pending right
Posted: Wed May 05, 2010 11:12 am
Dear all,
I have a case that i doubt whether it can be done, your comments appreciated .
+ There is a presentation to the issuing bank enclosing a schedule.
+ Before checking details of docs, the issuing bank count the quantity of actual received docs to compare with the quantity of docs shown on schedule.
They determine that there is a difference, in particular, the issuing bank receive the quantity of some kind of doc less than description in schedule:
invoice: 3 originals - 5 originals; C/Origin: 1 original - 2 originals.
However, the number of docs received by the issuing bank is complied with LC terms.
+The issuing bank send a msg to the presenter with the content as follows:
" Due to the difference between the number of docs received and shown on schedule, such as.... Pls confirm the number of actual sending docs. The docs will be pending untill we obtain the confirm msg and the date that we receive this msg will be treated as a new presentation date in the process of payment"
.
The issuing bank base on conclusion R214-1995/96 "The practice of banks when returning documents where discrepancies are found is to return the documents presented in the same manner as they were received."
to do these action.
.
Are the issuing bank's actions correct ?
Is this right if saying that : counting the received docs to compare with credit's terms ( and schedule )constitutes checking docs, so the presented date cant be backward in determination if a presentation is complying after 5 banking days .Therefore , asking for confirmation from the presenter is necessary but the issuing bank dont have the right in pending the docs and recalculate the presented date unless they obtain the confirm msg beyond 5 banking days .
.
regards,
I have a case that i doubt whether it can be done, your comments appreciated .
+ There is a presentation to the issuing bank enclosing a schedule.
+ Before checking details of docs, the issuing bank count the quantity of actual received docs to compare with the quantity of docs shown on schedule.
They determine that there is a difference, in particular, the issuing bank receive the quantity of some kind of doc less than description in schedule:
invoice: 3 originals - 5 originals; C/Origin: 1 original - 2 originals.
However, the number of docs received by the issuing bank is complied with LC terms.
+The issuing bank send a msg to the presenter with the content as follows:
" Due to the difference between the number of docs received and shown on schedule, such as.... Pls confirm the number of actual sending docs. The docs will be pending untill we obtain the confirm msg and the date that we receive this msg will be treated as a new presentation date in the process of payment"
.
The issuing bank base on conclusion R214-1995/96 "The practice of banks when returning documents where discrepancies are found is to return the documents presented in the same manner as they were received."
to do these action.
.
Are the issuing bank's actions correct ?
Is this right if saying that : counting the received docs to compare with credit's terms ( and schedule )constitutes checking docs, so the presented date cant be backward in determination if a presentation is complying after 5 banking days .Therefore , asking for confirmation from the presenter is necessary but the issuing bank dont have the right in pending the docs and recalculate the presented date unless they obtain the confirm msg beyond 5 banking days .
.
regards,