art.18b
Posted: Fri May 14, 2010 1:00 am
Good. What does he say?
Daniel
Daniel
Suggested answer of the 18.15 of the Frequently Asked Questions under UCP 600 Volume I, II & III is quoted below:
"Sub-article 18 (b) allows a nominated, confirming or issuing bank to accept an invoice for an amount that is greater than the amount of the credit provided the respective bank does not honour or negotiate for more than the credit value. This requires that the beneficiary (if presentation made direct) or the presenting bank request the settlement of the lower amount in their cover letter / schedule or, where there is a draft, the draft is drawn for the amount of the credit. A bank should NOT pay the lower amount without the agreement or instruction of the beneficiary / presenter."
ZEYNEP ERSAMUT