hello to all
is there any rule about for nominated bank (may be a confirming bank or advising bank) for posting the credit conform documents to issuing bank after negotiated the documents.
For example confirming bank finds the documents acceptable but sends two weeks later. is there a restriction by a rule on ucp
thanks in advance
time limit for posting documents to issuing bank
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- picant
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time for checking.....
Hi Pals,
UCP 600 speak of a time limit for a bank to advise discrepancies to the presentor, so nominated bank has 5 days after receipt of documents to communicate non compliance of document to the beneficiary, the issuing or confirming banks will have 5 days more after receipt to advise nominated bank or the beneficiary about discrepancies etc.
Naturally, a selected bank that causes damages in taking more time to check documents will be erased from specific list. OK
All is clear, or not.
Other comments appreciated
Ciao
UCP 600 speak of a time limit for a bank to advise discrepancies to the presentor, so nominated bank has 5 days after receipt of documents to communicate non compliance of document to the beneficiary, the issuing or confirming banks will have 5 days more after receipt to advise nominated bank or the beneficiary about discrepancies etc.
Naturally, a selected bank that causes damages in taking more time to check documents will be erased from specific list. OK
All is clear, or not.
Other comments appreciated
Ciao
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time limit for posting documents to issuinng bank
Hi Ciao/Picant
thank you for your reply but my imply a bit different there is no any hesistance on checking time it is 5 working days for every part (but what about advising bank it is also have a obligation for 5 working days if no need checking for them)
I want to learn is there any the implication rule about sendindg documents to applicants bank by confirming bank after checking and informing applicants bank that presentation is in order accordingly.
thank you for your reply but my imply a bit different there is no any hesistance on checking time it is 5 working days for every part (but what about advising bank it is also have a obligation for 5 working days if no need checking for them)
I want to learn is there any the implication rule about sendindg documents to applicants bank by confirming bank after checking and informing applicants bank that presentation is in order accordingly.
- nesarul
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posting document
Dear,
Can we refer sub article 15(b) of UCP 600 to the confirming bank... I want to emphasis on the starting word "WHEN..... AND FORWARD THE DOCUMENT TO THE ISSUING BANK"
REGARDS
NESAR
Can we refer sub article 15(b) of UCP 600 to the confirming bank... I want to emphasis on the starting word "WHEN..... AND FORWARD THE DOCUMENT TO THE ISSUING BANK"
REGARDS
NESAR
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time limit
Dear All
there is no time limit after negotiating complying presentation for the negotiating bank to send doc to issuing bank. documents must be send without delay after negotiation but mistakes happen
Regards
there is no time limit after negotiating complying presentation for the negotiating bank to send doc to issuing bank. documents must be send without delay after negotiation but mistakes happen
Regards
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time limit
Dear metin,
i see no such time limit in UCP or ISBP
600 A15" When a confirming bank....MUST ..forward the docs to the issuing bank.
Actually there are many "MUST" in ucp600 to identify the responsbilites of parties, without mentioning penalty or the like if the rules are not being followed. Related bank shall make compensation for the loss,if any,or take the risk of ruin its reputation.
But all these are not compulsive,anyway UCP ISBP are only customs and practice and are not law .
i see no such time limit in UCP or ISBP
600 A15" When a confirming bank....MUST ..forward the docs to the issuing bank.
Actually there are many "MUST" in ucp600 to identify the responsbilites of parties, without mentioning penalty or the like if the rules are not being followed. Related bank shall make compensation for the loss,if any,or take the risk of ruin its reputation.
But all these are not compulsive,anyway UCP ISBP are only customs and practice and are not law .
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no limit but
i agree that there is no limit when the document is to be forwarded to the issuing bank or confirming bank but once the compliance is determined, i see no reason to hold the document. if the nominated bank has hold the document after honoring without any reason, i think the bank is liable to issuing bank / bonafide holder for any damage.
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the need for reimbursement
Hi
although there may be no specific time stated categorically within which confirming/ negotiating bank should forward compliant doc to issuing bank. but i want to believe that the need to be reimburse or opportunity to get payment as soon as possible, naturally drives the confirming bank/ negotiating to forward docs to issuing bank. also for document that required to be presented before carier can release goods, good relationship would demand that docs should be forwarded soonest to avoid applcant incuring dumurage!
other comments welcome
Orunmila
although there may be no specific time stated categorically within which confirming/ negotiating bank should forward compliant doc to issuing bank. but i want to believe that the need to be reimburse or opportunity to get payment as soon as possible, naturally drives the confirming bank/ negotiating to forward docs to issuing bank. also for document that required to be presented before carier can release goods, good relationship would demand that docs should be forwarded soonest to avoid applcant incuring dumurage!
other comments welcome
Orunmila