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Regarding CoverPage of Shipping documents

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Mon, 02/18/2008 - 06:12
zakir
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some times the Nominated Bank /Negotiation Bank does not disclose in the forwardig schedule  (that Nego. Bank send to the Issuing Bank) of the documents whether they Negotiate  the documents but claim reimbursement.I want to know is it optional for the nominated Bank to disclose whether they Negotiate or donot negotiate the docs in the coverpage of the forwarding schedule. 

zakir

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Mon, 02/18/2008 - 14:02
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Frammi
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Joined: 08/17/2007
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Negotiated or not negotiated?

Dear Zakir,

As the issuing bank is also always a nominated bank, I feel it doesn't make much difference whether negotiated or not.

To be honest, in 99 percent of the covering schedules that I received, bearing a remark that the presenting bank had negotiated the docs, I felt this was not true as the docs had many, many severe discrepancies.

So whether negotiated or not, the issuing bank will have to pay for a complying presentation, and if the presentation is not a complying, a negotiating is not possible or only under reserve, which is not a complete negotiation anymore.

 

-Each long journey starts with a small step-

Best regards

Frammi

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