As a general rule, this time period starts from the date of shipment which is indicated in the transport documents i.e. Bill of Lading, Multimodal transport documents, Air Waybill etc.
Secondly, in any event or when this field is not present or where there is no express indication in this field, the presentation should be made not later than 21 calendar days after the date of shipment but not later than the expiry date of the LC. In this case, the expiry date of the LC is deemed to be an expiry date for presentation.
The number of days indicated in this field should accommodate the seller a comfortable time period to enable him to obtain certain documents issued by third party (Insurance document, Transport document, Certificate of origin, inspection certificate etc), to prepare other documents, to vet through all the documents, to collate and to make presentation to the bank.
Buyer may indicate any number of days, for example, 7 days, 12 days, 14 days or 21 days. The number of days is calculated from the date of shipment indicated in the transport document.