I would appreciate feedback on the following:-
The letter of credit calls for "Full set original bills of lading showing the following:
1) Consignee: xxxxxx
2) Notify Party: xxxxxx
3) Remarks: : Freight prepaid
CFR........
Full set of original Bills of lading have been presented as per the terms above with the exception that the bill of lading states "Notify address" instead of "Notify party".
The actual notifying details are correctly stated on the bill of lading, its whether the heading "Notify address" is a discrepancy instead of stating "Notify party".
The letter of credit is for a large amount and so we need urgent clarification.
Your valued replies would be appreciated
Regards
Neil Klug
Notify Party
Notify Party
Neil,
Ah, the delicious delight of the documentary credit. The possibility of losing large sums of money as a result of matters that -in the ‘real world’- are of absolutely no importance whatsoever.
Although the query did not relate to this issue, I notice that Opinion R277 deals with a B/L which was described as having a ‘notify address’. Both the enquirer and Banking Commission seem to have ‘taken it as read’ this was the notify party.
I would add that before reading this opinion -not that I regard it as conclusive- I had already decided that I considered ‘notify address’ as meeting the requirement for ‘notify party’, provided all the credit required details were present. Literal compliance is not required under credits and it is undeniably clear, in my opinion, from the BL you describe that it is intended that the applicant is notified of arrival of the goods.
Regards, Jeremy
[edited 10/3/2006 9:38:07 AM]
Ah, the delicious delight of the documentary credit. The possibility of losing large sums of money as a result of matters that -in the ‘real world’- are of absolutely no importance whatsoever.
Although the query did not relate to this issue, I notice that Opinion R277 deals with a B/L which was described as having a ‘notify address’. Both the enquirer and Banking Commission seem to have ‘taken it as read’ this was the notify party.
I would add that before reading this opinion -not that I regard it as conclusive- I had already decided that I considered ‘notify address’ as meeting the requirement for ‘notify party’, provided all the credit required details were present. Literal compliance is not required under credits and it is undeniably clear, in my opinion, from the BL you describe that it is intended that the applicant is notified of arrival of the goods.
Regards, Jeremy
[edited 10/3/2006 9:38:07 AM]
Notify Party
Dear Neil,
as long as b/l states name and address of the notify party as per l/c,is ok.
sub-art.23a(vii) of ucp500 states "in all other respects meets the stipulations of the credit".
since b/l has been filled out as per l/c terms and conditions,the preprinted words "notify address" don't change the meaning of information given inside said box.
for example,all b/ls issued by hapag-lloyd are preprinted with words "notify address" and i never met an issuing bank rejecting docs for such reason.
regards and good luck
bogdan
as long as b/l states name and address of the notify party as per l/c,is ok.
sub-art.23a(vii) of ucp500 states "in all other respects meets the stipulations of the credit".
since b/l has been filled out as per l/c terms and conditions,the preprinted words "notify address" don't change the meaning of information given inside said box.
for example,all b/ls issued by hapag-lloyd are preprinted with words "notify address" and i never met an issuing bank rejecting docs for such reason.
regards and good luck
bogdan
Notify Party
I agree with Jeremy regarding
" delicious delight of d/c"
The intended function of the requirement to indicate a party on the B/L to be notified of arrival of the goods.
Notify / Notify party / Notify address or words with similar qualification should be considered to have the same meaning provided they are completed with the required "notify" details i.e. the name /address in the credit.
Regards,
Yahya
[edited 10/3/2006 2:31:11 PM]
" delicious delight of d/c"
The intended function of the requirement to indicate a party on the B/L to be notified of arrival of the goods.
Notify / Notify party / Notify address or words with similar qualification should be considered to have the same meaning provided they are completed with the required "notify" details i.e. the name /address in the credit.
Regards,
Yahya
[edited 10/3/2006 2:31:11 PM]
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EmiratesBank
- Posts: 1
- Joined: Fri Apr 05, 2019 5:15 pm
Notify Party
Hi
The word notify party is intended to notify/inform the party upon arrival of goods at the port. The fact that notify address is stated in the BL serves the purpose.So in my opinion( not conclusive) this is not a discrepancy.
regards,Rajani
The word notify party is intended to notify/inform the party upon arrival of goods at the port. The fact that notify address is stated in the BL serves the purpose.So in my opinion( not conclusive) this is not a discrepancy.
regards,Rajani