MT745 under L/C confirm

PhanThanhNhan · Post by **PhanThanhNhan** » Mon Sep 17, 2012 1:00 am

Dear all,
I would like to have your professional opinions of following situation.
A confirmed L/C contains the following terms and conditions:
1. TTR allowed
2. Upon receipt of your authenticated SWIFT message certifying documents presented strictly in compliance with terms and conditions of the credit, we shall reimburse you as per your instructions within 05 working days.
The negotiating bank/ confirming bank sent us (issuing bank) Mt754 showing payment instruction (F57A, F58A) but not containing value date and not certifying documents presented in compliance with terms and conditions of the L/C.
Are we responsible for making payment within 05 days after receipt of such MT754?
Hope for your reply.

ChantalDuguay · Post by **ChantalDuguay** » Mon Sep 17, 2012 1:00 am

Dear Phan
If you refer to the S.W.I.F.T. Message reference Guide, category 7, a MT754 ''is used to advise the Receiver that documents were presented in accordance with the credit terms and are being forwarded as instructed.''
I would therefore consider this MT754 as meaning conform documents were presented. If the said bank has not indicated value, calculate 5 days from the day you received the message.
Regards

NigelHolt · Post by **NigelHolt** » Mon Sep 17, 2012 1:00 am

I agree with Chantal that the answer to the question posed is 'yes'.