Author: Ozgur Eker (CDCS)

Field 44C: Latest Date of Shipment

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 44C: Latest Date of Shipment

What is Field 44C: Latest Date of Shipment?

Field 44C: Latest Date of Shipment is a field in MT 700 swift message type that is used to specify the latest date for loading on board/dispatch/taking in charge.

This is an optional field.

Date must be a valid date expressed as YYMMDD.

Latest date of shipment will apply only to the presentations that contain at least one transport document as described in the latest version of the UCP.

Please be careful that below documents are not considered as a transport document according to the UCP 600.

  • Delivery Order,
  • Forwarder’s Certificate of Receipt,
  • Forwarder’s Certificate of Shipment,
  • Forwarder’s Certificate of Transport,
  • Forwarder’s Cargo Receipt
  • Mate’s Receipt

Therefore, these documents will be examined in the same manner as other documents for which there are no specific provisions in UCP 600, i.e., under sub-article 14(f).

If a presentation contains a transport document, then the goods must be shipped before the latest date of shipment and presentation must be completed within the presentation period stated in the credit.

If a presentation does not contain a transport document, then the latest date of shipment and presentation period should not used.

In any event, documents must be presented not later than the expiry date for presentation as stated in the credit.

MT 700
Field 44C: Latest Date of Shipment:
DEFINITION
This field specifies the latest date for loading on board/dispatch/taking in charge.

Field 44B: Place of Final Destination/Place of Delivery

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 44B: Place of Final Destination/Place of Delivery

What is Field 44B: Place of Final Destination/Place of Delivery?

Field 44B: Place of Final Destination/For Transportation to …/Place of Delivery is a field in MT 700 swift message type that is used to specify the final destination or place of delivery to be indicated on the transport document.

This is an optional field.

A transport document covering at least two different modes of transport (multimodal or combined transport document), however named, must appear to indicate the place of dispatch, taking in charge or shipment and the place of final destination stated in the credit.

A road, rail or inland waterway transport document, however named, must appear to indicate the place of shipment and the place of destination stated in the credit.

MT 700
Field 44B: Place of Final Destination/For Transportation to …/Place of Delivery:
DEFINITION
This field specifies the final destination or place of delivery to be indicated on the transport document.

Field 44F: Port of Discharge/Airport of Destination

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 44F: Port of Discharge/Airport of Destination

What is Field 44F: Port of Discharge/Airport of Destination?

Field 44F: Port of Discharge/Airport of Destination is a field in MT 700 swift message type that is used to specify the port of discharge or airport of destination to be indicated on the transport document.

This is an optional field.

A bill of lading, however named, must appear to indicate shipment from the port of loading to the port of discharge stated in the credit.

An air transport document, however named, must appear to indicate the airport of departure and the airport of destination stated in the credit.

MT 700
Field 44F: Port of Discharge/Airport of Destination:
DEFINITION
This field specifies the port of discharge or airport of destination to be indicated on the transport document.

Field 44E: Port of Loading/Airport of Departure

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 44E: Port of Loading/Airport of Departure

What is Field 44E: Port of Loading/Airport of Departure?

Field 44E: Port of Loading/Airport of Departure is a field in MT 700 swift message type that is used to specify the port of loading or airport of departure to be indicated on the transport document.

This is an optional field.

A bill of lading, however named, must appear to indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit.

An air transport document, however named, must appear to indicate the airport of departure and the airport of destination stated in the credit.

MT 700
Field 44E: Port of Loading/Airport of Departure:
DEFINITION
This field specifies the port of loading or airport of departure to be indicated on the transport document.

Field 44A: Place of Taking in Charge/Dispatch from …/ Place of Receipt

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 44A: Place of Taking in Charge/Dispatch from .../Place of Receipt

What is Field 44A: Place of Taking in Charge/Dispatch from …/ Place of Receipt?

Field 44A: Place of Taking in Charge/Dispatch from …/ Place of Receipt is a field in MT 700 swift message type that is used to specify the place of taking in charge (in case of a multimodal transport document), the place of receipt (in case of a road, rail or inland waterway transport document or a courier or expedited delivery service document), the place of dispatch or the place of shipment to be indicated on the transport document.

Note: Above examples are taken from swift standards booklet. Not all multimodal transport documents use “place of taking in charge”, or else not all the road documents use “place of receipt” phrases. Do not assume that this field usage is limited to above examples.

This is an optional field.

MT 700
Field 44A: Place of Taking in Charge/Dispatch from …/Place of Receipt:
DEFINITION
This field specifies the place of taking in charge (in case of a multimodal transport document), the place of receipt (in case of a road, rail or inland waterway transport document or a courier or expedited delivery service document), the place of dispatch or the place of shipment to be indicated on the transport document.

Field 43T: Transshipment

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 43T: Transshipment

What is Field 43T: Transshipment?

Field 43T: Transshipment is a field in MT 700 swift message type that is used to specify whether or not transshipment is allowed under the documentary credit.

This is an optional field.

According to letter of credit rules, transhipment means unloading from one means of conveyance and reloading to another means of conveyance (whether or not in different modes of transport) during the carriage from the place of dispatch, taking in charge or shipment to the place of final destination stated in the credit.

A bill of lading may indicate that the goods will or may be transshipped provided that the entire carriage is covered by one and the same bill of lading.

A bill of lading indicating that transhipment will or may take place is acceptable, even if the credit prohibits transhipment, if the goods have been shipped in a container, trailer or lash barge as evidenced by the bill of lading.

MT 700
Field 43T: Transshipment:
DEFINITION
This field specifies whether or not transshipment is allowed under the documentary credit.

Field 43P: Partial Shipments

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 43P: Partial Shipments

What is Field 43P: Partial Shipments?

Field 43P: Partial Shipments is a field in MT 700 swift message type that is used to specify whether or not partial shipments are allowed under the documentary credit.

This is an optional field.

According to letter of credit rules partial drawings or shipments are allowed unless otherwise stated on the credit.

A presentation consisting of more than one set of transport documents evidencing shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as covering a partial shipment, even if they indicate different dates of shipment or different ports of loading, places of taking in charge or dispatch.

If the presentation consists of more than one set of transport documents, the latest date of shipment as evidenced on any of the sets of transport documents will be regarded as the date of shipment.

A presentation consisting of one or more sets of transport documents evidencing shipment on more than one means of conveyance within the same mode of transport will be regarded as covering a partial shipment, even if the means of conveyance leave on the same day for the same destination.

Codes
Code must contain one of the following codes

ALLOWED Allowed under the documentary credit.
CONDITIONAL Conditional based on conditions specified elsewhere in the message.
NOT ALLOWED Not allowed under the documentary credit.

MT 700
Field 43P: Partial Shipments:
DEFINITION
This field specifies whether or not partial shipments are allowed under the documentary credit.

Field 42P: Negotiation/Deferred Payment Details

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 42P: Deferred Payment Details

What is Field 42P: Negotiation/Deferred Payment Details?

Field 42P: Negotiation/Deferred Payment Details is a field in MT 700 swift message type that is used to specify the payment date or method for its determination in a documentary credit which is available by deferred payment or negotiation only.

This is an optional field.

A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation.

By nominating a bank to accept a draft or incur a deferred payment undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank.

MT 700
Field 42P: Negotiation/Deferred Payment Details:

DEFINITION
This field specifies the payment date or method for its determination in a documentary credit which is available by deferred payment or negotiation only.

CONDITIONAL RULES
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.

Field 42M: Mixed Payment

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 42M: Mixed Payment

What is Field 42M: Mixed Payment?

Field 42M: Mixed Payment specifies the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment.

This is an optional field.

Mixed payment is not covered under the letter of credit rules. But parties can utilize a letter of credit which is available by mixed payments.

There are 3 main scenarios exists in a mixed payment letter of credit:

  • Scenario 1: The beneficiary receive an advance payment before the shipment and remaining amount will be payable against the shipping documents,
  • Scenario 2: Some of the contract amount is payable against the shipping documents and the remaining amount will be paid after the shipment such as installation of the machinery etc.,
  • Scenario 3: Mixed payment consists of both advance payment, payment against the shipping documents and payment after the shipment. (Option 3 is the combination of Option 1 and Option 2)

Mixed Payment Example:

  • 50 percent of the total lc value payable at sight as an advance against presentation of simple invoice.
  • 40 percent of the total lc value payable at sight against presentation of stipulated documents under field 46A.
  • 10 percent lc value payable at sight against presentation of following documents: commercial invoice for 10 percent of lc value completion of installation certificate issued by beneficiary and to be duly counter signed by applicants authorized signatory , whose signature follows by courier.

MT 700
Field 42M: Mixed Payment Details:
USAGE RULES
This field specifies the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment.

CONDITIONAL RULES
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

Field 42a: Drawee

Ozgur Eker (CDCS) MT 700 Issue of a Documentary Credit, Swift Messages , , ,
Field 42a: Drawee

What is Field 42a: Drawee?

Field 42a: Drawee is a field in MT 700 swift message type that is used to identify the drawee of the drafts to be drawn under the documentary credit.

This is an optional field.

A credit must not be issued available by a draft drawn on the applicant.

A credit may be issued requiring a draft drawn on the applicant as one of the required documents, but must not be issued available by drafts drawn on the applicant.

The draft must be drawn on the party stated in the credit.

The draft must be drawn by the beneficiary.

MT 700
Field 42a: Drawee:
USAGE RULES

The drawee must be a bank. If drafts on the applicant are required, they are to be listed as documents in field 46A.

The Party Identifier must not be present.

CONDITIONAL RULES

When used, fields 42C and 42a must both be present.

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.