Amendment Issued ater Shipment

DMShetty_ · Post by **DMShetty_** » Thu Jun 25, 2009 1:00 am

We negotiated an export documents on 26May09 covering shipment dated 15May09. The last
date of shipment as per Lc was
10May09.On the date of negotiation we received amendment dated 25May09 extending the shipment date to 30May09. Accordingly we negotiated the documents on clean basis. Now we have received discrepancy message from Issuing Bank stating 'Late shipment'. Is it valid?

DanielD · Post by **DanielD** » Thu Jun 25, 2009 1:00 am

Why would it be valid?
Regards
Daniel

WilfredOng_ · Post by **WilfredOng_** » Fri Jun 26, 2009 1:00 am

The referred amendment is valid because an issuing bank is irrevocably bound by an amendment as of the time it effected the amendment.

I assume that the beneficiary has yet to give notification of acceptance of the amendment even if they have anticipated it to be forthcoming.

Nevertheless their presentation of documents that complies to the credit and not yet accepted amendment is deemed to be notification of acceptance by beneficiary.

Regards,
Ong W
[edited 6/26/2009 7:26:42 AM]
[edited 6/26/2009 7:31:34 AM]