The opening date of the letter of credit depends on the opening date of the issuing bank-the opening date of the letter of credit is the opening date, and the letter of credit clause 3 1 is the opening date.

(1) Opening date: the date when the letter of credit is opened. Generally speaking, the documents and documents presented by customers should be after the opening date.

(2) Validity period: the last validity period of the letter of credit. After this day, the letter of credit will be invalid, and all requirements or commitments in the letter of credit will be invalid. The issuing bank may demand the return of the deposit for opening the letter of credit, and the issuing bank will no longer bear the responsibility of the first payer.

(3) The date of signing the contract is generally earlier than the date of opening the letter of credit. The contract is the basis for both parties to open a letter of credit. Generally speaking, the terms of a letter of credit are based on the contract, such as delivery date, transaction amount and terms.

(4) Time of shipment: that is, the goods must be shipped within the time of shipment, and most documents must be issued before the date of shipment, at least on the day of shipment. For example, invoices, PL, CO, insurance policies, inspection documents, etc. Of course, the shipping notice can be later than the date of shipment, but it must also be within the specified time. The delivery time is mainly based on the customer's production date, and production is usually arranged after receiving the customer's letter of credit, so the delivery date is the production cycle+document production.

Legal basis:

Uniform customs and practice for documentary credits of the International Chamber of Commerce

Article 1 Scope of application of UCP

The UCP publication No.600, Uniform Customs and Practice for Documentary Letters of Credit-Revised Edition 2007, is a set of rules, which are applicable to all documentary letters of credit (hereinafter referred to as letters of credit) that clearly indicate that they are bound by these customs and practices (including standby letters of credit within the scope of application). Unless the letter of credit is explicitly amended or excluded, the provisions of these practices are binding on all parties to the letter of credit.

The second definition

As far as this approach is concerned:

The advising bank refers to the bank that advises the letter of credit at the request of the issuing bank.

Applicant means the party requesting to open a letter of credit.

A bank working day refers to a day when a bank is usually open at the place where it implements the acts stipulated in these practices.

Beneficiary refers to the party who accepts the letter of credit and enjoys its benefits.

Documentary conformity refers to documents that are consistent with the terms of the letter of credit, the relevant applicable terms of these practices and the international standard banking practices.

Confirmation refers to the firm commitment of the confirming bank to honour or negotiate documents according to the commitment of the issuing bank.

Confirming bank refers to the bank that adds confirmation to the letter of credit according to the authorization or requirement of the issuing bank.

Letter of credit refers to an irrevocable arrangement, no matter what its name or description, it constitutes a firm commitment of the issuing bank to honor the conforming documents.

Commitment refers to:

A. If the letter of credit is a sight payment letter of credit, the payment shall be made at sight.

B. If the letter of credit is a deferred payment letter of credit, it promises to delay payment and pay on the promised due date.

C if the letter of credit is an acceptance letter of credit, accept the draft drawn by the beneficiary and pay it on the maturity date of the draft.

An issuing bank refers to a bank that opens a letter of credit at the request of the applicant or on its own behalf.

Negotiation refers to the behavior that the designated bank prepays or agrees to prepay the beneficiary on or before the bank working day to be repaid, so as to purchase the draft (the payer is a bank other than the designated bank) and/or documents.

Designated banks refer to banks that can exchange letters of credit. If the letter of credit can be exchanged with any bank, any bank is a designated bank.

Presentation refers to the behavior of the issuing bank or the designated bank to submit the documents under the letter of credit, or refers to the documents submitted in this way.

Presenter refers to beneficiary, bank or other person who presents documents.

Article 4 Letters of Credit and Contracts

A. By its nature, a letter of credit is an independent transaction, and there are sales contracts or other contracts as the basis for opening a letter of credit. Even if this kind of contract is mentioned in the letter of credit, the bank has nothing to do with the contract and is not bound by it. Therefore, the bank's commitment to acceptance, negotiation or performance of other obligations under the letter of credit is not affected by any request or defense arising from the relationship between the applicant and the issuing bank or beneficiary.

Under no circumstances shall the beneficiary take advantage of the contractual relationship between banks or between the applicant and the issuing bank.

B the issuing bank shall prevent the applicant from trying to take the basic contract, proforma invoice and other documents as part of the letter of credit.