chainfert.blogg.se - Memberized initiater swift

Even though the bill of lading is dated one day after the last day of the loading period, this is not in conflict with the requirements of the credit.ĥ. In ICC Banking Commission Opinion R 678, the issue is similar (inspection certificate stating loading 27-28 Jan. However, the "discrepancy" raised by the Initiator does not refer to this it simply states "B/L date stated on invoice is 23 December 2011 whereas loading during the period from 18th to 22nd December (late shipment)."Ĥ. Presentation number 1: if one converts "covering" to the "goods description required to appear on the invoice", then the loading period is not stated in the goods description (emphasis added). The only place a loading period was stipulated was under the heading "covering".ģ. The credit does not explicitly require that it state the loading period.Ģ. The credit stipulated the requirement for the invoice to be: "copy of unpaid commercial invoice stating B/L date". No transport document was required by the credit. SWIFT message sent by the Initiator notifying dishonour of Presentation number 2.ġ. SWIFT message sent by the Respondent requesting payment status ġ0. Remittance letter and Presentation number 2 invoice ĩ. SWIFT message sent by the Respondent stating beneficiary is re-submitting a new invoice and continuing to disagree with discrepancy in Presentation number 1 and requesting payment with interest Ĩ. SWIFT message sent by the Initiator explaining its position on Presentation number 1 ħ.

SWIFT message sent by the Respondent disagreeing with discrepancy Ħ.

SWIFT message sent by the Initiator notifying dishonour of Presentation number 1 ĥ. Documents of Presentation number 1 by the Respondent Ĥ. SWIFT message from the Respondent acknowledging receipt ģ. SWIFT message sent by the Initiator setting out the terms of the SBLC Ģ. LOADING DATE IS INDICATED AS 22 DECEMBER 2011 WHEREAS B/L DATE IS INDICATED AS 23 DECEMBER 2011. Initiator timely dishonoured the second presentation, stating the following discrepancy and indicated it was holding the documents: "THE INVOICE SHOWS CONFLICTING DATA. Respondent timely submitted a new invoice showing the same information as above AND adding new information i.e., Loading Date (line 2 below):ħ. The Initiator disagreed with Respondent's position and continued to dishonour the first presentation.Ħ. The Respondent disagreed with the discrepancy and presented arguments to the Initiator. The Initiator timely dishonoured the first presentation, stating the following discrepancy and indicated it was holding the documents: "B/L DATE STATED ON THE INVOICE IS 23 DECEMBER 2011 WHEREAS LOADING DURING THE PERIOD FROM 18TH TO 22ND DECEMBER 2011(LATE SHIPMENT)"ĥ. The commercial invoice for the first presentation of documents gave the following information (in addition to other information not in question):Ĥ. In the SBLC SWIFT message, Field 77C stated (in addition to other information not in question): "COVERING: THE SHIPMENT OF 425'000 BARRELS +/- 5 PCT OF QARUN CRUDE OIL DELIVERED DES TRIESTE BY VESSEL 'TBN' OR SUB LOADING DURING THE PERIOD FROM 18TH - 22ND DECEMBER 2011 (BOTH DATES INCLUDED)."ģ.

either a copy of a notice of readiness and completion of discharge OR a copy of the beneficiary's Warranty of Title in the following format.

"copy of an unpaid commercial invoice stating B/L date.

The standby required presentation of three documents: Summary of representations: the SBLC was subject to UCP 600 and sent by the Initiator by SWIFT. Was the Initiator therefore entitled to refuse payment under the SLBC?ġ. Following presentation of a revised document, was the Initiator again entitled to refuse the Respondent's claim on the grounds of discrepant documents? andģ. Was the Initiator entitled to refuse the Respondent's claim under the standby letter of credit (SBLC) on grounds of discrepant documents? Ģ. Note: The Respondent has not filed an answerġ. Respondent: Company U (hereafter "beneficiary" or the "Respondent") Initiator: Bank B (hereafter "issuing bank" or the "Initiator")