Is there a reasonable time for an issuing bank to respond to our enquiry as to the nature of the discrepancy they claimed?
We had sent a SWIFT msg to the issuing bank enquiring on the discrepancy fee deducted & the nature of the discrepancy. There was no response for 5 banking days. Then the beneficiary presented another set of docs under the same credit for negotiation which put us in a fix as we do not know the alleged discrepancy.
Thank you.
[edited 10/16/01 1:19:56 AM]
Reasonable time?
Reasonable time?
"REASONABLE TIME" TO RESPOND TO QUERIES ON NAMED DISCREPANCIES IS TO BE ADJUDICATED BY A COURT OF LAW
The UCP 500 only governs a "reasonable time not to exceed 7 banking days" for an issuing/confirming/nominated bank in sending its refusal advice. For response to queries to named discrepancies advised by the refusal advice, the UCP 500 is silent.
Such "reaasoanble time" issue is to be adjudicated by a court of law, rather than by the UCP 500.
http://www.tolee.com
The UCP 500 only governs a "reasonable time not to exceed 7 banking days" for an issuing/confirming/nominated bank in sending its refusal advice. For response to queries to named discrepancies advised by the refusal advice, the UCP 500 is silent.
Such "reaasoanble time" issue is to be adjudicated by a court of law, rather than by the UCP 500.
http://www.tolee.com