Monday, December 30, 2024
Home Blog Page 22

Field 39C: Additional Amounts Covered

By
Ozgur Eker (CDCS)
-
0

What is Field 39C: Additional Amounts Covered?

Field 39C: Additional Amounts Covered is a field in MT 700 swift message type that is used to specify any additional amounts covered such as insurance, freight, interest, etc.

This is an optional field. In most cases it is not utilized.

If used Field 39C : Additional Amount Covered, must be added to the amount in Field 32B: Currency Code, Amount to state the maximum amount covered by the letter of credit.

This field can be used to reach a CIF amount from the FOB amount as well as determination of the interest rate of the time draft or usance bill of exchange.

MT 700
Field 39C: Additional Amounts Covered:
This field specifies any additional amounts covered such as insurance, freight, interest, etc.

Field 39B: Maximum Credit Amount

By
Ozgur Eker (CDCS)
-
0

What is Field 39B: Maximum Credit Amount?

Field 39B: Maximum Credit Amount is a field in MT 700 swift message type that is used to further qualifies the documentary credit amount.

This is an optional field.

This field further qualifies the documentary credit amount.

A nominated bank acting on its nomination, a confirming bank, if any, or the issuing bank may accept a commercial invoice issued for an amount in excess of the amount permitted by the credit, and its decision will be binding upon all parties, provided the bank in question has not honoured or negotiated for an amount in excess of that permitted by the credit.

The amount in words must accurately reflect the amount in figures if both are shown, and indicate the currency, as stated in the credit.

The amount must agree with that of the invoice, unless as a result of UCP 600 sub-article 18(b).

MT 700
Field 39B: Maximum Credit Amount:
CODES : The following code must be used. NOT EXCEEDING Qualifies the documentary credit amount.

Note : Either field 39A or 39B, but not both, may be present.

Field 39A: Percentage Credit Amount Tolerance

By
Ozgur Eker (CDCS)
-
0

What is Field 39A: Percentage Credit Amount Tolerance?

Field 39A: Percentage Credit Amount Tolerance is a field in MT 700 swift message type that is used to specify the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount.

This is an optional field.

The words “about” or “approximately” used in connection with the amount of the credit or the quantity or the unit price stated in the credit are to be construed as allowing a tolerance not to exceed 10% more or 10% less than the amount, the quantity or the unit price to which they refer.

A tolerance not to exceed 5% more or 5% less than the quantity of the goods is allowed, provided the credit does not state the quantity in terms of a stipulated number of packing units or individual items and the total amount of the drawings does not exceed the amount of the credit.

Even when partial shipments are not allowed, a tolerance not to exceed 5% less than the amount of the credit is allowed, provided that the quantity of the goods, if stated in the credit, is shipped in full and a unit price, if stated in the credit, is not reduced or that sub-article 30 (b) is not applicable. This tolerance does not apply when the credit stipulates a specific tolerance or uses the expressions referred to in sub-article 30 (a).

MT 700
Field 39A: Percentage Credit Amount Tolerance:
This field specifies the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount.

FORMAT (Tolerance 1)(Tolerance 2)
Tolerance 1 specifies a positive tolerance, the Tolerance 2 specifies a negative tolerance

Note : Either field 39A or 39B, but not both, may be present.

Field 32B: Currency Code, Amount

By
Ozgur Eker (CDCS)
-
0

What is Field 32B: Currency Code, Amount?

Field 32B: Currency Code, Amount is a field in MT 700 swift message that is used to indicate the currency code and amount of the letter of credit.

This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

This field contains the currency code and amount of the documentary credit.

Currency must be a valid ISO 4217 currency code.

The integer part of Amount must contain at least one digit. The decimal comma ‘,’ is mandatory and is included in the maximum length. The number of digits following the comma must not exceed the maximum number allowed for the specified currency.

A commercial invoice must be made out in the same currency as the credit.
The insurance document must indicate the amount of insurance coverage and be in the same currency as the credit.

The words “about” or “approximately” used in connection with the amount of the credit or the quantity or the unit price stated in the credit are to be construed as allowing a tolerance not to exceed 10% more or 10% less than the amount, the quantity or the unit price to which they refer.

MT 700
Field 32B: Currency Code, Amount:
Special information relative to the amount of the credit must be specified in field 39A Percentage Credit Amount Tolerance, field 39B Maximum Credit Amount or field 39C Additional Amounts Covered

Field 59: Beneficiary

By
Ozgur Eker (CDCS)
-
0

What is Field 59: Beneficiary?

Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued.

This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

Beneficiary means the party in whose favour a credit is issued.

Presenter means a beneficiary, bank or other party that makes a presentation.

A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank.

Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.

MT 700
Field 59: Beneficiary:
This field specifies the party in favour of which the documentary credit is being issued. Beneficiary is the exporter of the underlying contract.

Field 50: Applicant

By
Ozgur Eker (CDCS)
-
0

What is Field 50: Applicant?

Field 50: Applicant is a field in MT 700 swift message type that is used to specify the party on behalf of which the documentary credit is being issued.

This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

Applicant means the party on whose request the credit is issued.

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

A bank utilizing the services of another bank for the purpose of giving effect to the instructions of the applicant does so for the account and at the risk of the applicant.

The applicant shall be bound by and liable to indemnify a bank against all obligations and responsibilities imposed by foreign laws and usages.

MT 700
Field 50: Applicant:
This field specifies the party on behalf of which the documentary credit is being issued. Applicant is the importer of the underlying contract.

Field 51a: Applicant Bank

By
Ozgur Eker (CDCS)
-
0

What is Field 51a: Applicant Bank?

Field 51a: Applicant Bank is a field in MT 700 swift message type that is used to specify the bank of the applicant customer, if different from the issuing bank.

This is an optional field.

This field specifies the bank of the applicant customer, if different from the issuing bank.

Identifier Code must be a registered financial institution BIC.

Identifier Code must be a financial institution BIC. This error code applies to all types of BICs referenced in a FIN message including connected BICs, non-connected BICs, Masters, Synonyms, Live destinations and Test & Training destinations.

MT 700
Field 51a: Applicant Bank:
This field should be used when applicant’s bank could not issue the letter of credit by itself but have the letter of credit issued to another bank. This may be the case in some situations such as if the applicant bank has no SWIFT arrangement or applicant bank is not allowed to issue a letter of credit by itself due to corporate rules or government regulations.

Field 31D: Date and Place of Expiry

By
Ozgur Eker (CDCS)
-
0

What is Field 31D: Date and Place of Expiry?

Field 31D: Date and Place of Expiry is a field in MT 700 swift message that is used to indicate the date and place of expiry of the letter of credit.

This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

This field specifies the latest date for presentation under the documentary credit and the place where documents may be presented.

A credit must state an expiry date for presentation. An expiry date stated for honour or negotiation will be deemed to be an expiry date for presentation.

The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank.

A place for presentation other than that of the issuing bank is in addition to the place of the issuing bank.

Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.

MT 700
31D: Date and Place of Expiry
USAGE RULES
Date must contain a valid date expressed as YYMMDD.

Field 40E: Applicable Rules

By
Ozgur Eker (CDCS)
-
0

What is Field 40E: Applicable Rules?

Field 40E: Applicable Rules is a field in MT 700 swift message that is used to indicate the rules that governs the letter of credit.

This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

One of the following codes must be used

EUCP LATEST VERSION: The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of
issue.

EUCPURR LATEST VERSION: The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements, International Chamber of Commerce, Paris, France, which is
in effect on the date of issue.

OTHR: The credit is subject to another set of rules, or the credit is not subject to the version of the rules that is in effect on the date of issue, these must be specified in Narrative.

UCP LATEST VERSION: The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.

UCPURR LATEST VERSION: The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements under documentary credits, International Chamber of Commerce, Paris, France, which is in effect on the date of
issue.

MT 700
Field 40E: Applicable Rules
USAGE RULES
Narrative is only allowed if Applicable Rules is OTHR.

Field 31C: Date of Issue

By
Ozgur Eker (CDCS)
-
0

What is Field 31C: Date of Issue?

Field 31C: Date of Issue is a field in MT 700 swift message that is used to indicate the letter of credit issuance date.

This is a mandatory field.

This field specifies the date on which the issuing bank (Sender) considers the documentary credit as being issued.

Date must contain a valid date expressed as YYMMDD.

An issuing bank is irrevocably bound to honour as of the time it issues the credit.

The commitment of the issuing bank to honour begins with the issue of the credit.

MT 700
Field 31C: Date of Issue
USAGE RULES
This field specifies the date on which the issuing bank (Sender) considers the documentary credit as being issued.

1...212223...36Page 22 of 36

MOST POPULAR

Load more

LATEST POSTS

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

Newspaper is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the entertainment industry.

Contact us: [email protected]

FOLLOW US

© Newspaper WordPress Theme by TagDiv