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What is the procedure to rectify letter of credit?
25-Nov-2023 (In International Law Law)
We import rubber products from China. The transaction is based on LC. The buyer has errored in the invoice the price being on the lower side. I have brought this to the attention of my banker. But my banker is telling that he has to honour the LC. What remedy is there to help us out?
Your banker has done the right thing. As per court decisions on International Negotiable Instruments, it is the responsibility, in fact liability of your banker to honour the LC. Mistake in invoice can be rectified. It is good to just bring this to the attention of your banker. Do not use the opportunity to attempt to stop payment. Continue building good reputation by returning the excess collected, if any.
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Adv. Dr. Gubbi S Subba Rao
Bangalore | 100+ Answers
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