Dear Experts,
I have instructed the Bank to cancel the LC before the LC expiry date but my bank told me that the advising bank refused cancelling the LC by order of Beneficiary.
The expiry date of LC had gone on 28th .02.2020 . And we relesed 25% of LC amount against first shipment and there is 3 shipments but we have cancel the agreement with the benficiary/vendor. The question is Could I instruct the Bank to cancel the expired LC now ?
I am waiting your helpful information.
Many thanks and Regards.
Cancel LC
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SANUSILAMIN
- Posts: 43
- Joined: Mon Sep 11, 2017 2:47 pm
- First Name: ALSUNOUSI
- Last Name: LAMEEN
- Organization: NOC, LIBYA
- Filter: Two Plus Two =: 4
- Location: LIBYA
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Re: Cancel LC
Hi Pal,
it depends on some details, first of all where the l/c was available, if at the counter of advising bank, this bank may state that l/c was not utilized,but the issuing bank may receive documents directly in the
meantime. If it is available with any bank, cancellation will be possible in few months.
Let me know.
Ciao
it depends on some details, first of all where the l/c was available, if at the counter of advising bank, this bank may state that l/c was not utilized,but the issuing bank may receive documents directly in the
meantime. If it is available with any bank, cancellation will be possible in few months.
Let me know.
Ciao
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SANUSILAMIN
- Posts: 43
- Joined: Mon Sep 11, 2017 2:47 pm
- First Name: ALSUNOUSI
- Last Name: LAMEEN
- Organization: NOC, LIBYA
- Filter: Two Plus Two =: 4
- Location: LIBYA
Re: Cancel LC
Dear picant,
Thank you for your kind reply
The LC was available in Roma via ABC Bank.
The beneficiary from Latvia.
The LC Total amount: 1,200,000.00 in Euro
Payment partial: allowed
I hope this information is useful.
Regards,
Thank you for your kind reply
The LC was available in Roma via ABC Bank.
The beneficiary from Latvia.
The LC Total amount: 1,200,000.00 in Euro
Payment partial: allowed
I hope this information is useful.
Regards,