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Last Date of LC negotiation falls on A sunday

Sat, 11/01/2008 - 02:59 — rajeshlc

I have recd a LC for which the last date of negotiation is 21 days from shipment date. However the 21st day happens to fall on a Sunday so can I present the documents for negotiation on the next working day or do I have to present them before the Sunday

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Sat, 11/01/2008 - 05:46 — smmujeeb

Article 29

Article 29(a). If the expiry date of a credit or the last day for presentation falls on a day when bank to which presentation is to be made is closed for reasons other than those refered to in article 36 (force majeor), the expiry date or the last day for presentation, as the case may be, will be extended to the first following banking day.

b).If presentation is made on the first following banking day, a nominated bank must provide the issuing bank or confirming bank with a statement on its covering schedule that the presentation was made within the time limits extended in the accordance with sub article 29(a)

c)The last date for shipment will not be extended as a result of sub-article 29(a).

Sat, 11/01/2008 - 03:49 — tulsi

Dox Presentation date

If, the last presentation date falls on a non banking day (Sunday),  You can submit the documents on first following banking day –means on Monday.    RegardsTulsi/ DubiContact: tulsipillaiex@hotmail.com or  tulsiusha1@yahoo.com

Sat, 11/01/2008 - 05:24 — smmujeeb

ISBP para 48

Payment must be available in immediately available funds on the due date at the place where the draft or dox are payable, provided such due date is a banking day in that place. If the due date is a non banking day, payment will be due on the first banking day following the due date. Delays in the remittance of funds such as grace days, the time it takes to remit funds etc, must not be in additon to the stated or agree due date as defined by the draft or dox.

If the last presentation date falls on a non banking day (Sunday), you have all right to present the dox on the first following banking day. in this dox will not be discrepant.

 

Mon, 12/08/2008 - 08:31 — plank123

place for negotation is silent

I have one more question - my LC simply states "last date for negotation of documents is 17th of December 2008". Does that mean that the documents should reach the issuing bank by 17.12.2008, or would it be sufficient if I lodge it with my banker (negotiating bank) on 17.12.2008.

Best Regards,

Abhishek.