TA.946
Withdrawn by initiator.
TA.947
A documentary credit, subject to UCP 600, was issued by SWIFT MT700 on which field 71D (Charges) was empty.
There was no other condition in the credit as to who will bear the charges.
When providing payment, the issuing bank deducted a fee stating that this was as agreed between the applicant and the beneficiary.
The underlying contract shows that charges in issuing bank's country are for applicant's account and outside issuing bank's country for beneficiary's account.
Questions have been raised as to the acceptability of the fee reduction, and the relevance of statements in the underlying contract. Furthermore, it is queried which UCP 600 article(s) are of relevance if there is no condition in the credit as to how charges should be allocated.
TA.948
A documentary credit was issued subject to UCP 600 and, among other documents, required: "1. Beneficiary draft drawn on (issuing bank) at 90 days from invoice date bearing the clause 'drawn under documentary credit no. (LC number, date, name of issuing bank) in 2 copies", and "5. Packing list in 1 original & 2 copies mentioning total quantity of goods as per LC and commercial invoice and also specifying types of total packing of goods".
The issuing bank initially refused the presentation due to four alleged discrepancies but, after an exchange of messages, refused on the basis of two discrepancies: "B/E not endorsed to (name of the issuing bank)" and "Actual packing details not mentioned in packing list".
It was queried as to whether either discrepancy was valid.