synonym - MANUFACTURE V PRODUCTION

Agree with Jeremy's first remark that you would have to look at it in its context. You would then, in most cases, say that the same thing is meant when the credit requires either date of "manufacture" or "production". Also, if the credit states "manufacture" in relation...
by RobReissner
Mon Oct 12, 2009 1:00 am
Forum: UCP 600
Topic: Art 7c and Documents for approval
Replies: 21
Views: 12611

Art 7c and Documents for approval

Svetlana, As a final comment on this from my side, the wording of UCP600 Art. 2 on "negotiation" and Art 12 (b) makes it clear that the nominated bank takes its position before sending the documents to issuing bank by purchasing / pre-paying the draft and / or documents. Also it is underst...