Drafting a DC application
Corporate customers can draft DC (Documentary Credit) applications on Contour. The form covers all data requirements to issue a standard Documentary Credit, as per UCP/eUCP requirements. A completed draft is sent by the applicant to the Issuing Bank selected in the DC form. Alternatively, a fully or partially completed draft is sent to the Beneficiary for co-drafting. Before it is submitted to the issuing bank, the applicant can discard the application when it's pending on applicant action. If the application is sent to beneficiary to review, beneficiary needs to return or endorse the application to applicant and then applicant can discard the application.
On Contour, the applicant and beneficiary can edit and exchange the draft DC application with each other. This gives the beneficiary an opportunity to review the details of the DC, as well as to edit any of the terms directly before returning the draft to the applicant. If there are no edits, the beneficiary can endorse the draft. Both parties are shown (highlighted) the fields that are edited or modified in the co-drafting process.
During this process, the status of the DC is 'Draft'
DC issuance journey starts after the applicant submits the DC form to the Issuing Bank (3b). All mandatory fields need to be populated before submission. However if the applicant allows the issuing bank to make changes to the form, only the applicant, beneficiary and issuing bank identifiers are mandatory.