Issuing bank refuses a document after providing acceptance

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UCP600
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Issuing bank refuses a document after providing acceptance

Post by UCP600 »

Hi all,

Feel proud to be part of this forum. Can i get your views on the below case please.

Documents were sent clean to issuing bank for acceptance/payment.

Issuing bank had checked the documents and provided their acceptance to mature on a particular date

However, the second day of acceptance, Issuing bank had quoted a discrepancy stating, 'CMR omits to state the issue date'.
Quoting article 16c we disagreed to their refusal, however the bank has refused our message again.

your expert vies please.

rgds,
Kumar
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picant
Posts: 1963
Joined: Wed Aug 20, 2008 1:49 pm

Re: Issuing bank refuses a document after providing acceptance

Post by picant »

Hi Pal,

Clerical Mistake may happen so the issuing bank is trying to protect someone that made an error and the presenting bank could even agree to consider void the first message of acceptance, specially if the second one has been effected in due time. However it is rare.
Then is it the discrepancy valid?, Art. 24 UCP 600 requires date of shipment or the date the goods have been received for shipment,two different fields having the same meaning.
Let us know the further action.
Ciao
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