Letter of Credit Forum

The time limit will be determined by a) the designated latest presentation period under the LC (usually 21 days after date of shipment), and b) the expiry date of the LC.

There is no limit to the number of re-presentation of documents, or any replacement of document that may be made within the confines of the above period limit. The issuing bank in this case, would be obliged to examine each re-presentation on its own merit, afresh against the LC. If the documents are in order, it must pay, regardless of any previous history of discrepancies under the shipment. 

The documents have been released to the issuing bank, but it is not clear whether your bank examined the presentation and certified the presentation to be compliant, or whether the documents were forwarded  “on approval”, with your agreement . If it is the former, (notwithstanding the protection granted under Art. 12 (b)) the fact that the issuing bank has subsequently found discrepancies, should cause adverse reputational issues for your bank.

not an expert's opinion.. here it goes..

the issuing bank by now should have contacted the applicant of the L/C and if applicant agrees to pay, then depending on your L/C terms (sight, usance) shall pay you accordingly.

If applicant has disagreed to pay his bank then the issuing bank will send your docs back to your bank and your bank will send them back to you. 

Now.. here is what someone else might be able to help you with this question i am going to ask on your behalf.. can a beneficiary once he gets his docs make a second presentation? provided that the presentation period has yet not expired..  

example... if your docs are still under presentation period.. let's say. after shipment the presentation period was 21 days and the whole process (u presenting docs >ur bank sending them to issuing bank> issuing bank sending them back to ur bank and your bank givig them back to you) took 15 days by the time you got your docs back on hands and you still have 7 more days to re-present the docs...

so is there such a thing as re-presentation and is it allowed and workable? or does beneficiary only gets 1 chance. 

another important thing to note is quite often banks will receive revised (corrected) docs from beneficiary and they will forward them to the issuing bank telling them that discrepancies have been taken care of. but as far as I know, once the original first presentation is found to be discrepant by issuing bank, the issuing bank is at the mercy of whether or not applicant pays. if applicant does not waive discrepancy and does not pay, then issuing bank will return your docs to you, as they are not liable to pay bene under a discrepant presentation. 

you did not ask for my suggestion on this, but i would suggest you contact applicant and work out a deal with them, depending on how good your relationship is with them.. most applicant often agree to pay, sometimes not the full amount though. depending on where you sent your shipment, if it was to an asian destination, i am pretty sure it's already lying and waiting to be cleared by now and if your goods are important to applicant, he should have no problem to clear them and agree to pay his bank soon. 

best of luck.