Tenors On The Draft Will NOT Be Acceptable

FaisalFahim · Post by **FaisalFahim** » Wed Jun 14, 2017 3:04 am

A documentary credit is issued for GBP 60,000 and calls for drafts at 30 days from bill of lading date. Documents have been presented with a bill of lading dated 09 November. Which of the following tenors on the draft will NOT be acceptable?

A. 09 December.
B. 30 days after 09 November.
C. 30 days from bill of lading date.
D. 30 days date, draft dated 09 November

The right answer is C, but i am bit confused, $:-\$ if any one know the logic please let me know.

kishorp · Post by **kishorp** » Wed Jun 14, 2017 7:29 am

30 days from bill of lading date
And u should mention bl date somewhere in draft then it is ok

picant · Post by **picant** » Wed Jun 14, 2017 10:05 am

Hi Pal,

in C the maturity date is not indicated, you must quote the b/l date to determine the date of payment.
other comments appreciated
ciao

gondem · Post by **gondem** » Sat Jun 17, 2017 1:03 pm

First of all, deferred LCs never have drafts.
Anyway, regarding question the right answer is C because as a rule, you should be able to calculate the maturity date through the data on the draft. In C, there is no B/L date.

LOAN · Post by **LOAN** » Thu Jun 29, 2017 9:32 am

C. 30 days from bill of lading date.

L/C should be available by ACCEPTANCE not deferred payment.
Rgds,

Fajar · Post by **Fajar** » Fri Aug 04, 2017 5:21 pm

In this matter if LC is avalibale by negotiation or acceptance, we have to refer to ISBP 745 point B2

the correct wording for this case are :

30 days from bill of lading date 09 november
30 days from 09 november
30 days from bill of lading date and elsewhere on the face of the draft state "bill of lading date 09 november"
30 days date on a draft dated the same day as the date of the bill of lading
09 december

the Best answer is A and D

in my opinion, option B is actually also acceptable because in ISBP 745 , there is no difference between "from" or "after", but sometimes, bank can be very strict regarding the wording

option C is not acceptable because B/L date is not quoted.

However, if the LC itself is available by deffered payment, you should disregard the draft.

saikumar1208 · Post by **saikumar1208** » Mon Sep 25, 2017 10:51 am

ISBP B2) b states how a tenor to be mentioned on the draft. In the case mentioned option C is right because BL date is not mentioned, if BL date is mentioned elsewhere in the deaft then it is ok

Tenors On The Draft Will NOT Be Acceptable

Tenors On The Draft Will NOT Be Acceptable

mention bl date also

draft....

No def LC

must refer to isbp

Re: Tenors On The Draft Will NOT Be Acceptable