Irrevocable letter of credit
This query is : Resolved
06 October 2012
DEAR SIR / MADAM
UNDER IRREVOCABLE LETTER OF CREDIT WHAT CLAUSE WE SHOULD ADD SO THAT OUR BANK GETS "NOTIFIED CREDIT" WITHOUT SUBMITTING PROOF OF DELIVERY FOR CONSIGNMENT. WE ARE FACING PROBLEM FOR GEETING NOTIFIED CREDIT BEFORE EXPIRY OF L/C. WE ARE NOT ABLE TO GET OUR L/C DISCOUNT, ALWAYS OUR BANK ASK ACCEPTANCE/CONCERN FROM CONSIGNEE. ON OTHER HAND CONSIGNEE TAKES STAND THAT WITHOUT COMPLETING DELIVERY OF CONSIGNMENT THEY DON'T GIVE APPROVAL TO THEIR BANK FOR DICOUNTING / NOTIFIED CREDIT. PLEASE HELP & REPLY
UNDER IRREVOCABLE LETTER OF CREDIT WHAT CLAUSE WE SHOULD ADD SO THAT OUR BANK GETS "NOTIFIED CREDIT" WITHOUT SUBMITTING PROOF OF DELIVERY FOR CONSIGNMENT. WE ARE FACING PROBLEM FOR GEETING NOTIFIED CREDIT BEFORE EXPIRY OF L/C. WE ARE NOT ABLE TO GET OUR L/C DISCOUNT, ALWAYS OUR BANK ASK ACCEPTANCE/CONCERN FROM CONSIGNEE. ON OTHER HAND CONSIGNEE TAKES STAND THAT WITHOUT COMPLETING DELIVERY OF CONSIGNMENT THEY DON'T GIVE APPROVAL TO THEIR BANK FOR DICOUNTING / NOTIFIED CREDIT. PLEASE HELP & REPLY
08 October 2012
That means the terms of LC in your favour have to be without such condition of proof / acceptance of delivery; It has to be an L/C without such problematic terms / conditions that you may face while negotiating under such L/C
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