Wich is the difference between "partial drawings", "multiple drawings" and "partial drawings not allowed"
- What’s means “partial drawings not allowed” in a sblc?
a) That you have to draw for the entire amount, even if the default is for an amount smaller than the amount of the sblc.
b) That you can draw only for the amount due, and you will lose the rest.
- What is the difference between partial drawings and multiple drawings?
Unles otherwise stated, and in the context of a sblc, subject to ISP98, both "partial drawings" (a drawing for less than the full amount), and "mutiple drawings" (more than one drawing) may be made.
If "partial drawings" are not allowed, one single drawing must be made, for the full amount only.
If "multiple presentations " are not allowed, the drawing may be for less than the full value, but only one drawing is allowed. The balance (if any) is lost
Thank you Abrar for your answer.Now I have another question… the definitions you gave me are for the isp98 (30.8); does the ucp600 have a similar definition? (the ucp600 may be applicable to sblc)
Although a sblc may be subject to UCP600 instead of ISP98, the terminologies are not defined in UCP600. If such terminologies are used in this context, it would be well to clearly define them in the sblc.
Many thanks for your help
Recent comments
1 hour 57 min ago
2 hours 23 min ago
3 hours 49 min ago
8 hours 41 min ago
8 hours 44 min ago
20 hours 58 min ago
21 hours 16 min ago
21 hours 37 min ago
22 hours 5 min ago
22 hours 23 min ago