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Timely Notice of Dishonour

Posted: Fri Jan 18, 2019 10:04 pm
by dinesh2476
Dear Experts,

ISP 5.01

What is the exact time(days) allowed to refute presentations?
What if we refute presentation after 7 days receipt of presentation?
why do we have difference between 3 to 7 days to refute presentation?

Please relate this article with UCP(5 banking days) and suggest your answer.

a. Notice of dishonour must be given within a time after presentation of documents which is not unreasonable.
i. Notice given within three business days is deemed to be not unreasonable and beyond seven business days is deemed to be unreasonable.

Thanks & Regards
Dinesh Kumar