What is Field 42P in LC?

Field 42P: Deferred Payment Details is a field in MT 700 swift message type that is used to specify the payment date or method for its determination in a documentary credit which is available by deferred payment only. This is an optional field.

What is field in LC?

Documentary Credit (D/C) is also called Letter of Credit (L/C). If filed 31C has not been listed, then the Issue Date of the L/C is the date of sending SWIFT message. Field:31D Date And Place Of Expiry (Mandatory) The date the letter of credit expires.

What is field 42C?

What is Field 42C: Drafts at? Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit. This is an optional field. This field specifies the tenor of drafts to be drawn under the documentary credit.

What is clause 42D in letter of credit?

42C – DRAFTS AT – this is jargon for Bills of Exchange. Most Letters of Credits still call for ‘Drafts’ and you will draw one up in accordance with 42D – DRAWEE. It will state in here, which BANK you must draw the Bills of Exchange on.

What is 43P in LC?

Field 43P: Partial Shipments is a field in MT 700 swift message type that is used to specify whether or not partial shipments are allowed under the documentary credit. This is an optional field. According to letter of credit rules partial drawings or shipments are allowed unless otherwise stated on the credit.

What is field 31e in LC?

This field specifies the date of the original issue of the documentary credit, that is, the date on which the issuing bank considers the credit as being issued.

What is field 53a in LC?

What is 53a: Reimbursing Bank? Field 53a: Reimbursing Bank is a field in MT 700 swift message type that specify the name of the bank which has been authorized by the Sender to reimburse drawings under the documentary credit. This may be a branch of the Sender or the Receiver, or an entirely different bank.

What is 44A in LC?

Field 44A: Place of Taking in Charge/Dispatch from …/ Place of Receipt is a field in MT 700 swift message type that is used to specify the place of taking in charge (in case of a multimodal transport document), the place of receipt (in case of a road, rail or inland waterway transport document or a courier or expedited …

What is LC available by payment?

Documentary Credits and Availability A documentary credit (“credit”, “letter of credit”, “LC”) is a bank undertaking to pay its beneficiary based on presentation of required documents, provided that the presentation complies with the terms and conditions of the credit.

When to use field 42c for a draft?

The calculation of tenor and maturity dates, as shown above, would also apply to credits designated as being available by deferred payment, i.e., where there is no requirement for a draft to be presented by the beneficiary. Field Field 42C: Drafts at …

What is the field 42C in MT 700?

Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit. This is an optional field. This field specifies the tenor of drafts to be drawn under the documentary credit.

What is the purpose of field 42C in Swift?

What is field 42P : deferred payment details?

Article 42P: Deferred Payment Details is a field under the MT 700 Issue of a Documentary Credit swift message. This field identifies the payment date or method for its determination in a documentary credit which is available by deferred payment only. What is Field 42P: Deferred Payment Details?

What is Field 42P in LC? Field 42P: Deferred Payment Details is a field in MT 700 swift message type that is used to specify the payment date or method for its determination in a documentary credit which is available by deferred payment only. This is an optional field. What is field in LC? Documentary…