Home › Forums › Letters of Credit

LC ADVISING Correction

1 reply [Last post]
Tue, 01/24/2012 - 20:17
Trade Finance b...
Offline
Joined: 10/27/2011
Posts:
Printer-friendly versionPDF version

I am new to Lc advising. Recently, i received an MT799 from the issuing bank on a correction to an LC. My question is,

(1) since it is just a correction, not an amendment, does the beneficiary need the original MT799 ?

(2) is there a need to have a signature stamp on the MT799 certifying that this correction is advised by us ?

 

‹ Documents Checking Avalisation ›
Top
Wed, 01/25/2012 - 01:22
#1
mass
Offline
Joined: 12/04/2011
Posts:
Correction

(1) since it is just a correction, not an amendment, does the beneficiary need the original MT799 ?

Since it is a correction (though mentioned as correction however it is modifying some thing) it must be advised to beneficiary and must be in the same way as a LC or an Amendment.

(2) is there a need to have a signature stamp on the MT799 certifying that this correction is advised by us ?

Any advise regarding a LC (MT700, MT701, MT707, MT799 ...) must be advised in the similar way. 

Consider a suituation where MT799 has a CORRECTION in goods description i.e. intially the goods were pans and now it is Pants , Now beneficiary is presenting documents to another bank. That bank will certainly will not negotiate on th basis of copy of message instead they will require the message in authenticated means  

Top