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The bank receiving an irrevocable L/C at Sight

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Question

The bank receiving an irrevocable L/C at Sight is required to;a. notify the exporter immediately if there is a change in the buyer's financial status.;b. inspect the shipped goods to insure that what was ordered is what is contained in the shipment prior to paying the seller.;c. make sure the shipment clears customs before drawing on the L/C in behalf of the seller.;d. immediately pay the seller upon receipt of the L/C and no other documents.;e. pay the seller the amount of the L/C if all terms and conditions set forth on the presentation documents are in order even if the actual goods shipped are incorrect.

 

Paper#34599 | Written in 18-Jul-2015

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