article 14 i under ucp 600

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Rajesh
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article 14 i under ucp 600

by Rajesh » Wed Feb 17, 2010 3:18 pm

" A document may be dated prior to the issuance date of the credit,but must not be dated later than its date of presentation"
is it acceptable to cate prior to issuance of credit? and if so what documents may be dated before the issuance of the credit?

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shahriar
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yes

by shahriar » Thu Feb 18, 2010 8:23 am

you are correct. a document can e dated prior to the date of credit. and there is a logic for it. say you prepared a document under a LC which was later found discrepant by the issuing bank and you wanted to sell those document under another credit to another buyer. there are some types of trade where documents are by practice made before the issuance of LC (i.e oil)

in my understanding there may be any document dated prior to the date of LC. there may be some exception. for example delivery receipt. if the applicant has received the goods before the LC, there is no point of issuing an LC

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Re: article 14 i under ucp 600

by faharauf » Tue Apr 03, 2018 2:16 pm

In a situation where the product was sold on open credit to a buyer but the buyer failed to pay the seller.
After 1 YEAR the buyer was able to make payment only via an LC.

The question is can the seller present document which are dated 1 year old? Will it still be a clean documents?

Does the negotiating bank have the right to reject such documents?

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picant
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Stale documents etc

by picant » Tue Apr 03, 2018 11:45 pm

Hi Pal,

naturally it will depends on the issuing bank, the applicable law etc.
Assuming that the goods are in the hand od the buyer or already gone! the document in availment will be required an invoice only.
Howe is a clean credit!
Other comments appreciated
ciao

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