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questions related to EUCP
Posted: Mon Apr 06, 2009 11:25 am
by berry
dear all,
i have some questions on the following EUCP article -
eUCP - Article e11
Corruption of an Electronic Record After Presentation
a. If an electronic record that has been received by the issuing bank, confirming bank, or another nominated bank appears to have been corrupted, the bank may inform the presenter and may request that the electronic record be re-presented.
b. If the bank requests that an electronic record be re-presented:
i. the time for examination is suspended and resumes when the presenter re-presents the electronic record; and
ii. if the nominated bank is not the confirming bank, it must provide the issuing bank and any confirming bank with notice of the request for re-presentation and inform it of the suspension; but
iii. if the same electronic record is not re-presented within thirty (30) calendar days, the bank may treat the electronic record as not presented, and
iv. any deadlines are not extended.
1. Say the bank start examining the document on 3rd day after receipt and found corrupt. if the record is represented on the 7th day, how much time does the bank bank? 2 days?
2. if the credit expires withing 30 days, then will it be acceptable?
eUCP & article e11
Posted: Tue Apr 07, 2009 4:15 pm
by shruti
Dear Berry
bestof luck for 04162009 CDCS
1. Say the bank start examining the document on 3rd day after receipt and found corrupt. if the record is represented on the 7th day, how much time does the bank bank? 2 days?
here, in my opinion , resumes means as verb continue without intruption /break, hence answer is 2 days.
2. if the credit expires withing 30 days, then will it be acceptable?
see (iv) iv. any deadlines are not extended. hence may not be acceptable.
regards nkk
Another method
Posted: Tue Apr 07, 2009 5:54 pm
by Judith
An easy way of answering suspended / resumed questions in eUCP is the following method.
30-Mar Mon Documents submitted Day 0
31-Mar Tue Day 1
01-Apr Wed Day 2
02-Apr Thu Documents found corrupt and beneficiary informed
Day 3 / Suspended
06-Apr Mon Documents re-presented
Day 3 / Resumed
07-Apr Tue Day 4
08-Apr Wed Day 5 (Last date of refusal)
i need a calculator
Posted: Tue Apr 07, 2009 7:37 pm
by iLC
dear judith,
good answer. especially on the 3rd day issue. if im correct, then as per your calculation there will be three day for examination following the day of presentation. question is whether we should exclude that day. im putting any opinion here. i am not very happy with article in fact.
a. If an electronic record that has been received by the issuing bank, confirming bank, or another nominated bank appears to have been corrupted, the bank may inform the presenter and may request that the electronic record be re-presented.
i dont like this may here. it actually bringing in a option that the issuing bank may honor the presentation without reviewing a document! doesnt conflict with UCP article 16? correct me if i am wrong.
i am not very good in eucp, but i think there is no provision on time limit within which the issuing bank must inform the beneficiary that the presentation is corrupt.
??
Posted: Tue Apr 14, 2009 4:53 am
by rockets
?????
Only 2 days till exammmm!!
Posted: Tue Apr 14, 2009 6:34 am
by ybattia
guyz we need answers for the exam;
1) will the 3rd day be excluded and examination should start the following day or receipt ?
2) what about the expiry date of the credit !! if the e-record is re-presented after it but within the 30 days limit specified !!?
Urgent convenient replies appreciated.