Grace Period For Negotiation In Sight LC
Posted: Mon Oct 27, 2014 7:04 pm
Hi everybody,
Would appreciate if anybody can explain me what a grace period is in the following situation - an l/c is issued by a Chinese bank and available with any bank by negotiation with drafts at SIGHT FOR 100PCT OF INVOICE VALUE. A negotiating bank is ready to discount the draft under the l/c but the GRACE PERIOD it will apply FOR SIGHT L/C WILL BE 8 WORKING DAYS.
So my question is what the grace period is in this particular case and why it may take up to 8 working days?
thank you for your feedback in advance.
Regards,
Would appreciate if anybody can explain me what a grace period is in the following situation - an l/c is issued by a Chinese bank and available with any bank by negotiation with drafts at SIGHT FOR 100PCT OF INVOICE VALUE. A negotiating bank is ready to discount the draft under the l/c but the GRACE PERIOD it will apply FOR SIGHT L/C WILL BE 8 WORKING DAYS.
So my question is what the grace period is in this particular case and why it may take up to 8 working days?
thank you for your feedback in advance.
Regards,