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DOCUMENTS LOST IN TRANSIT

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Thu, 09/02/2010 - 02:04
ronco
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Joined: 08/03/2010
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Dear Collegues,

please consider this example of l/c:

-EXPIRY PLACE: BENEFICIARY'S COUNTRY

-AVAILABLE: ANY BANK BY NEGOTIATION

-DRAFTS: AT SIGHT

-REIMBURSEMENT CLAUSE BY ISSUING BANK: UPON OUR RECEIPT OF COMPLYING DOCUMENTS WE WILL REIMBURSE YOU AS PER YOUR INSTRUCTIONS.

CONFIRMATION: WITHOUT

Beneficiary's bank negotiate docs transmitting specific SWIFT message to issuing bank confirming compliance of docs, their remittance by courier and details for the reimbursement.

Please confirm me that, as per article 35 of UCP 600 and being on applicant the risk of the trip of docs, issuing bank MUST reimburse negotiating bank even in case docs should be lost in transit.

Thank you and best regards  

‹ copy of non-negotiable sea waybill Bill of Lading (notify party and Port of Discharge) ›
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Thu, 09/02/2010 - 02:54
#1
DC_ken
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Joined: 07/21/2010
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Well article 35 is quite

Well article 35 is quite clear - yes it must. I do believe in some countries the customs authorities can realese the goods with photocopies of the documents so an issuing bank can approach the nominated bank for sending photocopies(if thy made some for their own records).

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Fri, 09/03/2010 - 02:15
#2
Amar
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Joined: 06/07/2010
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DOCUMENTS LOST IN TRANSIT

If taking the situation that original documents were sent in single lot but lost in transit Now as per the Bank to Bank Reimbursement arrangement the issuing bank is liable to reimburse the Negotiating Bank and it reimburses.

But how com the Applicant release the goods from Shipping Line without the Original Shipping Documents.

 

Pls clarify ? 

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Thu, 09/02/2010 - 10:16
#3
thosarsuhas
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Joined: 08/22/2010
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DOCUMENTS LOST IN TRANSIT

The best solution to avoid such unpleasant situation is let LC state  that the dox can be sent in 2 lots .

Regards,

Thosar suhas

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