When the LC Has Expired: Can the 10-Day Presentation Period Save the Beneficiary?

Introduction

This question illustrates a common misunderstanding: a presentation period stipulated in the LC does not operate independently of the LC expiry date. Even where the stipulated period extends beyond the expiry date, the beneficiary cannot use that period to keep the credit alive after expiry.

Question

Dear Mr. Old Man,

LC expiry date: 1/8/2026

Latest shipment date: 1/8/2026

Field 48: 10 days after shipment date, with no indication that the presentation must be made within the LC validity.

Actual shipment date: 2/8/2026

Presentation date: 7/8/2026

Since Field 48 states “10 days after shipment date” without explicitly mentioning “within LC validity”, the presentation on 7/8/2026 falls within the 10-day period from shipment (2/8 to 12/8).

Does UCP 600 Article 14(c) automatically apply to override the 10-day calculation, making “late presentation” a valid discrepancy, even though the LC text in Field 48 did not explicitly stipulate “within credit validity”?

Firas

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Answer

Dear Firas,

Thank you for your detailed question.

According to UCP 600 sub-article 6(e), except as provided in sub-article 29(a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.

In your case:

• LC expiry date: 1 August 2026
• Latest shipment date: 1 August 2026
• Actual shipment date: 2 August 2026
• Field 48: 10 days after shipment date
• Presentation date: 7 August 2026

Although Field 48 states “10 days after shipment date” without explicitly stating “within LC validity”, this does not allow the presentation period to extend beyond the expiry date of the credit.

UCP 600 sub-article 14(c) is not applicable as the LC has stipulated a specific presentation period of 10 days after the shipment date.

Therefore, although the 10-day period calculated from the actual shipment date would run until 12 August 2026, the documents still had to be presented on or before the LC expiry date, i.e. 1 August 2026.

Since the documents were presented on 7 August 2026, the issuing bank can refuse the documents citing:

• Late shipment – the shipment was made on 2 August 2026, whereas the latest shipment date was 1 August 2026.
• LC expired – the documents were presented after the expiry date of the credit.

Therefore, “LC expired” is the appropriate discrepancy, rather than “late presentation”.

For completeness, UCP 600 sub-article 29(c) does not extend the latest shipment date.

Best regards,

Mr. Old Man