Legal Question in Banking Law in Libya

we are sellers and received an LC, and we are a second benificary on the LC, when we presented our documents to our bank and they intern sent a demand to the first benificary's to credite the account they did not respond, we had sent a second demand and a thierd, the LC is under UCP600 latest version......our question is "can an issuing bank or the first benficiaries decline to honer the LC payment or respond to the demand payment, bearing in mind articale 16 and 14 of UCP600 of having 5 days to respond.....if they did not respond to our bank demand can they refuse even after expiry date is over due?

Asked on 12/30/13, 1:30 am

Arent Lievens Advocates Lievens & Lievens

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Dear Sir,

I Need much more information to e able to help you on this.

(eg. involved banks, etc.)

Kind regards,

Arent Lievens

Answered on 12/30/13, 3:49 am

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