Does a Longer L/C Expiry Date Mean Greater Risk? And Is the Word “Clean” Really Necessary on a Bill of Lading? In international trade, many disputes arise not because parties misunderstand UCP 600, but because they mix up legal requirements with commercial practices. A reader recently asked Mr. Old Man about two common concerns in timber imports from Africa: whether the L/C expiry date must be linked to the shipping transit time, and whether removing the word “Clean” from “Clean On … Read More
When Procedure Meets Reality Expiry Dates, Waivers of Discrepancies, and the Issuing Bank’s Conduct Intro In documentary credit practice, many disputes do not arise from complex legal theory, but from misunderstandings of timing, procedure, and the roles of banks versus applicants. Questions about waiver of discrepancies, the meaning of an LC’s expiry date, and whether an issuing bank can act in a way that favours the applicant are not new. Yet they continue to … Read More
EXPIRY DATE Prabhuseetharaman's Query on Expiry Date Hi, I have a doubt regarding expiry date. Let us take the following case: L/C available with ABN AMRO Bank, China By Acceptance. Expiry date is 25/01/08. Benefeciary presented the docs to ABN AMRO, China on 25/01/08. In the above case what time limit does the nominated have to check the docs and forward the … Read More