Why look for a complicated resolution to this when the best way is also the simplest ?
I have raised this issue at previous Banking Commission meetings where I suggested that the new rules should require the nominated bank to state the date of receipt of the docs.
I agree with Jeremy that all presentations which I have seen rejected for discrepancies have invariably included a statement that docs were in order. Therefore a statement that docs were received in time should be viewed with the same scepticism.
Laurence
[edited 7/1/2005 3:39:28 PM]
Late presentation
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larryBacon
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KimChristensen
- Posts: 404
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Late presentation
ICC Opinion R.373 (Conclusion)
Where a schedule is dated after the latest permitted date of presentation and/or expiry date, A STATEMENT CERTIFYING THAT THE TERMS AND CONDITIONS HAVE BEEN COMPLIED WITH WILL BE SUFFICIENT EVIDENCE OF PRESENTATION WITHIN THE EXPIRY DATE AND/OR LAST DATE FOR PRESENTATION [emphasis added].
If a document is dated after the latest permitted expiry or presentation date, it must be considered to have been presented late, and, therefore, discrepant.
ICC Opinion R.481 (ANALYSIS & CONCLUSION)
If the schedule from the negotiating bank stated that ALL TERMS AND CONDITIONS HAD BEEN COMPLIED [emphasis added] with, this would be sufficient to meet the conditions of Sub-article 44c.
In the absence of such notification or certification on the schedule, the issuing bank would be entitled to raise the issue with the negotiating bank. However, upon receiving confirmation that the documents were presented within the prescribed time limits and that it was purely an omission on the part of the negotiating bank, the ISSUING BANK MUST ACCEPT [emphasis added] the documents if otherwise in order.
ICC Opinion TA.356 (ANALYSIS & CONCLUSION)
… a statement by the negotiating bank confirming that ALL TERMS AND CONDITIONS OF THE CREDIT HAVE BEEN COMPLIED [emphasis added]with is sufficient evidence for the issuing bank that the documents were presented within the expiry date of the credit
Where a schedule is dated after the latest permitted date of presentation and/or expiry date, A STATEMENT CERTIFYING THAT THE TERMS AND CONDITIONS HAVE BEEN COMPLIED WITH WILL BE SUFFICIENT EVIDENCE OF PRESENTATION WITHIN THE EXPIRY DATE AND/OR LAST DATE FOR PRESENTATION [emphasis added].
If a document is dated after the latest permitted expiry or presentation date, it must be considered to have been presented late, and, therefore, discrepant.
ICC Opinion R.481 (ANALYSIS & CONCLUSION)
If the schedule from the negotiating bank stated that ALL TERMS AND CONDITIONS HAD BEEN COMPLIED [emphasis added] with, this would be sufficient to meet the conditions of Sub-article 44c.
In the absence of such notification or certification on the schedule, the issuing bank would be entitled to raise the issue with the negotiating bank. However, upon receiving confirmation that the documents were presented within the prescribed time limits and that it was purely an omission on the part of the negotiating bank, the ISSUING BANK MUST ACCEPT [emphasis added] the documents if otherwise in order.
ICC Opinion TA.356 (ANALYSIS & CONCLUSION)
… a statement by the negotiating bank confirming that ALL TERMS AND CONDITIONS OF THE CREDIT HAVE BEEN COMPLIED [emphasis added]with is sufficient evidence for the issuing bank that the documents were presented within the expiry date of the credit
Late presentation
Kim,
Thanks for bringing these to our attention. Pity so many banks just seem to place this statement on their schedules without any regard to its accuracy.
Regards, Jeremy
Thanks for bringing these to our attention. Pity so many banks just seem to place this statement on their schedules without any regard to its accuracy.
Regards, Jeremy
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KimChristensen
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Late presentation
Dear Jeremy,
I could not agree more.
Have a nice day
Kim
I could not agree more.
Have a nice day
Kim