Please proceed to discount the following bill without recourse value 30 Oct 2014 and

remit the proceeds to the account specified in the cover schedule.

Kindly provide us a copy of the credit advice once available and note that we will not be
providing any further instructions for this bill discounting.

Regarding amendments required to the LC text, if you intend to discount please amend
field 41a to be by negotiation rather than by payment. If you're not discounting we can
accept by payment but please be aware we will not make payment until we've received
funds from the issuing bank.

Pls refer to 47A If LC is confirmed, draft to be drawn on confirming bank.

Available with
Additional conditions

Line 41D:
Line 47A:

UOVBSGSG By negotiation

1. Payment terms of this credit is XXX days from the date of shipment. However,
the negotiating bank may negotiate the credit based on acceptance of the
documents from the issuing bank and pay beneficiary and interest is to be claim
on due date from issuing bank. Interest shall be paid over and above the credit
value along with the principal amount on maturity
2. As the credit is restricted to UOVBSGSG for negotiation, please send the
documents to the following address for negotiation;
Attn: UOB Exports Department
1 Tampines Central 1 #02-01
UOB Tampines Centre
Singapore 529539
Please note the following;
1. LC to be advised to beneficiary advising bank in USA and restricted to UOB SG
by negotiation
2. Beneficiary bank will then submit docs to UOB SG for negotiation.
3. UOB SG to send documents for acceptance to issuing bank
4. Once accepted, UOB SG to discount the LC and pay beneficiary
Please inform the beneficiary in their covering schedule for negotiation, to request UOB
to discount the LC upon acceptance from issuing bank.

If LC is available by particular bank by negotiation / deferred payment / etc then

confirming bank will also be same bank.

In field 41D LC should be available with any bank by negotiation / deferred

payment / etc. Going forward need to make sure that as far as possible we receive LC
as per above highlighted clause.
If documents are certified clean by bank then we can certainly discount the bill on same
date even if bank say otherwise.

Do you want us to set up swift exchange with Cobank?

But please take note that KYC process needs at least 5 working days, and after KYC
cleared, we still need the bank to reply our request.

If import LC is confirmed then drawee can be advising bank else it will always be issuing
bank. Since drawee is issuing bank in case of unconfirmed import LCs then tenor should
be No. of days from sight rather than acceptance.

if a BL is not marked as original and/or does not have the required

chop/signature to identify it as original, it is deemed, by default, as nonnegotiable. The LC doesnt state the copies have to be marked non-neg, only
that non-neg copies be presented, which is what we have done.
A certified copy is an legally acceptable document in place of an original
where an original cannot be produced for reason like lost or damage or if the
original is already employed in some other purposes. But it also can be
treated as copy of documents. The 3rd point was highlighted to your attention
to confirm whether to submit as marked certified true copy or need to
exchange to non-negotiable copy. Upon clarification the 3 rd point will consider
it as copy of B/L.
Thanks for your response. I understand your comments. My understanding
was that a CTC only became legally acceptable in the absence of the 3 orig
BLs. That not being the case in this instance, I believed that CTCs would
remain inactive as legal title. My only real concern, on an ongoing basis,
was that some offices (not all) of certain carriers (Maersk being one of them)
tend to issue their non-negs as CTCs. No rhyme or reason to it.

LC, field 78: Negotiating bank shall obtain reimbursement at sight basis from drawee
bank subject to URR 725, providing that beneficiarys draft, invoice & BL copies are sent
to drawee bank for acceptance & financing, certifying that the presentation is complying.
In TT reimbursement claim, the following information to be given to reimbursement bank

and the draft to be sent to issuing bank with other docs (A) LC no. & amount (B)
Statement of compliance with credit terms (C) Drawers name & address (D) BL date.
Please note that notify party & endorsement is not related, i.e., we can keep
notify party as To Order (ISBP D18 (b) (i)) but it cannot be endorsed.
Even if we keep notify as To Order docs checker will not treat it as
discrepancy. In my opinion if DC is silent on notify party then its always
better to keep it as applicant to be on safer side.

Banks can sign beneficiary documents for and on behalf to negotiate LC.

When LC is confirmed, then drawee is confirming bank & in that case it is available with
negotiation / presenting / confirming bank by acceptance.