Clarification Of Banking Terms Under Letter Of Credit

[BHAUTIK1982]

Dear Members,

Can anybody help me in the below matter ?

120 days after sight for 100PCT of Invoice Value

120 days from bill of lading for 100 PCT of Invoice Value.

The above both the terms are same or the meaning of both terms are different under letter of credit shipment.

Kindly provide me inforamtion with examples.

Regards,
Bhautik Shah

[picant]

Hi Pal,


in few words 120 days after sight indicates 120 days after receipt of the draft by the bank
to be drawn on.
120 days after bill of lading, 120 days after the on board date on the bill of lading.
other comments appreciated
ciao

[khaledosama]

120 days after sight , means 120 days after presenting a complying presentation to the issuing bank , nominated , or confirming (if any)
or in case of not complying presentation , it will be 120 days after date of accepting the presentation by the issuing bank ( based on waiver ).

120 days from b/l date , simply 120 days from date of the on board notation on the b/l or issue date if there is no on board notation mentioned

best regards