Document Presented After Expiry

gegeeee · Post by **gegeeee** » Mon Aug 10, 2015 4:01 pm

Hy everyone,

Heed you valuable opinion regarding one little case.

LC has expired on 27/07/2015.
Doc's were presented on 3/08/2015. There were no holidays or rest day.

Issuing Bank has already closed file. Question's are as follow:

1) Should issuing bank send refusal notice to Advising Bank under article 16? And at that time approach the client for the waiver?
2) Or should issuing Bank just close the file and all this case will be outside scope of UCP600.
3) What if issuing bank send's no notification to advising Bank after fifth banking day following the presentation?

Best,
Gega

picant · Post by **picant** » Mon Aug 10, 2015 4:39 pm

Hi Pal

l/c is over so no UCP 600 could be applied. We are in the world of banks and a bank will inform the remitting bank that documents will be accepted for collection under URC 522.
In case of interests, e.g. payment a 90 days, banks will find a solution to re-instalt the expired l/c or something else.
Ciao

gegeeee · Post by **gegeeee** » Mon Aug 10, 2015 6:01 pm

Dear Picant,

Thank you.

shahriar · Post by **shahriar** » Tue Aug 18, 2015 11:19 pm

Agree with picant.

sandeep_mt · Post by **sandeep_mt** » Sat Sep 05, 2015 11:02 am

Agree with picant.