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Welcome to Collyer Consulting

Online resource for trade finance information

Handling trade finance products can often lead to a minefield of problems and issues. Collyer Consulting Global Ltd can supply the answers through a number of different media, ranging from supplying updates on current initiatives and trends, to simply providing clarification or answers to burning questions. Questions are submitted daily by banks, importers, exporters and logistics organisations alike on a wide range of issues and topics. All are published anonymously and are available for all members to review.

Education and training forms a significant part of our offering, from Letter of Credit MasterClasses and seminars to the reviewing and updating of internal training material. Join the growing number who benefit from the information contained in the members section of this website. Sign up today!

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Recent News

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

ICC release Technical Advisory Briefing No. 10 - Amendments 14/08/2024

This briefing, focussing on the acceptance and rejection of amendments, describes the necessary process for the proper handling of tamendments and the best practices associated with determining their acceptance or rejection...more

Latest Question

We have issued a credit on 24.07.2023 with the below clauses: 13- DOCUMENTS TO BE DELIVERED TO APPLICANT FREE OF CHARGE TO ENABLE THEM TO CLEAR THE GOODS, INSPECT AND PRESENT THE ACCEPTANCE CERTIFICATE AS STATUS ON THE REQUIRED DOCUMENTS. 14- THE PAYMENT SHOULD BE BASED ON APPLICANT ACCEPTANCE CERTIFICATE ENSURING THE RECEIPT OF GOODS IN GOOD CONDITION. THIS CONFIRMATION SHOULD BE ON THE LETTERHEAD OF THE APPLICANT TO BE SIGNED BY APPLICANT REPRESENTATIVES. We have received the documents on 10.08.2023 which were discrepant and they were accepted on 20.09.2023 by the applicant. Hence, we have released the documents free of payment on 20.09.2023 as per clause 13 and still we have not received the acceptance certificate by the applicant to confirm the due date so far. Now, we have received a legal notice from the beneficiary requesting us to pay without delay. Also, the beneficiary’s bank sent us an advice that they have closed their files accordingly. We replied to the beneficiary’s bank : “PLEASE NOTE THAT AS PER LC CLAUSE 13 UNDER FIELD 47A DOCUMENTS HAS BEEN DELIVERED TO THE APPLICANT FREE OF CHARGE AND WE ARE WAITING FOR THE APPLICANT ACCEPTANCE CERTIFICATE UPON THE RECEIPT OF APPLICANT ACCEPTANCE CERTIFICATE AND AS PER FIELD 47A-11 WE SHALL ADVISE YOU WITH THE MATURITY DATE I.E. 630 DAYS FROM THE ACCEPTANCE CERTIFICATE DATE. WE ARE IN DIRECT CONTACT WITH OUR APPLICANT FOR THE FATE OF THE ACCEPTANCE CERTIFICATE(S) AND WE SHALL ADVISE YOU AS SOON AS WE RECEIVE ANY UPDATE.” Please advise us if there are any consequences on our part and guide us on the ultimate way to handle the situation.