Uncategorized “LATE PRESENTATION” REVISITED By Mr Old Man Posted on March 17, 2015 2 min read 4 0 3,444 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr A corner of my garden QUESTION Dear Mr. Old Man, Your comment on the following issue is appreciated: The documents were presented to the issuing bank which refused the documents stating the discrepancy “Late presentation”. The negotiating bank sent the issuing bank a message confirming that the documents were presented within LC validity. Which bank is correct? Thank you. PT ———– ANSWER Hi, As you did not provide enough information, my answer is based on my assumption that the LC is available with the negotiating bank by negotiation and date and place of expiry is in the beneficiary’s country. The issuing bank should not raise the discrepancy “late presentation” based on the date of the covering schedule. Please note the negotiating bank has 5 banking days to determine if the documents are complying. The covering schedule may be dated any date within or subsequent to that period. That date is not the day of presentation. So, if the negotiating bank confirms to the issuing bank that the documents were presented by the last day for presentation and within the LC validity and other terms and conditions are complied, the issuing bank is obliged to honour. Kind regards, Mr. Old Man