If a due date of a document under usance documentary credit falls on Sunday ( or on bank holiday) ,on which day (preceeding or successding) the dc issuing should effect payment.
Under which article of UCP 500 the issue is covered.
due date of bills under dc
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mahadeotayshete
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- Joined: Fri Apr 05, 2019 5:15 pm
due date of bills under dc
The ‘value’ date for when payment must be effected if the due date of a credit obligation falls on a non-banking day (in the financial centre through which settlement is scheduled to take place) is not a matter that appears to be expressly covered by UCP. I believe international banking practice is to effect settlement 'value' the first banking day following the due date (unless the credit stipulates otherwise), on the basis that the creditor is not entitled to payment prior to the due date.
[edited 8/7/01 3:39:09 PM]
[edited 8/7/01 3:39:09 PM]
due date of bills under dc
I agree and congratulate JSSmith on such a clear focused response to the question posed.
Pavel Andrle
Pavel Andrle