What is Field 42C: Drafts at?
Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit.
This is an optional field.
This field specifies the tenor of drafts to be drawn under the documentary credit.
If a draft is drawn at a tenor other than sight, or other than a certain period after sight, it must be possible to establish the maturity date from the data in the draft itself.
If the tenor refers to xxx days after the bill of lading date, the on board date is deemed to be the bill of lading date even if the on board date is prior to or later than the date of issuance of the bill of lading.
In all cases the drawee bank must advise the maturity date to the presenter.
The calculation of tenor and maturity dates, as shown above, would also apply to credits designated as being available by deferred payment, i.e., where there is no requirement for a draft to be presented by the beneficiary.
MT 700
Field Field 42C: Drafts at … :
This field specifies the tenor of drafts to be drawn under the documentary credit.
CONDITIONAL RULES
- C1 When used, fields 42C and 42a must both be present
- C2 Either fields 42C and 42a together, or field 42M alone, or field 42P alone may be present. No other combination of these fields is allowed.
