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REFUSAL TO CONFIRM

Wed, 12/03/2008 - 00:23 — acjacob

We have a case of an L/C which shows the following

Payment Available with

Clause 41A Available With: SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI

Confirmation Instructions

Clause 49 Confirmation Instruction: CONFIRM

The L/C was couriered to us directly by SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI.

 

We dont have an account in SBI. Our bank is SB Trvncore. The L/C mentions as Advise Through bank - Clause 57A   :SB Trvncore

We called SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI to confirm L/C. They refused saying that it is not they who should confirm the L/C but SB Trvncore. We argued on this for quite some time. SB Trvncore also says it is SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI which should confirm the L/C. Who is right?

‹ Credit available by Negotiation Shipping Agent's Certificate Issued in Beneficiary's Letter Head but signed by the agent of the shipping company ›
Wed, 12/03/2008 - 06:24 — tulsi

SBI MUMBAI has to confirm

SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI has to confirm this credit. Advising bank is doing only a post man job.  

Covering letter of the document, you can mention the details, for crediting proceeds to SBT.    

 Contact: tulsiusha1@yahoo.com  or tulsipillaiex@hotmail.com  Regards   Tulsi  / Dubai    

Thu, 12/04/2008 - 16:46 — LC Sam

SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI responsibility

It is SBI TRADE FIN CENTRAL PROC CENTRE MUMBAI's responsibility to confirm the letter of credit if they so choose.  They may elect not to confirm the credit, and as such they should advise the issuing bank, the second advising bank and you.

Best regards,

LC Sam