Presentation Made To Issuing Bank Directly On Expiry Date

umsara · Post by **umsara** » Sat May 24, 2014 4:29 am

AAA is the issuing bank and BBB is the nominated bank.
The expiry date is 01-02-2014 at the counter of the nominated bank. The beneficiary presented complied documents on 01- 02-2014 to the issuing bank directly.
Does this case represent a complying presentation?

picant · Post by **picant** » Sat May 24, 2014 11:30 pm

Hi Pal,

art 6 a, second alinea is quite clear "A credit available with a nominated bank is also available with the issuing bank".
Other comments appreciated
Ciao

Navi · Post by **Navi** » Wed May 28, 2014 11:45 am

Yes, presentation directly to issuing bank, even under confirmed LC is possible provided presentation made within LC validity and presentation period.

The only point you should be carefull is to ensure that no other presentation made to nominated bank.

regards

Sophea · Post by **Sophea** » Thu Jun 05, 2014 12:54 pm

Yes, I agree with Navi.
If the credit specified the nominated bank, the issuing bank should communicate with the nominated bank by stating that the beneficiary presented a stipulated documents to the issuing bank. This is for the nominated bank update their file or feed back of the status.

Any comment is appreciated.

gegeeee · Post by **gegeeee** » Fri Jun 06, 2014 3:45 pm

Hy Navi,

I want to make things clear, in your comment document may be presented directly to the issuing bank even under confirmed LC. In case credit is available in Bank A, this means (Bank A is nominated bank), credit is confirmed by Bank B and issuing Bank in Bank C. What do you think can beneficiary present docs directly to Bank C and overcome confirming Bank?

Navi · Post by **Navi** » Fri Jun 06, 2014 5:43 pm

gegeeee wrote:Hy Navi,

I want to make things clear, in your comment document may be presented directly to the issuing bank even under confirmed LC. In case credit is available in Bank A, this means (Bank A is nominated bank), credit is confirmed by Bank B and issuing Bank in Bank C. What do you think can beneficiary present docs directly to Bank C and overcome confirming Bank?

Hi friend,

In my opinion,
Unless strictly forbidden in the LC, beneficiary can present docs directly to issuing bank. By doing this, beneficiary will not benefit confirmation/document checking services of confirming bank(s) however, presentastion will be valid and taken into account by the issuing bank.

gegeeee · Post by **gegeeee** » Fri Jun 06, 2014 6:24 pm

Thank you for your reply.