ISP 98-(3.2) what constitutes a presentation.

dinesh2476 · Post by **dinesh2476** » Sat Feb 16, 2019 9:56 pm

Dear Expert,

3. Presentation (3.2) what constitutes a presentation.

If a standby requires presentation of demand, copy of unpaid Invoice and copy of bill of lading, the presentation of demand alone would constitute presentation and requires examination for compliance by the issuer/confirmer/nominated person.

Is there any specific reason for calling for unpaid and copy of bill of lading in SBLC despite knowing the fact that it would not certainty create discrepancies though those documents have not been presented along with demand.

Thanks &Regards
Dinesh Kumar

dinesh2476 · Post by **dinesh2476** » Mon Feb 18, 2019 1:02 am

Dear expert, any opinion welcome

picant · Post by **picant** » Mon Feb 18, 2019 3:10 am

Hi Pal,

ISP98, is not a ICC/bank product, so it has difficulties in entering in the daily bank practice, specially in
Italy. However comments on said articles state that a presentation lacking of some required documents has to be examined by the issuer and under rule 5.03(Failure to give timely notice of dishonor )
Frankly I dont know if the official commentary in my hands is still valid.
Other comments appreciated.
Ciao

dinesh2476 · Post by **dinesh2476** » Mon Feb 18, 2019 10:20 pm

Picant thanks,

So understanding is, if it is single documents, despite LC calling for multiple documents, we need to consider the single documents as a presentation and we need to perform examination.

we quote the discrepancy for the documents not presented.

we cannot ignore presentation just because the presentation lack other documents.

Please acknowledge.

Thanks & Regards
Dinesh Kumar

picant · Post by **picant** » Mon Feb 18, 2019 11:46 pm

Hi Pal,

I think so, but I have not good experience on ISP98!
Ciao