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By Gary Collyer, Ron Katz

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Extra resources for Collected DOCDEX decisions, 2009-2012 : decisions by ICC experts on documentary credits, collections and demand guarantees

Example text

It also found the issuing bank’s refusal not justified, because the issuing bank could accept the First of Exchange, which showed no correction and disregarded the Second of Exchange, which serves no purpose given that there was a First of Exchange. Since the issuing bank insisted on its position, the nominated bank sent yet another set of drafts to the issuing bank. The issuing bank refused the 3rd set of drafts for the reason that they were presented beyond the period for presentation. Issues to be determined 1.

Discrepancy No. 2: It is the opinion of the experts that there is no conflict between the naming of the bank in the documentary credit and the documents. This is primarily of importance in relation to the drawee part in the draft. The draft is clearly drawn in accordance with the documentary credit. This is not a valid discrepancy. Discrepancy No. 3: The signing of the bill of lading is regulated by UCP 600 sub-article 20 (a) (i), which reads: “A bill of lading, however named, must appear to: indicate the name of the carrier and be signed by: • the carrier or a named agent for or on behalf of the carrier, or • the master or a named agent for or on behalf of the master.

The revised documents included the beneficiary’s copy of fax, insurance document and new drafts. Upon receipt of the revised documents and within the timeframe required by UCP, the issuing bank sent another refusal notice via MT799 to the nominated bank citing the following discrepancy: (1) Amendment (correction) on the second draft not authenticated by the drawer. The issuing bank indicated on the MT799 that it was holding the documents at the risk and disposal of the nominated bank. , First of Exchange and Second of Exchange.

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