Just want to know, if I received a DC Documents on 13.11.2008, Negotiating bank states that Documents were presented to them on 10.11.2008, whereas the expiry date is 11.11.2008.
Now, on my side, the Lc is expired and its discrepant. But from the negotiating bank side, its not expired since it was presented to them before expiry date.
My question also is that, Who checks the expiry date of an LC against the documents, the negotiating bank or Issuing Bank?
regards.
EXPIRY DATE OF PRESENTATION OF L/C DOCUMENTS
Want to know, if L/C states date of presentation of documents to negotiating bank is 15 days from B/L date & the B/L date is 05.11.2008. What will be the last date of presentation of document in negotiating bank ( 19.11.2008 or 20.11.2008 )
Please help on the above.
19/11/2008 is the last date of presentation
19/11/2008 is the last date of presentation
Regards
Tulsi/ Dubai
expiry date or latest date for presentation
The expiry date or latest date for presentation , as the case may be the Doumentary credit must state the place for the expiry date or latest date for presentation. The inquiry does not state the place is it the negotiation bank counter or issuing bank counter. If the expiry date i.e 11\11\2008 at the negotiating bank counter it seems ok since the documents presented on 10\11\2008 which is prior to the expiry date despite the fact that documents received the issuing bank counter on 13\11\2008.
even though , if the covering letter of the negotiating bank dated 13\11\2008 and the negotiating bank provided the issuing bank with a statement on its covering schedule stating that the presentation was made within the time limits it wouldn't be a discrepance according to sub article 29(b) UCP 600.
Best regards
Mohammed Imam
mobile + 962 79 5811577
Amman - Jordan
EXPIRY DATE OF PRESENTATION OF L/C DOCUMENTS
Want to know, if L/C states date of presentation of documents to negotiating bank is 15 days from B/L date & the B/L date is 05.11.2008. What will be the last date of presentation of document in negotiating bank ( 19.11.2008 or 20.11.2008 )
Please help on the above.
Thanks & regards
Santosh B S
Expiry
I completely agree with Imran and worldwide, If credit expires at nego bank counters then it is ok, otherwise it is expired.
Please refere article 6.
Expiry Date
If LC expires at Negotiating bank counter, then it will not be treated an Expired credit. If it Expires at Issuing Bank Counter then it got expired mean docs must have been submitted at issuing bank counter by Nov 10.
Imran Umer
IamImranUmer@gmail.com
If LC expires at Negotiating
If LC expires at Negotiating bank counter, then it will not be treated an Expired credit???
what you mean here?