Would a document issued prior to L/C date be regarded as discrepant if it bears the L/C number?
Thanks
Antoine
Document issued prior to L/C date
Document issued prior to L/C date
The matter is I believe straightforward in that the rule in sub-article 14i UCP600 allows for the presentation of documents that pre-date the credit and that surely has to take primacy in this case.
It is not for us to judge or otherwise guess why the credit number might appear on the document. A simple and, in my opinion, acceptable answer could well be that the credit number had been disclosed in advance to the beneficiary prior to its actual issue.
Andy
It is not for us to judge or otherwise guess why the credit number might appear on the document. A simple and, in my opinion, acceptable answer could well be that the credit number had been disclosed in advance to the beneficiary prior to its actual issue.
Andy
Document issued prior to L/C date
Any other comment.
Thanks
Antoine
Thanks
Antoine
Document issued prior to L/C date
Antoine
Since you have effectively posed the question again, am I to assume that you have additional data that might be relevant to what otherwise would appear to be a theoretical question?
Andy
Since you have effectively posed the question again, am I to assume that you have additional data that might be relevant to what otherwise would appear to be a theoretical question?
Andy
Document issued prior to L/C date
Andy
The credit number was not even known by the issuing bank at the time the pre-dated document is issued.
Antoine
The credit number was not even known by the issuing bank at the time the pre-dated document is issued.
Antoine
-
JohnMadaba
- Posts: 2
- Joined: Fri Apr 05, 2019 5:20 pm
Document issued prior to L/C date
Antoine
I would add to Andy's response:
Article 2 of UCP 600 tells us that tin order to determine whether presentation is complying we need to look at three things:
1.Terms and conditions of the LC;
2.The applicable provisions of UCP 600 and;
3. ISBP
Now, since UCP 600 & ISBP give an ok with docs dated prior to the LC issuance date then we need to look at the LC itself, what are the relevant T&Cs in the LC?..
This is how I will handle the matter - if the LC says, "LC number XXX to appear on all docs called" then I will say this presentation is discrepant since by implication the LC number can only (correctly) appear on docs that are dated after the LC date; BUT if the LC does not say, "LC number XXX to appear on all docs called" then we can safely ignore the LC number appearing on the invoice.
That being said, it would help to know what is the specific document under discussion?
John
[edited 5/28/2014 3:32:48 PM: na]
I would add to Andy's response:
Article 2 of UCP 600 tells us that tin order to determine whether presentation is complying we need to look at three things:
1.Terms and conditions of the LC;
2.The applicable provisions of UCP 600 and;
3. ISBP
Now, since UCP 600 & ISBP give an ok with docs dated prior to the LC issuance date then we need to look at the LC itself, what are the relevant T&Cs in the LC?..
This is how I will handle the matter - if the LC says, "LC number XXX to appear on all docs called" then I will say this presentation is discrepant since by implication the LC number can only (correctly) appear on docs that are dated after the LC date; BUT if the LC does not say, "LC number XXX to appear on all docs called" then we can safely ignore the LC number appearing on the invoice.
That being said, it would help to know what is the specific document under discussion?
John
[edited 5/28/2014 3:32:48 PM: na]
-
JohnMadaba
- Posts: 2
- Joined: Fri Apr 05, 2019 5:20 pm
Document issued prior to L/C date
Antoine,
Further to my contribution of 28th May, article 14(d) of UCP can be really useful in this case:
It says, "Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit"
So, we can safely say that the LC number stated in a document issued/ dated before the LC issuance date amounts to a discrepancy when this information is read in context with the LC itself; i.e. in real world documents will only quote LC number for the LC that has already been "issued"
I understand that most banks issuing LCs normally share a draft copy with the applicant before transmission, applicants normally share with bene(supplier) to give an ok. So, I would assume this is how the supplier/ bene knew of the LC number prior to its actual issuance - but this is not justified by UCP 600 since draft LCs are not covered and hence it will still be a discrepancy.
John
[edited 5/29/2014 1:05:53 PM: na]
Further to my contribution of 28th May, article 14(d) of UCP can be really useful in this case:
It says, "Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit"
So, we can safely say that the LC number stated in a document issued/ dated before the LC issuance date amounts to a discrepancy when this information is read in context with the LC itself; i.e. in real world documents will only quote LC number for the LC that has already been "issued"
I understand that most banks issuing LCs normally share a draft copy with the applicant before transmission, applicants normally share with bene(supplier) to give an ok. So, I would assume this is how the supplier/ bene knew of the LC number prior to its actual issuance - but this is not justified by UCP 600 since draft LCs are not covered and hence it will still be a discrepancy.
John
[edited 5/29/2014 1:05:53 PM: na]