silent about expiry place

SOOEYOUNKIM · Post by **SOOEYOUNKIM** » Mon May 18, 2009 1:00 am

Dear.

Could you give me an advice about expiry place when lc is silent? If LC is silent about expiry place, which is the available place. Issuing bank or any bank....

According to ISP 98 Rule.3.04(b) (If no place of presentation to the issuer is indicated in the standby, presentation to the issuer must be made at the place of business from which the standby issued.) I guess LC is only avaiable with issuing Bank even though ISP98 could not apply to UCP600

But according to ISBP Para 2(the applicant bears the risk of any ambiguity in its instructions to issue or amended a credit), applicant should bear all risk against silence therefore I think LC is avaiable with Any Bank.

I would appreciate your clarification

Best regards
Eric

NigelHolt · Post by **NigelHolt** » Mon May 18, 2009 1:00 am

Eric,

In the case of UCP600, sub-Art. 6(d)(ii), combined with sub-Art. 6(a), removes the need to have an express ‘expiry place’ (nonethless place of expiry has been retained in field 31D of the MT700) and the answer to your question should be found in these sub-Articles.

Regards, Jeremy

SOOEYOUNKIM · Post by **SOOEYOUNKIM** » Mon May 18, 2009 1:00 am

Thanks Jeremy

I mean LC is showing only date of expiry without place of expiry, even though a credit must state the bank with which it is .....

Unfortuantely mail lc is incomplete.
Beneficiary has no time to request an amendment.

In case of mail LC.
:31D: Date and Place of Expiry
062509 (No place)

Regards
Eric

[edited 5/18/2009 11:30:28 AM]

NigelHolt · Post by **NigelHolt** » Mon May 18, 2009 1:00 am

Eric,

My point is that the credit you describe is NOT incomplete: the ‘place of expiry’ has been rendered obsolete / otiose by the sub-Articles I quoted. No disrespect meant but if you read them carefully you will see what I am saying is correct.

Unless the credit states it is available with another bank it is only available with the issuing bank and therefore the place of expiry is the issuing bank’s ‘counters’. If the credit states it is available with another bank, i.e. a nominated bank, the place of expiry is the nominated bank’s ‘counters’ etc.

Regards, Jeremy

[edited 5/18/2009 1:36:47 PM]

SOOEYOUNKIM · Post by **SOOEYOUNKIM** » Tue May 19, 2009 1:00 am

Thanks Jereme.

I totally understand what you are saying.

Regards
Eric