latest date of shipment and place of expiry

[jabra]

dear sir,

need your help to understand this. the credit expires at the counter of the issuing bank on 31-07-2009 and there is a shipment on 01-07-2009. the credit is available with the nominated bank in beneficiary's country. by when the document is to be reach at the counter of the issuing bank; 31-07 or 21-07 given that in all cases the document is presented to the nominated bank on 17-07-2009.

[nesarul]

Dear Sir,

First of all, i would like to say that this is poor drafted credit. Despite that:
If beneficiary presented complying document at nominated bank's counter within stipulated time frame, the responsibility of the Innocent beneficiary should treat as accomplished.
Moreover if we look into starting point of sub article 7(a):
"Provided that stipulated document are presented to the NOMINATED BANK OR TO THE ISSUING BANK [emphasis added]..........."
The above line has distinctly used the word “OR” [emphasis added] to mean that if beneficiary present the document to the nominated bank it is as like as presentation to the issuing bank.
.
Regards
nesar

[ldt5205]

I would say this is a badly issued LC but which is often seen.
The issuing bank hopes that it will receive the presentation by sometime,e.g.the expiry date.

[nesarul]

Dear,

The issuing bank hopes that it will receive the presentation by sometime,e.g.the expiry date

.
I think issuing bank cannot reject payment on above pela.
.
Regards
Nesar