certificate of origin

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lroland
Posts: 15
Joined: Fri Apr 05, 2019 5:26 pm

certificate of origin

Post by lroland » Wed Mar 06, 2002 12:00 am

Documentary credit requests under certificate of origin that same has to indicate name of country of orgin of the goods. Is a certificate showing as origin of goods "european comunity" acceptable and would same also be acceptable if documentary credit would have specified goods to be of italian origin
LeoCullen
Posts: 131
Joined: Fri Apr 05, 2019 5:21 pm

certificate of origin

Post by LeoCullen » Wed Mar 06, 2002 12:00 am

In my opinion, where the credit requires a country of origin to be indicated on the certificate of origin, then the certificate of origin must clearly indicate the name of a country of origin - "European community" would not suffice.

If a named country is required by the credit then the named country must be indicated on the cert.
T.O.Lee
Posts: 743
Joined: Fri Apr 05, 2019 5:28 pm

certificate of origin

Post by T.O.Lee » Mon Mar 18, 2002 12:00 am

For convenience and flexibility, a DC may ask for "European origin", then documents showing Italian origin is acceptable since Italy is a part of Europe or EU.

On the other way round, if the DC asks for Italy, the country of origin requirement is specific and hence the documents cannot be generalised (e.g. European origin).

The related ICC Banking Commission decisions are base on simple common sense and should be available in the DC Pro search.

However, we do not encourage parties to use such imprecise terms. For example, according to the feedbacks from Middle East bankers, there is no official definition for "Middle East". Nevertheless, the CNN reported the war in Afganistan as "USA war against the terrorists in Middle East". Does this mean that an USA bank document checker (who watches CNN) should consider a certificate of origin showing Afganistan origin compliant in a DC asking for Middle East origin? We use this in our case study just to make fun of USA's understanding of the Middle East. "Far East" is another imprecise term.

www.tolee.com

[edited 3/18/02 9:44:25 PM]
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