Approved Certificate

asamaha · Post by **asamaha** » Wed Jun 06, 2012 1:00 am

LC asks for a certificate from the beneficiary approved by the representative of the applicant (company XYZ).

The certificate presented shows a signature under the stamp in the name of Company XYZ, without showing the status of the signatory i.e. representative.

Is this a discrepancy?

Regards
Antoine

NigelHolt · Post by **NigelHolt** » Fri Jun 08, 2012 1:00 am

I think the answer is ‘no’. To me, anyone signing for XYZ must, by definition, be holding him/herself out as a representative of XYZ. Therefore, his/her mere signature –apparently for XYZ- is sufficient.

JimBarnes · Post by **JimBarnes** » Fri Jun 08, 2012 1:00 am

I agree with Jeremy. If the signature was a forgery, that might provide an extraordinary defense based on the abuse/fraud/forgery exception under applicable law, but the banks are not required or expected to detect or assert that kind of defense (as codified in UCP600 Article 34). Regards, Jim Barnes