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Extending Expiry Date Of LC
Posted: Mon Mar 07, 2016 10:16 pm
by milesw319
We are trying to extend the expiry date on an LC for an additional 90 days from current expiry date 2nd April 2016. However issuing bank states that the expiry will now be 90 days from todays date 7th March 2016) is this correct or should they extend from the 2nd April 2016?
L,ocal laws, perhaps....
Posted: Wed Mar 09, 2016 12:47 am
by picant
Hi Pal,
it will depends on the bank policy, or some domestic rules......
Other comments appreciated
Ciao
Possible...
Posted: Wed Mar 09, 2016 3:03 pm
by Navi
Hi,
I assume that you want to extend the validity of LC to 1 July 2016 (i.e. 90 days after 2 April 2016).
In my oinion there maybe misunderstanding of issuing bank since I see no reason to refuse such claim. Moreover, you do not have to define extension as "XX days after...". You may extend expiry to a definite date also.