{"id":2562,"date":"2018-09-15T00:57:04","date_gmt":"2018-09-15T04:57:04","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=2562"},"modified":"2019-04-07T01:48:45","modified_gmt":"2019-04-07T05:48:45","slug":"field-42m-mixed-payment","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/15\/field-42m-mixed-payment\/","title":{"rendered":"Field 42M: Mixed Payment"},"content":{"rendered":"<p><strong>What is Field 42M: Mixed Payment?<\/strong><\/p>\n<p>Field 42M: Mixed Payment specifies the payment dates, amounts and\/or method for their determination in a documentary credit which is available by mixed payment.<\/p>\n<p>This is an optional field.<\/p>\n<p>Mixed payment is not covered under the letter of credit rules. But parties can utilize a letter of credit which is available by mixed payments.<\/p>\n<p>There are 3 main scenarios exists in a mixed payment letter of credit:<\/p>\n<ul>\n<li><span style=\"color: #339966;\"><strong>Scenario 1:<\/strong><\/span> The beneficiary receive an advance payment before the shipment and remaining amount will be payable against the shipping documents,<\/li>\n<li><strong><span style=\"color: #339966;\">Scenario 2:\u00a0<\/span><\/strong>Some of the contract amount is payable against the shipping documents and the remaining amount will be paid after the shipment such as installation of the machinery etc.,<\/li>\n<li><strong><span style=\"color: #339966;\">Scenario 3:\u00a0<\/span><\/strong>Mixed payment consists of both advance payment, payment against the shipping documents and payment after the shipment. (Option 3 is the combination of Option 1 and Option 2)<\/li>\n<\/ul>\n<p><strong>Mixed Payment Example:<\/strong><\/p>\n<ul>\n<li>50 percent of the total lc value payable at sight as an advance against presentation of simple invoice.<\/li>\n<li>40 percent of the total lc value payable at sight against presentation of stipulated documents under field 46A.<\/li>\n<li>10 percent lc value payable at sight against presentation of following documents: commercial invoice for 10 percent of lc value completion of installation certificate issued by beneficiary and to be duly counter signed by applicants authorized signatory , whose signature follows by courier.<\/li>\n<\/ul>\n<p><strong>MT 700<\/strong><br \/>\n<strong>Field 42M: Mixed Payment Details:<\/strong><br \/>\n<strong>USAGE RULES<\/strong><br \/>\nThis field specifies the payment dates, amounts and\/or method for their determination in a documentary credit which is available by mixed payment.<\/p>\n<p><strong>CONDITIONAL RULES<\/strong><br \/>\nEither fields 42C and 42a together, or field 42M alone, or field 42P alone may be present. No other combination of these fields is allowed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Field 42M: Mixed Payment? Field 42M: Mixed Payment specifies the payment dates, amounts and\/or method for their determination in a documentary credit which is available by mixed payment. This is an optional field. Mixed payment is not covered<\/p>\n","protected":false},"author":1,"featured_media":2569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,231],"tags":[293,276,238,239],"class_list":["post-2562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mt-700-issue-of-a-documentary-credit","category-swift-messages","tag-field-42m-mixed-payment","tag-mt-700-issue-of-a-documentary-credit","tag-swift","tag-swift-messages"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=2562"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/2569"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=2562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=2562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=2562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}