The shipped on board date is 15/12 and the B/L issue date is 20/12.
Which date should be considered as B/L date. Payment terms of my L/C is 60 days from B/L date.
Actually I mentioned 15/12 on documents and got descrepancy memo from issuing bank. pls comment
as per UCp on board notation would be considered as the date of shipment, therefore issuing bank is absolutely incorrect in quoting the discrepancy ....
Dear Mr. Ganesh If you are in Dubai, contact me by E mail with your contact. I will advise You. I can guide you.
Contact: [email protected] Regards Tulsi / Dubai
Why you are contacting issuing bank instead of advising bank. Is your advising and the issuing bank are the same?
Tulsi / Dubai
Can you tell me how come issuing and advising bank will be same
Documents are already negotiated clean with our bank in Dubai and sent to issuing bank. This descrepancy is received from issuing bank.
In your case the issue date and the shipped on board dates are different. So the shipped on board date is 15/12 and not 20/12.
Your bank is wrong if the bank is advised as the shipped on board date is 20/12. You can advise your bank. Since matter is crystal clear, do not point out any UCP or ISBP article to support.
B/L issue date will consider as the shipped on board date, If the shipped on board date is not mentioned separately and the Ucp 600 article 20 ii will support this. “ the date of issuance of the bill of lading will be deemed to be the date of shipment unless the bill of lading contains an on board notation indicating the date of shipment” .
In that case the date stated in the on board notation will be deemed to be the date of shipment.
Regards Tulsi / Dubai
The wording of the credit is clear and would be 60 days after the 20.12.2008.
However only w o u l d !
ISBPS Para 43 c) rules:
"If the tenor refers to xxx days after the bill of lading date, the on board date is deemed to be the bill of
lading date even if the on board date is prior to or later than the date of issuance of the bill of lading."
The sense behind this rule is to prevent B/Ls showing date of B/L for example as 05.11.2008 and on board date as 15.12.2008.
IMHO this rule is more than debatable. For the issuing bank's side, you could stipulate the tenor as follows:
"60 days after date of shipment or date of issuance of bill of ladin, whichever occurs later. Para 43 c) of ISBPs 681 does not apply."
-Each long journey starts with a small step-
Thanks for the advise. But the issuing bank says as the L/C tenor is "60 days from B/L date" not shipped on board date, so they will consider the issue date only as B/L date. Are they wrong?
as already written ISBP 681 gives the meaning of "XX days from B/L" in XX days from "ON BOARD "date in B/L being this date prior or later than B/L issue. So issuing bank is wrong.
How many amateurs in checking documents!?!
Try again !
I do agree with Mr. Tulsi
the on board notation is deemed to be the date of shipment and not the date of B/L issunce.