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The stipulation in L/C: Quantity 6000 M/T, Partial shipment: 1000 M/T per month from January to June. The beneficiary shipped out according to the stipulation in L/C from January to March and received the payment from the bank as arranged. But in the fourth batch which should be shipped out on April 25, because of no shipping space, the shipment is postponed to May When the beneficiary negotiated with the bank on May 2, the bank refused to pay. In this case, do you think the bank has the right to refuse or not?