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Liability of all bank charges if L/C omits Field 71B

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Sat, 04/16/2016 - 22:36
J R Jadhari
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Joined: 04/16/2016
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If Letter of Credit omits to mention Field 71B (Charges) then to whom liability goes  to pay the L/C Advising Bank's Charges and Nominated Bank Charege and Reimbursement Charges. Whethere the L/C will be valid or not.

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Sun, 04/17/2016 - 00:41
#1
pan
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Joined: 09/13/2007
See Swift Usage Rules....

Hi Friend,

 

Usage rules regarding field 71B in a Swift MT700 stated:

+in the absence of this field , all charges, except negotiation and transfer, are to be borne by the applicant.

 

I wrote "stated" because I have a paper copy dated September 2000, so please check if the sentence is still in the

electronic versuon of book category 7.

Let me know

Ciao

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