MT 700

MT-700 - FIELD DESCRIPTION AND ITS IMPLECATION IN TRADE

Field Definition

This field specifies the number of this message in the series of messages sent for a documentary credit, and the total number of messages in the series.

Abbreviation of codes / Related conditions

Serial number of message / total number of message for this lc

Field Definition

This field specifies the type of credit.

Abbreviation of codes / Related conditions

IRREVOCABLE The documentary credit is irrevocable
IRREVOCABLE TRANSFERABLE The documentary credit is irrevocable and transferable
IRREVOCABLE STANDBY The standby letter of credit is irrevocable
IRREVOC TRANS STANDBY The standby letter of credit is irrevocable and transferable

Field Definition

This field specifies the documentary credit number which has been assigned by the Sender.

Abbreviation of codes / Related conditions

16x

Field Definition

Use of this field indicates that the documentary credit has been pre-advised.

Abbreviation of codes / Related conditions

16x

Field Definition

This field specifies the date on which the issuing bank (Sender) considers the documentary credit as being issued.

Abbreviation of codes / Related conditions

YYMMDD

Field Definition

This field specifies the rules the credit is subject to

Abbreviation of codes / Related conditions

EUCP LATEST VERSION The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue
UCPURR LATEST VERSION The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements under documentary credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
EUCPURR LATEST VERSION The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
ISP LATEST The standby letter of credit is subject to the version of the ICC International Standby Practices, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
VERSION Standby Practices, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.
UCP LATEST VERSION The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.

Field Definition

This field specifies the latest date for presentation under the documentary credit and the place where documents may be presented.

Abbreviation of codes / Related conditions

YYMMDD

Field Definition

This field specifies the bank of the applicant customer, if different from the issuing bank

Field Definition

This field specifies the party on behalf of which the documentary credit is being issued.

Abbreviation of codes / Related conditions

Name & Address

Field Definition

This field specifies the party in favour of which the documentary credit is being issued.

Abbreviation of codes / Related conditions

Name & Address

Field Definition

This field contains the currency code and amount of the documentary credit.

Abbreviation of codes / Related conditions

currency code as per ISO 4217 The decimal comma ',' is mandatory

Field Definition

This field specifies the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount.

Abbreviation of codes / Related conditions

Positive Tolerance /Negative Tolerance

Field Definition

This field further qualifies the documentary credit amount.

Abbreviation of codes / Related conditions

NOT EXCEEDING - Qualifies the documentary credit amount

Field Definition

This field identifies the bank with which the credit is available (the place for presentation) and an indication of how the credit is available.

Abbreviation of codes / Related conditions

Any bank in ... (city or country) the credit is to be freely negotiable by any bank (that city / country)
BY PAYMENT mean payment at sight
BY DEF PAYMENT the specific details of the payment termsmust be specified in field 42P
BY MIXED PYMT the specific details of the payment termsmust be specified in field 42M
BY NEGOTIATION Documents can be negotiated at allowed bank counters
BY ACCEPTANCE payment commitment will be made at some future date as per LC terms

Field Definition

This field specifies the tenor of drafts to be drawn under the documentary credit..

Field Definition

This field identifies the drawee of the drafts to be drawn under the documentary credit.

Field Definition

This field specifies the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment.

Field Definition

This field specifies the payment date or method for its determination in a documentary credit which is available by deferred payment or negotiation only.

Abbreviation of codes / Related conditions

ALLOWED Allowed under the documentary credit.
CONDITIONAL Conditional based on conditions specified elsewhere in the message.
NOT ALLOWED Not allowed under the documentary credit.

Field Definition

This field specifies whether or not transhipment is allowed under the documentary credit.

Abbreviation of codes / Related conditions

ALLOWED Allowed under the documentary credit.
CONDITIONAL Conditional based on conditions specified elsewhere in the message.
NOT ALLOWED Not allowed under the documentary credit.

Field Definition

This field specifies 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 delivery service document), the place of dispatch or the place of shipment to be indicated on the transport document.

Field Definition

This field specifies the port of loading or airport of departure to be indicated on the transport document.

Field Definition

This field specifies the port of discharge or airport of destination to be indicated on the transport document.

Field Definition

This field specifies the final destination or place of delivery to be indicated on the transport document.

Field Definition

This field specifies the latest date for loading on board/dispatch/taking in charge.

Abbreviation of codes / Related conditions

YYMMDD

Field Definition

This field specifies the period of time during which the goods are to be loaded on board/despatched/taken in charge.

Field Definition

This field contains a description of the goods and/or services.

Field Definition

When the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field.

Field Definition

This field contains a description of further conditions of the documentary credit.

Field Definition

This field specifies special payment conditions applicable to the beneficiary, for example, post-financing request/conditions.

Field Definition

This field specifies special payment conditions applicable to the receiving bank without disclosure to the beneficiary, for example, post-financing request/conditions for receiving bank only.

Field Definition

This field may be used only to specify charges to be borne by the beneficiary

Abbreviation of codes / Related conditions

AGENT Agent's Commission
COMM Our Commission
CORCOM Our Correspondent's Commission
DISC Commercial Discount
INSUR Insurance Premium
POST Our Postage
STAMP Stamp Duty
TELECHAR Tele transmission Charges
WAREHOUS Wharfing and Warehouse

Field Definition

This field specifies the number of calendar days after the date of shipment within which the documents must be presented for payment, acceptance or negotiation. Narrative must only be used to specify another type of date than a shipment date, for example invoice date, from which the period for presentation begins.

Abbreviation of codes / Related conditions

The absence of this field means that the presentation period is 21 days after the date of shipment, where applicable.

Field Definition

This field contains confirmation instructions for the Receiver (advising bank).

Abbreviation of codes / Related conditions

CONFIRM The requested confirmation party is requested to confirm the credit
MAY ADD The requested confirmation party may add its confirmation to the credit
WITHOUT No confirmation is requested

Field Definition

Bank which is requested to add its confirmation or may add its confirmation.

Abbreviation of codes / Related conditions

Field must be present if confirmation instructions is MAY ADD, or CONFIRM and field 57a Second Advising Bank is present.

Field Definition

This field specifies the name of the bank which has been authorised 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.

Field Definition

This field specifies instructions to the paying, accepting or negotiating bank. It may also indicate if prenotification of a reimbursement claim or pre-debit notification to the issuing bank is required.

Field Definition

This field identifies the bank, if different from the Receiver, through which the documentary credit is to be advised/confirmed to the beneficiary.

Field Definition

This field identifies the bank, if different from the Receiver, through which the documentary credit is to be advised/confirmed to the beneficiary.

Abbreviation of codes / Related conditions

PHONBEN (Telephone beneficiary) : Please advise/contact beneficiary by phone.
TELEBEN (Telecommunication Please) : advise the beneficiary by the most efficient means of telecommunication.

M = Mandatory, O = Optional