Could C/O (Form D) be issued in more one original?
Post 1 of 2
My question arises from the following case. An L/C specifies:
+ The original C/O form D must be sent to the applicant and a certificate is required.
+ C/O form D in one original is presented to the Issuing bank.
Because there is only one original C/O is issued, so we sent the original C/O to the Issuing bank and a Beneficiary's Certificate certifying that an original C/O has been sent to the applicant which make our document complies with the terms of L/C.
When the Issuing Bank receives our documents, they refuse payment because the original C/O is not sent to the applicant as L/C terms.
In our reply, we state that we have presented the original C/O for Issuing bank and a Beneficiary's Certificate with the content as L/C requirements. In addition, whether original C/O is sent or not to the Applicant is not the Issuing bank's responsibility.
Anyone could explain me that is there any rule ( ISBP, UCP...) which regulate a C/O must be issued in one original?
Thanks in advance.
+ The original C/O form D must be sent to the applicant and a certificate is required.
+ C/O form D in one original is presented to the Issuing bank.
Because there is only one original C/O is issued, so we sent the original C/O to the Issuing bank and a Beneficiary's Certificate certifying that an original C/O has been sent to the applicant which make our document complies with the terms of L/C.
When the Issuing Bank receives our documents, they refuse payment because the original C/O is not sent to the applicant as L/C terms.
In our reply, we state that we have presented the original C/O for Issuing bank and a Beneficiary's Certificate with the content as L/C requirements. In addition, whether original C/O is sent or not to the Applicant is not the Issuing bank's responsibility.
Anyone could explain me that is there any rule ( ISBP, UCP...) which regulate a C/O must be issued in one original?
Thanks in advance.
13 Aug 2007 00:54
Post 2 of 2
Quoting from [dankasolutions]:
My question arises from the following case. An L/C specifies:
+ The original C/O form D must be sent to the applicant and a certificate is required.
+ C/O form D in one original is presented to the Issuing bank.
Because there is only one original C/O is issued, so we sent the original C/O to the Issuing bank and a Beneficiary's Certificate certifying that an original C/O has been sent to the applicant which make our document complies with the terms of L/C.
When the Issuing Bank receives our documents, they refuse payment because the original C/O is not sent to the applicant as L/C terms.
In our reply, we state that we have presented the original C/O for Issuing bank and a Beneficiary's Certificate with the content as L/C requirements. In addition, whether original C/O is sent or not to the Applicant is not the Issuing bank's responsibility.
Anyone could explain me that is there any rule ( ISBP, UCP...) which regulate a C/O must be issued in one original?
Thanks in advance.
What country are you dealing with? UCP does deal with a C/O as does the ISBP In fact I would take a look at ISBP publication 645 article 199 as it relates to UCP 500. However this may be time sensetive as a revision is forthcoming with regards to the 2007 UCP 600.
Hope this help you.
Ranger
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