Dear,
I personally think sub article 14(c) is missing link between the situation where default rule and other event altogether. I like sub article 43(a) of UCP 500 because it helps to remove the doubt, if any:
In addition to stipulating an expiry date for presentation of documents, every Credit which calls for a transport document(s) should also stipulate a specified period of time after the date of shipment during which presentation must be made in compliance with the terms and conditions of the Credit. If no such period of time is stipulated, banks will not accept documents presented to them later than 21 days after the date of shipment. In any event, however, documents must be presented not later than the expiry date of the Credit
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here two situation are exists: one is credit stipulated the time for presentation of document or default rule i.e 21 days from the date of shipment.
here first set of document presented [assume that there are original transport document according to sub article 14(c). hence the presentation and /or expiry date will be = shipment date +1+allowable presentation period i.e. 15 days or 21 days [if and where applicable] irrespective of credit stipulated an expiry date.
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Cristain 3rd argument is sense logical to me : and probably practical one
As long as the document is presented until expiry date (when issuing bank has a valid undertaking to pay against complying docs) i would not raise discrepancy late presentation, or how should I call: Late representation?
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but if you consider the total credit, then you will find that actual expiration of credit should be calculated on the above ways as i mentioned above and the original expiry date of the credit is only applicable where the goods is shipped on a last day of presentation.
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I tend to agree with cristain 4th point but if some one raise argument especially applicant, i have no better answer to them.......
this is also my personal view.
regards
nesar
