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LC Available with nominated Bank XXXX By Acceptance.Payment term at120 days sight. Beneficiary Presented document to Bank XXXX. Bank XXXX accepted the document as complaint and forwarded to Issuing Bank. Issuing Bank Found some serious discrepancies. Now who will determined the maturity date? How it will be calculated?
In my question i said that LC is available with NB By Acceptance and NB accept the document.
So who will calculate the maturity?
'IMO as LC is available with NB by acceptance & NB accept the document as compliant .So NB need to provide the maturity to Beneficiary within5 working days(in this case NB will calculate the maturity). NB will bear the loss for his negligence if IB provide the date of maturity later than NB's maturity date. '
Other comment necessary
If L/C is available with the NB, NB will forward documents to IB.
When IB found discrepant documents they will intimate to Applicant, Now it depends on applicant either they accept the discrepancy or not, When they accept the discrepancy, Applicant will calculate the Maturity Date (by acceptance)
and accept the draft and present it to IB and IB will send a msg of acceptance to NB
