Due Date Calculation

The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
Post Reply
AmjedCDCS
Posts: 7
Joined: Sat Apr 27, 2019 12:50 pm
First Name: Amjed
Last Name: Al-Ibrahim
Organization: Banque Saudi Fransi
Filter: Two Plus Two =: 4
Location: saudi Arabia

Due Date Calculation

Post by AmjedCDCS »

Payment terms: 90 days from Invoice date
.
Doc Required: Manually signed commercial invoice issued by the beneficiary, which must be countersigned by the applicant.
.
Beneficiary issued Invoice with printed date as 01.08.2021
.
Invoice countersigned by the applicant with date 15.08.2021 under his signature.
.
Kindly confirm the date to be considered for calculation of maturity of above document, keeping in view of Para A13 of ISBP, which states : A document indicating a date of preparation and a later date of signing is deemed to be issued on the date of signing.
.
What is the correct date for payment.
A) 30th October 2021
B) 13th November 2021
User avatar
picant
Posts: 1945
Joined: Wed Aug 20, 2008 1:49 pm

Re: Due Date Calculation

Post by picant »

Hi Pal,

IMHO, the invoice date is 01.08.2021, so the maturity date is 30.10.2021, the countersignature of applicant does not mean issuance of invoice. If, the signature of beneficiary was indicating 15.08.2021 the due date calculation will start from said date.
Other comments appreciated
Ciao
Post Reply