Discrepant Document Presented On The Expiry Date Of LC

Arun · Post by **Arun** » Thu Jun 26, 2014 6:18 pm

Hi

If beneficiary presents documents on 30-Jun-XXX which is the last date of expiry. L/c is available with negotiating bank by acceptance and docs are presented to negotiating bank on the last day of the expiry and negotiating bank examines the documents on 02-July-XXX and reverts with discrepancies to beneficiary. Now does the beneficiary has the option to resubmit the documents or he cannot. If he resubmits then the L/c would have been expired please advise?

gegeeee · Post by **gegeeee** » Thu Jun 26, 2014 6:41 pm

Hy Arun,

First i guess there will be nominated bank instead of Negotiating Bank. If LC is avaialable with nom Bank by negotitaion thant draft will be drawn on issuing Bank and issuing bank will accept it.
.
Second Beneficiary will not have any time to resubmit that docs, because Lc has aready expired. If amendment is done regarding prolongation yes, bene will have time to resubmit but otherwise Nooooo.
.
Best
Gega.

Westley · Post by **Westley** » Mon Jun 30, 2014 6:34 pm

Hello Arun,

I agree with Gegee. Compliant documents have to be presented on or before the expiry date.

Westley

Discrepant Document Presented On The Expiry Date Of LC

Discrepant Document Presented On The Expiry Date Of LC

NO they cant.

On the expiry date