Page 1 of 1
LC charges
Posted: Mon Sep 10, 2001 1:00 am
by DineshSharma
When LC mode of payment is chosen by the seller over the Buyer suggested direct bank transfer mode of payment, should the Buyer bear the LC opening and execution charges, if yes, Why?
LC charges
Posted: Mon Sep 10, 2001 1:00 am
by larryBacon
Any and all bank charges are entirely a matter of negotiation/agreement between applicant and buyer, regardless of the proponent party.
LC charges
Posted: Fri Sep 14, 2001 1:00 am
by T.O.Lee
Dear Laurence,
In your comments, by "buyer" do you intend to mean "beneficiary"?
This sort of typo, though quite obvious on its face, cannot be checked by a computer software since AI is not yet fully developed.
T. O.
[edited 9/14/01 6:16:32 AM]
LC charges
Posted: Mon Sep 17, 2001 1:00 am
by larryBacon
Thanks T.O. for spotting the typo. I did mean beneficiary.
LC charges
Posted: Wed May 08, 2002 1:00 am
by PavelA
Applicant should be also aware of the consequences of the article 18 UCP500 which states that where a Credit stipulates that such charges (for services re. L/C transaction) are for account of a party other than the instructing party (him), and charges cannot be collected, the instructing party (him) remains ultimately liable for the payment thereof“.
Pavel Andrle