We are a US manufacturer. Our Chinese customer wants our bank to issue the sight draft but our bank says we are to prepare the sight draft. What is the difference? Why would our customer care who prepares sight draft.
it is more appropriate to say "beneficiary" issues the draft/
Shipper can be party contracting to issue bill of lading (carrier) in the the first place and the seller (benificiary) in the second place. in charter party bill of lading and for FOB sales it is clear shipper is the beneficiary who should be paid upon presentation of compliant documents to bank.
coudl u please give us some
coudl u please give us some more detail?
iLC
Draft
Hi !
As far as I know, the shipper is responsible for issuing the draft. Check the picture below to see how a draft is:
http://img511.imageshack.us/img511/301/modelosaquegs9.jpg
D. Gonzalez
DRAFT
it is more appropriate to say "beneficiary" issues the draft/
Shipper can be party contracting to issue bill of lading (carrier) in the the first place and the seller (benificiary) in the second place. in charter party bill of lading and for FOB sales it is clear shipper is the beneficiary who should be paid upon presentation of compliant documents to bank.