What is Field 50: Applicant?
Field 50: Applicant is a field in MT 700 swift message type that is used to specify the party on behalf of which the documentary credit is being issued.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
Applicant means the party on whose request the credit is issued.
A credit must not be issued available by a draft drawn on the applicant.
A bank utilizing the services of another bank for the purpose of giving effect to the instructions of the applicant does so for the account and at the risk of the applicant.
The applicant shall be bound by and liable to indemnify a bank against all obligations and responsibilities imposed by foreign laws and usages.
Field 50: Applicant:
This field specifies the party on behalf of which the documentary credit is being issued. Applicant is the importer of the underlying contract.