Timely Notice of Dishonour

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
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Timely Notice of Dishonour

Post by dinesh2476 » Fri Jan 18, 2019 10:04 pm

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

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