ICC Digital Library Forum

Hi
Just a little teaser in my opinion, but I have had a serious discussion with a colleage about this.

You might have seen that the publication of the Incoterms 2010 has the R circled between the word Incoterms and 2010.

If the credit mentions the circled R, in the price (actually since they can't do that in swift, they actually put the R between parenthesis) and the invoice leaves out the (R), would you consider that this is a discrepancy.

I must admit that such nit picking is counter productive, but unfortunately some banks are looking for any reason not to pay, or at least to delay payment.

What do you think?
Judith

Hi Judith
I have always believed that L/Cs worst enemy are the Banks themselves. This nit picking dissipates all confidence in the L/C as reliable means of payment and I feel that the problem is getting worse. Recently I had documents rejected becasue the proforma invoice number said 0 instead of O. It is about time that banks are rated for competence so you know whom you are dealing with.
Regards.

oh I do so agree with you.

Most of the major banks have reliable and knowledgeable staff -- the problems arise with those less reliable banks who seize any reason to delay payments.

Note : I didn't say "smaller banks", because this one question came from an important bank on the other side of the Mediterranean whom I suspect was just trying to delay payment.

Regards
Judith