WHEN DOCUMENTS ARE PRESENTED AFTER THE LC EXPIRY DATE QUESTION Dear Mr. Old Man, I have a question as follows: Is there any ICC opinion on the situation where the issuing bank can return the documents on the grounds that the documents are presented after the LC expiry date? If the Applicant has received the goods, is the issuing bank obliged to pay the documents? Is there a case … Read More
WHERE THE DOCUMENTS ARE PRESENTED UNDER THE EXPIRED LC QUESTION Hello Mr.Old Man: Here is my case. I hope you have time to review and share with me your opinion. The beneficiary presented the documents to the confirming bank after expiry of the LC, the confirming bank sent the presenting bank a swift refusing to honour or negotiate the documents stating the following discrepancies: LC expired. Late remittance And asked … Read More
LC EXPIRED QUERYLC Expired! What should I do? Hello All! I find myself in a bit of a tough situation. I have an LC that a customer opened to me and it has expired 2 days ago. I am still waiting on one of the documents from my supplier (SDR) in order to submit the entire package to the bank. Since the … Read More