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What is the maximum time allowed for payment if documents submitted under sign L/C? Can we hold the documents till arrival of vessel for retirement?
The maximum time for payment of variable
According to a review of documents in place of the sender's bank or Recipient
But in the normal you can not exceed1 week after delivery of documents
- Has to be delivery of documents
At the time, located in the L / C
So is not the work of any fines
Banker deals with the documents, not goods. So if documents are okay as per LC, if there are no discrepancies, in that case, documents cannot be hold. If the LC is sight, payment has to be made within5 working days.
The Latest UCP6002007 as ammended the maximum time the L/C issuing banks get for the confirmation of the Payments is only3 days and for the discrepency notice is only5 days. If the L/C issuing bank fail to do so, then they are liable to pay the banking interest and also the damages to the concerned Exporter. But within7 days the Payments from Nostro get credited to the Exporters Bank Account.
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