I was given to understand that the often-used clauses seen in other banks' Back to Back/transferable LCs such as 'Third party docs acceptable' & 'Stale BLs acceptable'' is frowned upon by the ICC. Is the clause 'Late presentation of documents allowed' acceptable?
Are there any alternative clauses to the above that are more acceptable to the ICC?
Thanks.
Discouraged clauses in B-B LC
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michaeltan
- Posts: 10
- Joined: Fri Apr 05, 2019 5:22 pm
Discouraged clauses in B-B LC
"Late presentation of documents allowed" is an unclear and misleading condition.
Does it mean that:
(i) a presentation can be made after the expriy of the LC only
or
(ii) transport documents are allowed to be presented after 21 days from the date of shipment
or both?
Otherwise this may turn out to be a dispute item amongst the parties, from our experience as an LC consultant.
Follwoing our comments, the enquirer should be able to draft a clear and precise condition for this purpose.
We are from www.tolee.com
[edited 4/12/02 11:01:19 PM]
Does it mean that:
(i) a presentation can be made after the expriy of the LC only
or
(ii) transport documents are allowed to be presented after 21 days from the date of shipment
or both?
Otherwise this may turn out to be a dispute item amongst the parties, from our experience as an LC consultant.
Follwoing our comments, the enquirer should be able to draft a clear and precise condition for this purpose.
We are from www.tolee.com
[edited 4/12/02 11:01:19 PM]