Transferable LC; presentation period
Posted: Wed Jan 31, 2018 2:05 am
Hello Colleagues,
There is one transferable lc.
Expiry place is Hong kong.
Issuing bank and transferring bank is in China. Both are same banks, but branches are different only.
Presentation period: 21 days from shipment date
We are shipper/supplier of material. We presented the documents to the chinese bank within 15 days after ship date.
As per ucp: bank has 5 working days to give response for acceptance or rejection
Questions:
Which bank has to give response within 5 working days? Transferring bank or issuing bank?
If transferring bank delay the presentation at issuing bank, will it effect on supplier's acceptance? Such as transferring bank present the documents to issuing bank after 21 days. And issuing bank raise discrepancy for late presentation. Transferring bank can relay this rejection to us or to nominated bank? Or transferring bank received complied documents and they are bound to give acceptance within 5 working days after its presentation?
Pls help.
There is one transferable lc.
Expiry place is Hong kong.
Issuing bank and transferring bank is in China. Both are same banks, but branches are different only.
Presentation period: 21 days from shipment date
We are shipper/supplier of material. We presented the documents to the chinese bank within 15 days after ship date.
As per ucp: bank has 5 working days to give response for acceptance or rejection
Questions:
Which bank has to give response within 5 working days? Transferring bank or issuing bank?
If transferring bank delay the presentation at issuing bank, will it effect on supplier's acceptance? Such as transferring bank present the documents to issuing bank after 21 days. And issuing bank raise discrepancy for late presentation. Transferring bank can relay this rejection to us or to nominated bank? Or transferring bank received complied documents and they are bound to give acceptance within 5 working days after its presentation?
Pls help.