Dear Expert,
May I ask for your opinion on the following:
Query 8
L/C
Issuing bank in Spain
Beneficiary in China
41D: Available with Issuing bank by payment
31D: 090422 Expiry in China
44C: Latest date of shipment: 090401
48: period of presentation
presentation must be made not later than 21 days after the date of shipment but within the validity of this credit
B/L presented showing on board date March 25, 2009
Documents presented by beneficiary through Bank of China, China
The covering schedule dated April 15, 2009 presented and received by issuing bank on April 17, 2009
Issuing bank claimed Late presentation.
Is the discrepancy valid or not?
Thank you for your assistance.
Regards,
ucp 800
Issuing bank claimed Late presentation
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ucp800
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edilee
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15 april is the latest presentation date in china
since L/C available in china
25 march plus 21 days = 15 april is the latest presentation date in china
other comments wellcome
25 march plus 21 days = 15 april is the latest presentation date in china
other comments wellcome
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Trang
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Issuing bank claimed Late presentation
The discrepancy raised by the issuing bank is valid. The credit is available with the issuing bank by payment therefore the bank of china the beneficiary chose to present documents is not a nominated bank. The documents must be delivered to the issuing bank no more later than 15 April 2009.
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hassan
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contradiction
I think existing a contradiction in L/C has caused this dispute.
please note following feilds :
41D: Available with Issuing bank by payment
31D: 090422 Expiry in China
in fact when the l/c is available with Issuing bank by payment and issuing bank is in spain it should also be expired in spain but not in china. whereas 31d shows the l/c expires in china . to me just this contradcition which has been created by issing bank has faced two banks with problem.
appretiate other comments
please note following feilds :
41D: Available with Issuing bank by payment
31D: 090422 Expiry in China
in fact when the l/c is available with Issuing bank by payment and issuing bank is in spain it should also be expired in spain but not in china. whereas 31d shows the l/c expires in china . to me just this contradcition which has been created by issing bank has faced two banks with problem.
appretiate other comments
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TLO
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Issuing bank claimed Late presentation
Hi ucp800,
I think the discrepancy pointed by the L/C issuing bank in Spain is not justified.
L/C allows presentation time 15 days and L/C expired in China. It is fully complied with the credit.
If they argued about the availability of the payment, that is another issue and should not be mix up with the
late presentation of documents.
Cheers
I think the discrepancy pointed by the L/C issuing bank in Spain is not justified.
L/C allows presentation time 15 days and L/C expired in China. It is fully complied with the credit.
If they argued about the availability of the payment, that is another issue and should not be mix up with the
late presentation of documents.
Cheers