Issuing bank deal with usance documents arrived on or 1day p
Posted: Mon Dec 05, 2011 12:00 am
Usance L.C issued with tenor of 30 days after B/L date.
The Negotiating Documents presented at issuing bank counter on due date or 1day prior due date or even after due date. How can the issuing bank deal with such documents: as ART.14b UCP600, the issuing bank has 5 days to process the documents.
+ Is it necessary to stipulate in L/C that ''UPON OUR RECEIPT OF DOCUMENTS STRICTLY IN COMPLIANCE WITH ALL TERMS AND CONDITIONS OF THE CREDIT, WE SHALL EFFECT THE PAYMENT IN ACCORDANCE TO THE NEGOTIATION BANK'S INSTRUCTION, PROVIDED SUCH CLAIM/DOCUMENTS IS/ARE RECEIVED AT LEAST THREE WORKING DAYS PRIOR TO MATURITY DATE, OTHERWISE PAYMENT WILL BE EFFECTED THREE WORKING DAYS AFTER RECEIPT OF SUCH CLAIM/DOCUMENTS''
The Negotiating Documents presented at issuing bank counter on due date or 1day prior due date or even after due date. How can the issuing bank deal with such documents: as ART.14b UCP600, the issuing bank has 5 days to process the documents.
+ Is it necessary to stipulate in L/C that ''UPON OUR RECEIPT OF DOCUMENTS STRICTLY IN COMPLIANCE WITH ALL TERMS AND CONDITIONS OF THE CREDIT, WE SHALL EFFECT THE PAYMENT IN ACCORDANCE TO THE NEGOTIATION BANK'S INSTRUCTION, PROVIDED SUCH CLAIM/DOCUMENTS IS/ARE RECEIVED AT LEAST THREE WORKING DAYS PRIOR TO MATURITY DATE, OTHERWISE PAYMENT WILL BE EFFECTED THREE WORKING DAYS AFTER RECEIPT OF SUCH CLAIM/DOCUMENTS''