Need to check conversion of volume of goods?

yenfongmoo · Post by **yenfongmoo** » Wed May 30, 2001 1:00 am

Is there a need for the bank to check on the accuracy of the conversion of the volume of goods e.g.
in the packing lists/log lists for sawn timber, we often receive the following details:-

Pieces/Length..Total Bundles..Meter Run..Total tons

Is the bank supposed to verify how the figure under Meter Run is arrived at & similarly for Total tons.
Or is it sufficient for the bank just to check on the accuracy of the mathematical computations.

[edited 5/30/01 3:52:18 PM]

T.O.Lee · Post by **T.O.Lee** » Wed May 30, 2001 1:00 am

Next time before you present your query, you should have first searched for the related ICC Opinions from DC PRO. We think that there are a few ICC Opinions on the banking practice that bankers do not have the duty to check for the correctness of calculations and may rely on the figures indicated in the documents.

We are from www.tolee.com