| |
Question: |
Name: Meadow
Dear Sirs,
Our bank issued
an L/C stating in Field 46A that a full set of original insurance policy
endorsed in blank, for at least 110 pct of invoice value, covering I.C.C (A)
and SHOWING NUMBER OF ORIGINALS ISSUED
A set of Insurance policy consisting 03 ORIGINALS (marked Original,
Duplicate and Triplicate) was presented to our bank. They satisfied all
requirements of the credit, however, showed that the Insurance policy issued
in 02 originals.
Can we consider this a discrepancy?
|
|
Answer
(from Pradeep Taneja) |
As
regards the SW Question under question, assuming a practical viewpoint on
the issue by an analytical review thereof, I note that here, the LC calls
for an insurance policy "showing number of originals issued" and the policy
presented indeed "shows" 02 originals (in compliance of LC terms). Normally,
the "02 originals" would have been or should have been the ones marked
"original" and "duplicate" indicating consistency therewith, the confusion
has arisen as there is yet another original policy marked "triplicate"
presented with the documents adding up to the policy presented being in "03
originals" even though it shows that it is issued in "02 originals" and
hence leading to a (perceived) discrepancy.
Being
fare to all parties concerned and to facilitate the transaction, I would
treat the triplicate original as an "additional" document presented but
not required by the credit and "disregard" it as per article 14.g of UCP
600. As such, there is no discrepancy in the instant case. Conversely, in
case the policy indicated issuance of 03 originals and 02 were presented, I
would reject the document.
Regards,
|
