dear members,
i received an amendment under an LC today which expires on 15-10-2008; today.
the amendment says,
latest date of shipment as 25th and expiry date as 4th November. earlier the lc said, period of presentation is 21 days. is it ok to have such amendment?
regards
jim
Amendment Does Not Mention Period For Presentation
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jim
- Posts: 91
- Joined: Fri Aug 15, 2008 11:58 am
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cristiand969
- Posts: 754
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- First Name: Cristian
- Last Name: D.
- Organization: Bank
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Re: period for presentation missing
Dear Jim,
Altough the issuing bank should have correlated latest date of shipment with expiry date at least as per original period of presentation, it gives beneficiary liberty to present document within 21 days after shipment but WITHIN VALIDITY OF THE CREDIT.
UCP 600 says: A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.
regards
Cristian
Altough the issuing bank should have correlated latest date of shipment with expiry date at least as per original period of presentation, it gives beneficiary liberty to present document within 21 days after shipment but WITHIN VALIDITY OF THE CREDIT.
UCP 600 says: A presentation including one or more original transport documents subject to articles 19, 20, 21, 22, 23, 24 or 25 must be made by or on behalf of the beneficiary not later than 21 calendar days after the date of shipment as described in these rules, but in any event not later than the expiry date of the credit.
regards
Cristian