I would like to seek for yr comments on the following matters.
We have rec'd a set of docs from the presenting bank under our confirmed L/C. After checking the docs, we have noted the following discrepancy :
- Beneficiary Statement without showing beneficiary invoice no. and/ or L/C no. related to this bill.
We have sent our unpaid advice to the presenting bank. However, they did not accept it and said 'IT IS NO NEED TO SHOW BENE INVOICE NO. AND OR L/C NO. RELATED TO HIS BILL ON THE BENE STATEMENT FOR THERE IS NEITHER SUCH REQUIREMENT IN INTERNATIONAL PRACTICES AND RULES NOR ANY DEFINITE STIPULATION IN YOUR LC'.
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But, we insist that docs are discrepant and sent our SWIFT msg to the presenting bank, QUOTE - ACCORDING THE ICC OPINION IN THE QUERIES AND RESPONSE POINT NO. 3 ON QUERY NO. R251, A BANK REQUIRES TO SEE SOME FORM OF LINKAGE BETWEEN THE DOCUMENTS PRESENTED AND / OR THE LETTER OF CREDIT TERMS'.
Due to the above ICC opinion, we consider the discrepancy is valid
Presenting bank come back to us to say such ICC opinions (R251 and R556) are based on UCP 500 and out of date. They also told us if it is an general international standard banking rule or practice it must have been stated in UCP 600 or in ISBP. They quote the article 8 of ISBP wherein no such requirement is stated.
May i have your comments whether the discrepancy pointed out by us is valid in light of ICC opinions which are not demolished by the implementation of UCP 600.
Shahed
Toronto
Linkage between the docs presented and LC terms
Linkage between the docs presented and LC terms
See 'linkage' started by Yahya in the UCP600 discusson forum.