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Transferable LC how it works and shipping documents

Answers:1   |   LastAnswerAt:2011.05  

Sanjay Kumar 
Asked at 2011.05.10 02:39:27
Presently I want a solution from you as below-<br/>I am intent to take an transferable and confirmed at sight LC from HSBC Bank,Bangladesh and it would be advise to my by ICICI Bank which will be the first advisory bank of it in India with authority for making transfer of LC.The LC will have clause for accepting Third party document and thrid party BL.<br/>Now I want to transfer the LC to second beneficary in Agra by opening an new LC with as it is terms as original LC but by reducing-<br/>1-In value<br/>2-Shipping period<br/>This LC will show us as Applicant.(In original LC we are Beneficary)<br/>On this base when second beneficary would made shipment the BL will show him as Exporter,Consignee to order of and Notify to actual Importer or keep blank ( as we dont want to disclose the name of buyer)He will send this BL and other certificates plus his Invoice to us.We will change his Invoice and will put our Invoice and packing list .All other certificates and BL will remain as it is.<br/>Now the question is that-<br/>1-Does Opening/Confirming Bank reject the documents as BL(and other cerificates) will show exporter another party then beneficary of original LC.However in LC self has a cluase for accepting the third party BL and documents.<br/>2-if LC has above third party clause then does it mean that all documents should be of Third party.I mean first beneficary can not put his Invoice and packinglist instead of second benefiacry Invoice and packing List.Or Third party documents acceptable means that exporter can put his Invoice and poacking list plus second beneficary&#39;s BL and other certificates like weight certificate,SGS report and does bank will treat it as OK .<br/>Kindly suggest us what would be correct and what clause we must keep in original LC to avoid any nonpayment under above trade practise.<br/>Thanks<br/>Sanjay KUmar
answer Arthanari Ramasamy  Answered at 2011.05.10 02:39:27

<p>&nbsp;You go to the ICICI Bank and the LC department will clarify your doubts: it seems very confuseing for me</p><p>&nbsp;</p>
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