ABSTRACT
Issues concerning whether or not documents comply with the requirements of a credit are dealt with in chapter 7.
The date and place of presentation
6-02 Credits must state the date on which they expire and, save where the credit is freely negotiable, the place at which documents should be presented.8 It is an obvious requirement that the presentation must be made before the expiration of the credit.9 Where the expiry date of the credit falls on a day on which the bank to which presentation must be made is closed other than for reasons of force majeure, the stipulated date is extended to the first following day
on which the bank is open.10 Where documents are presented in accordance with this extension, the bank to which presentation is made must provide a statement that the documents were presented within the time limits as extended.11 The failure to provide such a statement does not, however, prevent the bank to which the documents are presented from obtaining reimbursement, although the failure to provide the statement could give rise to a claim for damages if any were suffered by reason of the failure.12
