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Posted on Sep 14, 2006 at 19:42
How to verify L/C
I'm a green-hand in foreign trade.I want to hnow how to confirm L/C
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Posted on Sep 15, 2006 at 10:44

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Re: How to verify L/C
Replying to [seach]:
Check the L/C documents very careful

Posted on Sep 20, 2006 at 01:37

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Re: How to verify L/C
Quoting from [seach]:



I'm a green-hand in foreign trade.I want to hnow how to confirm L/C


.






Request a BCL from the buyer, or if you mean confirming an L/C that has already been advised, have the advising bank contact the issuing bank for the need of a confirmed L/C. In some cases the advising bank may also become the confirming bank.

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Posted on Sep 20, 2006 at 15:00

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Re: How to verify L/C
Replying to [seach]:

The best way to consult with your bank. The applicant's (BUYER) bank will always use SWIFT machine to send the L/C to your bank (SELLER). The SWIFT machine has a unique no. for each and every bank all over the world. It is easier for your bank to verify the L/C. Tell your bank to advise the L/C documents. If any thing goes wrong, your bank will be 100% responsible for this.

Even if your bank advise the L/C, you must read documents and all the clauses carefully. If you think its not in your favour consult with your bank & your buyer and if needed amend your document. Always remember that your bank will guide you the best ways. In future, If any dispute arise on L/C, consult with your bank immidiately.

Posted on Sep 20, 2006 at 18:02

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Re: How to verify L/C
Replying to [seach]:
Ask your bank and some old hand!
[em21]

We can't spell "S_CCESS" without U.
Posted on Jun 04, 2008 at 10:03

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Re: How to verify L/C
http://www.besttradesolution.com/forum/viewforum.php?f=2 here


Quoting from [seach]:


I'm a green-hand in foreign trade.I want to hnow how to confirm L/C

.





Posted on Jun 07, 2008 at 21:21

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Re: How to verify L/C
Quoting from [seach]:


I'm a green-hand in foreign trade.I want to hnow how to confirm L/C

.
  1. If you want a 'confirmed' LC, ask your buyer to arrange it through his bank (the issuing bank)
  2. If you want to verify if the LC is genuine, the bank that advised the LC to you would have done that before it advised the LC to you. (UCP article 9.b) Otherwise it would have told you that the genuineness (not the quality) of the LC could not be established.
  3. If want to know if the terms are OK, then compare the LC with the terms in your agreement with your buyer. If you still want better advice, ask your bank (or an expert in LCs) to examine the LC.

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