In order for an exporter to get paid safely and promptly with a CLC, they simply need to read and understand the CLC they receive from the advising bank
In the transaction, Then, after shipment, they must prepare and submit the required documents to the advising/negotiating bank for review and payment.
Police are advising bank
customers to check for tampering on ATMs or credit card readers before beginning a transaction.
Tempers may fray, but it does not have to be that way - which is why the RAC is advising bank
holiday drivers to plan their routes this weekend.
POLICE are advising bank
customers to be vigilant after a suspected cardcloning device was discovered attached to a cash machine in Warwick.
In 1999 she was promoted to vice president, with responsibilities for managing the Bank's facilities, protection, and administrative services functions and advising Bank
executives on EEO matters.
If an exporter is uncomfortable about the credit risk, it is possible to request that the L/C is confirmed by the advising bank
. In other words, payment will be made by the latter even if it has not been received from the importer's bank, which likewise, is obliged to pay the exporter's bank regardless of whether or not it has been reimbursed by its client.
For an unconfirmed LC, a contract is agreed upon between the seller and the buyer, the goods are specified, the shipping date and method are set and then the buyer applies to a bank (the issuing bank) for an LC, which, when granted, is typically sent to an advising bank
within the country of the buyer.
Recent transactions on which the firm's finance team has been involved include advising Lloyds TSB Corporate Acquisition Finance and Lloyds TSB Commercial Finance on the MBO of Country Artists; advising Bank
of Scotland on the funding of the pounds 20 million acquisition of Mayflower Vehicle Systems by Stadco; advising HSBC Bank on the funding of the pounds 16 million acquisition of Optec by Radstone Technology; advising Bank
of Scotland on the funding of the pounds 7.4 million MBO of Mail Solutions; and advising Grove Industries on the acquisition of Covpress.
When a bank, typically an issuing bank acting on Instructions received from its applicant customer, uses another bank to advise an LC, it is in principle exonerated from all liability for any errors by the advising bank
. The advising bank
is often chosen by the applicant, probably because the beneficiary nominated its preferred bank in the sales contract.
Therefore, they need to know whether they must present documents to the advising bank
, which may not be their own bank, or whether presentation to their own bank is permitted.