Hi experts
I opened LC its terms as follows:
44c: 20.March 2020.
31D: 20.March 2020 Roma.
I instructed the bank to cancel the LC on 21.03.2020 but on 24th march 2020 the bank released the LC amount for beneficiary via the advising bank without our instructions. Is this right ?
The beneficiary has presented the docs on 18.03.2020 during the expiry of LC.
Could I refuse to pay the documentary credit after the expiration date? Hope the urgent statement.
Thanks
Pay the LC amount
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SANUSILAMIN
- Posts: 43
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- First Name: ALSUNOUSI
- Last Name: LAMEEN
- Organization: NOC, LIBYA
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Pay the LC amount
Last edited by SANUSILAMIN on Sat Mar 28, 2020 2:55 am, edited 1 time in total.
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Re: Pay the LC amount
Hi Pal,
no, the credit was available in Rome untill 20.03.2020, so presentation on 18.03.2020 was correct
The italian bank had 5 days to check the document and send them to issuing bank.
If no otherwise discrepant, documents must be paid.
Ciao
no, the credit was available in Rome untill 20.03.2020, so presentation on 18.03.2020 was correct
The italian bank had 5 days to check the document and send them to issuing bank.
If no otherwise discrepant, documents must be paid.
Ciao
-
SANUSILAMIN
- Posts: 43
- Joined: Mon Sep 11, 2017 2:47 pm
- First Name: ALSUNOUSI
- Last Name: LAMEEN
- Organization: NOC, LIBYA
- Filter: Two Plus Two =: 4
- Location: LIBYA
Re: Pay the LC amount
Dear Mr.picant
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Many thanks and regards,
I would to say thank so much for your useful info it makes me confident making a wise decision.
I am so glad to be here with professional trader like you.
Many thanks and regards,