-If the first beneficiary requires that the second beneficiary and the applicant be kept unaware of each other 's involvement in the transaction, the original credit will need to be amended in all places where such divulgence of information could occur.
The issuance of amendment to delete documents and/or clauses is subject to the approval and instigation by the applicant of the original credit (Opinion r. 374)
In other words, first beneficiry must act in order to obtain a simple, workable credit that not allows the disclosure of parties that must ignore each other.
Ciao,
PS, naturally opinion refers to UCP 500, but nothing changed,
Irrevocable, Confirmed, Transferable Letter of Credit at sight to me.
I can then change the buying price and all to the supplier and add in beneficiary column my name and all, and transfer it to my Supplier correct?
I also wanted to know,
Regarding Certificate of Origin, I can create myself also ?
I mean what other things need to be taken care of, so buyer or supplier aint able to leak anything.
Also is there any report, which tells what kind of packing is done, anything is printed on it, or anything is there on it or something like that? like supplier might have printed on its bags or something? So how can we check, nothing is printed?
But that's not allowed. You are only allowed to replace the invoice and a possible draft. Nothing more.
Any other action is a violation of the UCP and going in the direction of fraud, even if no harm is intended.
Read Art. 38 of UCP 600. It's all in there. And if you really want keep the secrecies, try a back-to-back-L/C or act like a true exporter on you own. Buy the goods, repack them and sell them.
Hi friend, I think that your bank, your forwarding Agent and the Chamber of commerce will help you to manage a transferable doc. credit. In Italy a certificate of origin could be requestd and obtained by the shipper and not only by the producer. So check with your cooperators in order to avoid disclosure of the real seller and buyer.
Awaiting experts response on
Awaiting experts response on this.
doc.470/977 rev. 3 ICC
Hi friends. here is a comment:
-If the first beneficiary requires that the second beneficiary and the applicant be kept unaware of each other 's involvement in the transaction, the original credit will need to be amended in all places where such divulgence of information could occur.
The issuance of amendment to delete documents and/or clauses is subject to the approval and instigation by the applicant of the original credit (Opinion r. 374)
In other words, first beneficiry must act in order to obtain a simple, workable credit that not allows the disclosure of parties that must ignore each other.
Ciao,
PS, naturally opinion refers to UCP 500, but nothing changed,
Pan you surely are
Pan you surely are an expert.
So in another words, If the Buyer opens
Irrevocable, Confirmed, Transferable Letter of Credit at sight to me.
I can then change the buying price and all to the supplier and add in beneficiary column my name and all, and transfer it to my Supplier correct?
I also wanted to know,
Regarding Certificate of Origin, I can create myself also ?
I mean what other things need to be taken care of, so buyer or supplier aint able to leak anything.
Also is there any report, which tells what kind of packing is done, anything is printed on it, or anything is there on it or something like that? like supplier might have printed on its bags or something? So how can we check, nothing is printed?
Thanks
Owais
Sorry to spoil your dish,
But that's not allowed. You are only allowed to replace the invoice and a possible draft. Nothing more.
Any other action is a violation of the UCP and going in the direction of fraud, even if no harm is intended.
Read Art. 38 of UCP 600. It's all in there. And if you really want keep the secrecies, try a back-to-back-L/C or act like a true exporter on you own. Buy the goods, repack them and sell them.
-Each long journey starts with a small step-
Best regards
Frammi
more banker than export manager
Hi friend, I think that your bank, your forwarding Agent and the Chamber of commerce will help you to manage a transferable doc. credit. In Italy a certificate of origin could be requestd and obtained by the shipper and not only by the producer. So check with your cooperators in order to avoid disclosure of the real seller and buyer.
Good luck.
Ciao