What is Field 45A: Description of Goods and/or Services?
Field 45A: Description of Goods and/or Services is a field in MT 700 swift message type that contains a description of the goods and/or services.
This is an optional field.
According to current letter of credit rules the description of the goods, services or performance in a commercial invoice must correspond with that appearing in the credit.
According to current letter of credit rules, in documents other than the commercial invoice, the description of the goods, services or performance, if stated, may be in general terms not conflicting with their description in the credit.
As per ISBP 2007, if a trade term is part of the goods description in the credit, or stated in connection with the amount, the invoice must state the trade term specified, and if the description provides the source of the trade term, the same source must be identified (e.g., a credit term “CIF Singapore Incoterms 2000” would not be satisfied by “CIF Singapore Incoterms”).
MT 700
Field 45A: Description of Goods and/or Services:
DEFINITION
This field contains a description of the goods and/or services.
USAGE RULES
Terms such as FOB, CIF, etc. should be specified in this field.
To cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 45a may appear in only one message, ie, either in the MT 700 or in one MT 701. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the description of goods and/or services.
Some examples of valid combinations:
• MT 700 contains field 45A, 46A, and 47A.
• MT 700 contains field 45A; the subsequent MT 701 contains fields 46B and 47B.
