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August 30, 2014

Homework Help: economics

Posted by Max on Friday, June 27, 2008 at 7:41pm.

The manager of the international department of the McAllen Bank learns on the way to work that the ship
on which a local exporter shipped some goods has sunk. The manager has received all the documents required in the letter of credit and is ready to pay the exporter for the shipment. In view of the news about the ship, the manager now knows that the foreign customer will never receive the goods.

Should the manager pay the exporter, or should he withhold payment and notify the overseas customer?

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