| In the credit term, the shipping date is September 22nd and the validation period is October 2nd. The beneficiary shipped the goods, presented related documents for credits but the issuance date for a commercial invoice was dated October 22nd. The confirming bank assumed this was a simple miss typing and presented to the opening bank after fixing the date but the opening bank notified rejection of the payment declaring discrepancy in the documents issuance date.
Case study
1. Issuance of documents before opening a credit
U.C.P. states that "Any documents issued before a credit opening can be fixed if presented within the date regulated in the credit term as per U.C.P.(The Article 22 of U.C.P 500)
As the regulation states, fixing documents is possible even if documents were issued before opening of a credit.
2. Issuance of documents after expiration of validity period
You are not suppose to fix documents that were presented after expiration of validity period. But there is no reference to in the U.C.P, for the documents issued after expiration but presented within the expiration of validity period.
Conclusion
For this particular case, when related documents were sent on September 28th and only the commercial invoice was issued on October 22nd, it should be regarded as a simple miss typing per international practice. (I.C.C. pub 489 case No.231). |
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22-Issuance Date of Documents v. Credit Date
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