Banks examine the documents under a letter of credit according to the letter of credit rules in order to determine whether the presentation is complying or not. Pre shipment inspection is requirement for importation of goods into many developing countries.
If issuing bank finds out that an inspection certificate has not been issued and signed by the entity as required by the letter of credit then the issuing bank will raise a discrepancy which is known as inspection certificate not issued and signed by the party required by the letter of credit.
Inspection certificate under letter of credit. Letter of credit lc is the most commonly used payment method in foreign trade. According to article 2 a complying presentation means a presentation in accordance with the terms and conditions of the credit the applicable provisions of the ucp 600 and international standard banking practice. When used as a required document under letter of credit terms the details and identity of the party providing the inspection should be mentioned.
Letter of credit documents. Inspection certificate evidences the quality of the goods by a 3rd party. How to demand an effective inspection certificate in a letter of credit transaction.
A document certifying that merchandise such as perishable goods was in good condition at the time of inspection usually immediately prior to shipment. Inspection certificate clears doubts about quality of the goods and assists in achieving desired level of quality. Make sure that inspection certificate is issued by one of the well known inspection companies.
N inspection firm nominated in the letter of credit if any issued the certificate n it is signed n it complies with the inspection requirements of the letter of credit n it contains no detrimental statement as to the goods specifications quality. Using this payment method before a buyer transfers money to a seller one of the documents that the bank requires is the certificate given by an independent third party inspection company. In the case of presenting to a buyers bank that is precipitated by the request of a letter of credit payment transaction that spells out specifically an inspection certificate is required in order to fulfill payment obligations.
An inspection certificate can be furnished directly to a buyer a buyers government or direct to a buyers bank. Add at least one original copy of an inspection certificate to field 46 a documents required as one. We have stated numerous times in our articles and guides that around 70 of documents presented under letters of credit are refused upon first presentation to banks.
Inspection certificate may function as a documentary evidence under letter of credit transactions. Detailed information regarding letter of credit documents such as transport documents insurance documents financial documents commercial and official documents can be found on this post. The international chamber of commerce icc banking commission has recently announced.
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