ISBP 745 - Why Para B2 C(iii) Is Different From C(i)?

[zahoor]

ISBP 745, Para B@ C (iii) sates
Quote
When a credit requires a bill of lading and drafts are to be drawn for example, at 60 days after or from the bill of lading date, and more than one set of bills of lading is presented under one draft, the on-board date of the latest bill of lading will be used for the calcuation of the maturity date.
Unquote.
Let us say three bills of lading are presented as under:
BL No.A - shipment date 28th April 2013
BL No.B - shipment date 30th April 2013
BL No.C 2 vessels and two on board date : viz 1st May 2013 and 2nd May 2013 (because of transhipment - two vessels but one BL)
Which will be the latest bill of lading date 1st May 2013 or 2nd May 2013 (presumably it would be 2nd May 2013) in calculating the maturity date.
why is this rule different from B2 C (i) - where it allows to take earliest date from the two dates ?

[abrar]

B/L no. 3 would come under the scrutiny of para. B2) e i which concerns shipment on more than one vessel and goods loaded from various ports. Here, the earlier of the on board notation on the particular B/L would be used to determine maturity date. The assumption being, that it may not necessarily be reasonable to assume that the completion of the loading of the full consignment has been effected on the vessel under the later of the on board dated B/Ls.

Para. B2) e ii is different from B2) e i in that shipment on a single vessel is being contemplated. Here, it is logical to assume that the full consignment would have been loaded at the time of the last on board notation; hence the adoption of the latest on board notation in this case as the operative date for the purposes of calculation of the maturtity date.

In your given scenario, where all 3 B/Ls form part of the same presentation with a single bill of exchange, para. B2) e iii applies. The maturity date would be calculated from 1st May 2013.

[venkat3197]

yes,I too feel maturity date to be 1st may

B/L no. 3 would come under the scrutiny of para. B2) e i which concerns shipment on more than one vessel and goods loaded from various ports. Here, the earlier of the on board notation on the particular B/L would be used to determine maturity date. The assumption being, that it may not necessarily be reasonable to assume that the completion of the loading of the full consignment has been effected on the vessel under the later of the on board dated B/Ls.

Para. B2) e ii is different from B2) e i in that shipment on a single vessel is being contemplated. Here, it is logical to assume that the full consignment would have been loaded at the time of the last on board notation; hence the adoption of the latest on board notation in this case as the operative date for the purposes of calculation of the maturtity date.

In your given scenario, where all 3 B/Ls form part of the same presentation with a single bill of exchange, para. B2) e iii applies. The maturity date would be calculated from 1st May 2013.