Customer Back off and now Shipment at Destination Port

[ammadalim]

Dear Concern,

I am in deep problem, I have made a deal with Bangladeshi customer and he opened an Irrevocable LC with Validity of 3 months. After getting swift LC copy I have suggested some amend points and customer's bank amended all the points except one which was Certificate of Origin from Chamber of Commerce.

I have already dealt with three different Bangladeshi Customers and with their Banks and they all amended that CO point as "Certificate of Origin by Beneficiary", but my current customer's bank didn't amend this one and my customer said that he'll accept the discrepancy. I have submitted the all docs to my bank except Certificate of Origin, my bank hold the docs and sent cable for negotiation but Customer's Bank didn't respond, as I took many follow-ups but they didn't respond. Now the LC is Expired and Customer is blackmailing me.

My question is that can I sell my unit to some other customer by opening another LC for an already reached commodity? and can this clause "SHIPMENT DATE evidence IN BILL OF LADING MUST BE ON OR AFTER THE DATE OF THIS LETTER OF CREDIT" exclude or amended from the LC?

Thanks for Precise Time.

[picant]

Hi Pal,

a document may be dated prior of l/c issuance but presentation period must be extended as per billof lading date or accepting the transport documents dated more than 21 days.
Please ask your bank.
Other comments appreciated
Ciao

[kisazi]

Your bank should send docs instead of holding docs! They have no right to hold your docs. They could reject to negotiate/purchase your docs but they couldn't hold your docs. You can claim conpensation from your bank for unreasonable action.
Now I think you should negotiate with your customer to lower the price instead of new LC or sell them by D/P or D/A to current customer or to new customers.

[ammadalim]

Thank you so much for your responses. It helped me a lot. Cheers