Letter of Credit Forum

Dear All.

We are beneficiary of L/c. Applicant opened L/c Irrevocable in our favour 2 Months back with Tenor of 90 Days. We submitted our document under L/c and Applicant's bank had accepted our Document. Upon Acceptance we discounted Bill from our Bank. Now Maturity date is so close and Applicant want to Extend Maturity Date further 90 Days. Beneficiary and Applicant both are agreed to extend maturity date further 90 Days, applicant’s bank also ready to extend date, but Beneficiary bank is not ready to extend maturity date, our bank saying that under L/c this is not possible, because Document has been presented and same has been accepted by L/c issuing bank. Once maturity date confirmed by L/c issuing, it is l/c issuing bank liability to pay on maturity date and maturity date can not be amended /extend.

We are required expert opinion whether is it true ?. Since Applicant & Beneficiary are agreed to extend maturity date then why Beneficiary’s bank saying that it is not possible ?

If it is not true then under which clause of UCP is possible to extend maturity date

 Waiting for response

Thanks