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Article 35. Disclaimer on Transmission and Translation

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Sat, 05/29/2010 - 22:54
Mohammad Ibrahi...
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Joined: 05/29/2010
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We are representing as issuing Bank in Dhaka/Bangladesh, received the following message from the Confirming Bank that :

" Documents have been forwarded on 28.04.2010 by UPS Courier. Unfortunately, UPS sent it to Doha/Qatar wrongly instead of Dhaka/Bangladesh. We are in contact with UPS and they try to solve the problem. However and as mentioned above, the L/C is confirmed by us and we are claiming payment now, please make available balance in your account. Further, today we will forward copies of documents requirement as per L/C terms and conditions. The opening bank is aware that they have to pay the docs. value even though the documents are copies. This refers to art. 35 UCP no. 600.

Now question ?

1) If we want to make payment after receiving of copy documents, have any problem ? or have any time frame to pay in this loss documents ?

2) Can we wait upto completion of documentation regarding releasing of good via copy transport documents ? Because, Applicant wants document to retire goods before making payment & issuing banks need documents on complying presentation ?

Regards,

Mohammad Ibrahim Hossain

E-mail: ibrahim.id@nationalbankbd.com 

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Wed, 08/04/2010 - 03:32
#1
laxman12 (not verified)
International finace.

Now question ?

1) If we want to make payment after receiving of copy documents, have
any problem ? or have any time frame to pay in this loss documents ?

2) Can we wait upto completion of documentation regarding releasing
of good via copy transport documents ? Because, Applicant wants document
to retire goods before making payment & issuing banks need
documents on complying presentation ?

regards,

phe9oxis,

http://www.guidebuddha.com

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Sat, 05/29/2010 - 23:50
#2
pan
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Joined: 09/13/2007
Posts:
Sorry, but...

Hi friend,

as per art 35, you bear the risk of lost in transit documents. Beneficiary has right to be "paid" by presenting documents(complying) to the bank where the credit was available(with confirming bank,OK). Normally, in this case and when the transport document is a bill of lading issued in 2 or 3 originals, it is better to ask for a double sending; first set of documents, than second set within few days.

So check if the confirming bank has well worked, than you could ask for copy of documents(the bank has no obligo to send copies), ask applicant to get full documentation by the beneficiary per fax or e.mail. try to contact the shipping company for a delivery of goods without presentation of original bill of lading, but under a bank guarantee.

Unfortunately risk is yours and your applicant, but you can ask refund from the courier company, uhmmm:

other comments appreciated

Ciao and good luck

 

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