Document Presented After Expiry

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gegeeee
Posts: 147
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First Name: Gega CITF, CDCS
Last Name: Topadze
Organization: Bank of Georgia
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Location: Tbilisi, Georgia

Document Presented After Expiry

Post by gegeeee » Mon Aug 10, 2015 4:01 pm

Hy everyone,

Heed you valuable opinion regarding one little case.

LC has expired on 27/07/2015.
Doc's were presented on 3/08/2015. There were no holidays or rest day.

Issuing Bank has already closed file. Question's are as follow:

1) Should issuing bank send refusal notice to Advising Bank under article 16? And at that time approach the client for the waiver?
2) Or should issuing Bank just close the file and all this case will be outside scope of UCP600.
3) What if issuing bank send's no notification to advising Bank after fifth banking day following the presentation?

Best,
Gega

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picant
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Joined: Wed Aug 20, 2008 1:49 pm

Credit expired, dont exist any more..

Post by picant » Mon Aug 10, 2015 4:39 pm

Hi Pal

l/c is over so no UCP 600 could be applied. We are in the world of banks and a bank will inform the remitting bank that documents will be accepted for collection under URC 522.
In case of interests, e.g. payment a 90 days, banks will find a solution to re-instalt the expired l/c or something else.
Ciao

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gegeeee
Posts: 147
Joined: Fri Jul 05, 2013 5:50 pm
First Name: Gega CITF, CDCS
Last Name: Topadze
Organization: Bank of Georgia
Filter: Two Plus Two =: 4
Location: Tbilisi, Georgia

Thank u

Post by gegeeee » Mon Aug 10, 2015 6:01 pm

Dear Picant,

Thank you.

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shahriar
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agree with picant

Post by shahriar » Tue Aug 18, 2015 11:19 pm

Agree with picant.

sandeep_mt
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Agree with picant.

Post by sandeep_mt » Sat Sep 05, 2015 11:02 am

Agree with picant.

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