Uncategorized HOW TO DETERMINE THE PRESENTATION PERIOD WHEN MULTIPLE SETS OF BILLS OF LADING ARE PRESENTED By Mr Old Man Posted on July 31, 2013 6 min read 7 1 10,559 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Dear Mr. Old Man, Let me go straight to the point and ask you this question. Regarding The Tenor of L/C, ISBP Paragraph 43(e) and (f) stated that: – If more than one set of BoL is presented under one draft, the date of the LAST BoL will be used for the calculation of the maturity date. – If a BoL showing more than one on board notation, …, the EARLIEST of these on board dates would be used for calculation of the evidences on board vessel Correspondingly, on calculating of the latest date of shipment, ISBP Paragraph 105 stated that: – … In the event that more than one set of BoLs are presented and incorporate different dates of shipment, the LATEST of these dates of shipment will be taken for the calculation of any presentation period. – Nonetheless, there is NO article/paragraph stipulating how to determine the presentation date for BoL showing more than one board notations. On Frequently asked questions under UCP 600 of Gary Collyer, the same issue has been raised but the suggested answer cannot be considered comprehensive enough. I want to ask your opinion on this situation? Thanks and best regards. Thomas —————– ANSWER Dear Thomas, I would like to note that ICC has just published a new ISBP version called ISBP 745 paragraph E19 of which can answer your question. Please find below herewith paragraph E19 ISBP 745: a. When a credit prohibits partial shipment, and more than one set of original bills of lading are presented covering shipment from one or more ports of loading (as specifically allowed, or within a geographical area or range of ports stated in the credit), each set is to indicate that it covers the shipment of goods on the same vessel and same journey and that the goods are destined for the same port of discharge. b. When a credit prohibits partial shipment, and more than one set of original bills of lading are presented in accordance with paragraph E19 (a) and incorporate different dates of shipment, the latest of these dates is to be used for the calculation of any presentation period and must fall on or before the latest shipment date stated in the credit. c. When partial shipment is allowed, and more than one set of original bills of lading are presented as part of a single presentation made under one covering schedule or letter and incorporate different dates of shipment, on different vessels or the same vessel for a different journey, the earliest of these dates is to be used for the calculation of any presentation period, and each of these dates must fall on or before the latest shipment date stated in the credit. So, I wish to answer your questions as follows: In line with paragraphs E19 (a) and (b) ISBP 745, the latest date shall be used for calculation of the presentation period for both situations. As ISBP 745 is silent as to the situation where a bill of lading shows more than one dated on board notation, my answer had to be based on paragraphs E19 (a) and (b). I thought the principle applied to the situation in E19 (a) and (b) could apply to the situation in question. In my opinion, paragraph E19 should have included this situation. I hope you are now quite satisfied with my answer. Kind regards,Mr. Old Man
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?