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L/C required:
Lastest date of shipment: 10 aug
Period for the presentation: after 21 days from the date of shipment but within the validity of the credit
Presented docs:
Shipment date: 01 aug
Issuing bank receive the docs on 10 aug.
On 18 aug, after 5 working days from the date issuing bank received the odc but no payment, presenting bank sends msg to the issuing bank tracing payment. One dayafter, issuing bank informs that as the doc early presented, they hold the doc to the earliest date on which the doc should be trsented ( 22 aug). On 23 Aug... they start to examine the docs to determine whether the docs is complied with and they will reverse to presenting bank the result on 29 aug (5 working days after 22 aug)
The question is that:
In case, presenting bank has negotiated the document, can they claim issuing bank that issuing bank precluded from claiming that the document don't constitute a complying presentation because presenting bank has not received any reply from issuing bank within 5 working days and preenting bank havr the right to claim issuing for delay fee count fromm 17 aug (5 working days after issuing bank rceive the doc, grace days exclude (if any))