Obligation Of Issuing Bank When Document Is Sent On Approval

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TradeLaporte
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Obligation Of Issuing Bank When Document Is Sent On Approval

Post by TradeLaporte » Sat Aug 09, 2014 8:24 pm

Dear members
Does the IB have 5 business days to accept refuse documents when advising bank has presented them on approval due to discrepancies.

Appreciate your valuable comments
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picant
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Approval

Post by picant » Sun Aug 10, 2014 3:36 pm

Hi Pal,

except when l/c is expired,the issuing bank has 5 days to accept or refuse documents even if sent on approval basis.
Approval basis is not on collection basis, IMHO.
Ciao
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TITI
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issuing bank obligation

Post by TITI » Thu Aug 14, 2014 10:03 am

Hi,
As per UCP600 art 14.b, Issuing Bank obliged to sent their approval/rejection under docs presented within 5 working days even the docs was sent on approval basis.
.
Other opinion welcome
.
Regards
Titi
PT BNI (Persero) Tbk
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