Contact

Gary Collyer
Email gary@collyerconsulting.com or gcollyer@virginmedia.com
Telephone +44 (0)1268 680210
Mobile +44 (0)7960 236893

Mailing address:
65A Mayland Avenue
Canvey Island, Essex SS8 0BU United Kingdom

Recent News

ICC releases a User's Guide to the eUCP 11/02/2021

In July 2019, the ICC Banking Commission released electronic supplements to the existing Uniform Rules for Collections (URC 522) and Uniform Customs and Practice for Documentary Credits (UCP 600) rules, namely eURC Version 1...more

ICC looking for additional trade finance experts to sit on DOCDEX panels 29/01/2021

Since 1997, the ICC DOCDEX Rules have provided a trusted dispute resolution system for documentary credits subject to the UCP 600...more

Latest Question

According to sub-article 14 (b) banks each have a maximum of 5 banking days following the day of presentation to determine if a presentation is complying. For a usance LC (e.g., 90 days from B/L date), if documents have been presented within the validity but the issuing bank has failed to verify and inform the negotiating bank of the status of the documents and/or confirming the maturity date, within the 5 banking days, what are the risks? In case the issuing bank has verified the documents after 15 days and found them to be discrepant and the applicant does not waive the discrepancies and refuses the documents, is the issuing bank committed to pay on the maturity date given that it has not respected the 5 banking days?