Query on Reimbursement Instructions

[AmjedCDCS]

L/C is available with nominated bank by negotiation and draft is required to be drawn on L/C issuing bank at Sight. Issuing bank states L/C reimbursement instructions as: "We shall pay you as per your instructions upon receipt of original documents at our counters provided all the terms and conditions of the credit are met".

Query: Does it mandatory to mention the number of days to be taken by issuing bank to remit the proceeds after receipt of complied documents.
For example:
"We shall pay you as per your instructions within 5 banking days upon receipt of original documents at our counters provided all the terms and conditions of the credit are met" and in case of the number of days for reimbursement, when the issuing bank is liable to remit the payment.

[TaiOanlan]

No. It is not mandatory to indicate the number of days.

[AmjedCDCS]

Dear all,

any reply or comments for above my case

[Navi]

no need to mention.
issuing bank has 5 working days to determine whether documents comply. after documents checked, issuing bank will pay asap. there is no specific time for payment but it should be done as soon as possible.

[Sanaur]

Hi Amjed, no it is not mandatory as clarified by Navi above. To add to the topic, on case by case basis, a nominated bank/beneficiary may pursue for TT Reimbursement authorization within a specified number of days (typically 3, 4 or 5 days) from negotion date.

[TaiOanlan]

``Number of days`` might be indicated in case an issuing bank holds account with nego bank. So, the reimbursement instruction is in account debiting.
For instance, `` you may debit our account with you value 5 days after your SWIFT advice to us`` or something like that.

[SILU16]

No its not mandatory to mention 5 banking days/working days to reimburse. Further TT reimbursement clause is not allowed if the LC is available by Negotiation.