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.

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What is Field 42P: Deferred Payment Details?

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.

A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation.

By nominating a bank to accept a draft or incur a deferred payment undertaking, an issuing bank authorizes that nominated bank to prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank.

MT 700
Field 42P: Deferred Payment Details:

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

CONDITIONAL RULES
Either fields 42C and 42a together, or field 42M alone, or field 42P alone may be present. No other combination of these fields is allowed.