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We (issuing bank) sent the Letter of Credit to wrong bank. Help!!!!?

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Old 06-14-2008, 01:35 AM
importchina importchina is offline
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Default We (issuing bank) sent the Letter of Credit to wrong bank. Help!!!!?

Hello! please help!!
as a result, advising bank did not receive the l/c to advise beneficiery . bank who received l/c did not have Eur. account so l/c got marked error and did not relay l/c to advising bank. l/c about to expire... what to do..... my job is on the line... and my family...
thank you for quick response. it is commercial l/c
term is due at sight. bene. did not ship the product. he contacted us after the late shipment date. weired thing is that the l/c late shipment was within 3 weeks of l/c issue date. his product is worth 3 dollars and amount is 10 million EUR. bene. company's whole year production capa..
is it possible to amend commercial l/c? or we need to issue new one? or law suit coming??
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Old 06-14-2008, 01:35 AM
Bean Bean is offline
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Default We (issuing bank) sent the Letter of Credit to wrong bank. Help!!!!?

Im not sure I have enough info here to help...but my experience has been that the beneficiary would have known (and would have been waiting anxiously for this LC) Is it a standby or Commerical LC? That will make a big difference. If it is commercial then you have some serious work to do because it more than likely going to have to be paid at maturity. If it is standby, you may have less to worry about unless it is drawn upon (which is pretty rare). I am surprised that there wasn't any communication from the bank that received it accidentally. I'm doubly surprised that the bene didn't know that this hadnt been received. I can't imagine they would ship/perform under contract without confirmation of the LC. Yes.. your job could be on the line...but I would doubt it...unless you have made many of these errors repeatedly.
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