legalization by local entity
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PatrickRolvink
- Posts: 2
- Joined: Fri Apr 05, 2019 5:24 pm
legalization by local entity
Can the L/C wording ''a document certified/legalized etc. by a local entity'' such as CoC be interpreted same as the analysis and conclusion regarding UCP600 article 3 concerning the issuance?
legalization by local entity
Hi Patrick. I am unsure what you are asking - can you provide a little more detail.
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PatrickRolvink
- Posts: 2
- Joined: Fri Apr 05, 2019 5:24 pm
legalization by local entity
Leo, basically it would be helpful to know the opinion regarding to legalization/certifying for instance Cert. of Origin by a local entity such as embassy or chamber of commerce. Does the wording local means that banks accept legalization etc by any embassy/ chamber of commerce? I know that recently there was an opinion about the ISSUANCE of local parties.
legalization by local entity
Hi Patrick,
There was an Opinion (R392 - "Meaning of the term "exporting country") issued a few years ago very similar to the question you are asking. I have copied the Conclusion of it below:
"The requirement, as in this credit, for a certificate of origin to be legalized by the chamber of commerce in the "exporting country" has no clear meaning where the beneficiary may be located in one country and the goods shipped/dispatched from another.
Sub-Article 5(a) imposes a duty of care on the applicant and the issuing bank to ensure that the credit and amendment(s) thereto are complete and precise.
In a letter of credit with a clause as stated above, the certificate of origin would be acceptable if legalized by a chamber of commerce in the country of domicile of the beneficiary, country of origin, country of place of receipt or country from which shipment or dispatch is made.
Opinion R. 377 of ICC Publication No. 613 also refers to this issue.
Where a certificate of origin is legalized in any of the ways shown above, it will not be considered as an inconsistency if the bill of lading indicates a place of receipt or port of loading which is in a different country from that in which legalization has occurred."
There was an Opinion (R392 - "Meaning of the term "exporting country") issued a few years ago very similar to the question you are asking. I have copied the Conclusion of it below:
"The requirement, as in this credit, for a certificate of origin to be legalized by the chamber of commerce in the "exporting country" has no clear meaning where the beneficiary may be located in one country and the goods shipped/dispatched from another.
Sub-Article 5(a) imposes a duty of care on the applicant and the issuing bank to ensure that the credit and amendment(s) thereto are complete and precise.
In a letter of credit with a clause as stated above, the certificate of origin would be acceptable if legalized by a chamber of commerce in the country of domicile of the beneficiary, country of origin, country of place of receipt or country from which shipment or dispatch is made.
Opinion R. 377 of ICC Publication No. 613 also refers to this issue.
Where a certificate of origin is legalized in any of the ways shown above, it will not be considered as an inconsistency if the bill of lading indicates a place of receipt or port of loading which is in a different country from that in which legalization has occurred."