International payment 4 th Edition World Trade Press
Regarding the Role of Banks
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- Regarding the Role of Banks
| Regarding the Role of Banks
3. Banks are not liable nor can they be held accountable for the acts of third parties. Third parties include freight forwarders, forwarding agents, customs authorities, insurance companies, and other banks. Specifically, they are not responsible for delays or consequences resulting from Acts of God (floods, earthquakes, etc.) riots, wars, civil commotions, strikes, lockouts, or other causes beyond their control. 6 Regarding the Role of Banks 4. Banks also assume no liability or responsibility for loss arising out of delays or loss in transit of messages, letters, documents, etc. 5. Because banks deal in documents and not goods, they assume no responsibility regarding the quantity or quality of goods shipped. They are only concerned that documents presented appear on their face to be consistent with the terms and conditions of the documentary credit. Any dispute as to quality or quantity of goods delivered must be settled between the buyer and the seller. 7 Regarding the Role of Banks 6. So long as the documents presented to the banks appear on their face to comply with the terms and conditions of the credit, banks may accept them and initiate the payment process as stipulated in the documentary credit. • If there are any conclusions to be made from the above they are: first, that the buyer and seller should know each other and have at least some basis of trust to be doing business in the first place, and second, that all parties to the transaction should take responsibility to follow through on their part carefully. 8 |