Can a Confirming Bank Refuse When Documents Arrive After Expiry? Intro In practice, documents are often presented to a nominated bank close to the LC expiry date and then forwarded onward to a confirming bank. This raises a recurring question: does the confirming bank have the right to refuse simply because the documents reach its counter after expiry? The following scenario illustrates why forwarding time must not be confused with … Read More
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER? QUESTION Dear Mr. Old Man, We would appreciate your guidance on the following matter: The L/C requires documents to be presented within 15 days after the Bill of Lading date, but the last permitted date for presentation falls on a Sunday. The negotiating bank’s cover letter, which certifies compliance with the L/C terms, is dated on the following Monday. Would … Read More
LATE PRESENTATION OR NOT? (updated) QUESTION Dear Nguyen, I’m not sure whether you have had similar experience below: There was a set of docs which were available at our counter. We thought it O.K. and send it to the issuing bank. But we received the issuing bank’s refusal advice citing the discrepancy “late presentation”. The fact was the beneficiary made presentation at our counter on … Read More
LATE PRESENTATION QUERY FROM VAN ANH Gui anh Duc, Em la Van Anh – VCB Hai Duong, em nho anh xem giup em 1 case nhu sau: LC quy dinh latest date of shipment: 23 Jan09Period for Presentation: 7 days after the date of shipment.Bo chung tu khach hang xuat trinh vao ngay 14 Jan 09, Bill of lading date: 08 Jan … Read More