PARTIAL SHIPMENT ALLOWED

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
SRI
Posts: 3
Joined: Sun Feb 11, 2018 11:32 am
First Name: SRINIVAS
Last Name: GORANTLA
Organization: Mr.
Filter: Two Plus Two =: 4
Location: INDIA

PARTIAL SHIPMENT ALLOWED

Post by SRI » Sun Mar 04, 2018 8:05 pm

HI
FRIENDS

A documentary credit which allows partial shipments has the following shipment schedule:
1,000 units shipped between 01 June XXXX and 30 June XXXX
2,000 units shipped between 01 July XXXX and 31 July XXXX
2,000 units shipped between 01 August XXXX and 31 August XXXX
3,000 units shipped between 01 September XXXX and 30 September XXXX

The beneficiary shipped the goods and presented documents as follows:

1. 1,000 units shipped on 15 June XXXX documents presented on 30 June XXXX
2. 3,000 units shipped on 15 July XXXX and presented on 28 July XXXX
3. 2,000 units shipped on 31 July XXXX and presented on 15 August XXXX
4. 3,000 units shipped on 15 September XXXX and presented on 30 September XXXX

Which of the above sets of documents are complying?
A 1 only.
B 3 only.
C 1 and 4 only.
D 1, 2 and 4 only.

Thanks
srinivas gorantla
india

User avatar
picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

Re: PARTIAL SHIPMENT ALLOWED

Post by picant » Tue Mar 06, 2018 11:36 am

Hi Pal,

IMHO only 1: The l/c requires shipment as per given periods, the fact that the second one is not compliant , the l/c ceases to be available for that and any subsequent instalment. Art 32 UCP 600.
Other comments appreciated.
Ciao

SRI
Posts: 3
Joined: Sun Feb 11, 2018 11:32 am
First Name: SRINIVAS
Last Name: GORANTLA
Organization: Mr.
Filter: Two Plus Two =: 4
Location: INDIA

Re: PARTIAL SHIPMENT ALLOWED

Post by SRI » Tue Mar 06, 2018 11:25 pm

Hi picant you are absolutely correct thanks

Post Reply