Maturity Date Calculation For Non Complying Presentation Under LC

[shafi865]

Dear All,

Consider the following conditions-

1) Non-complying presentation
2) draft drawn at a tenor 60 days after BL date
3) Drawee bank provide notice of refusal
4) Drawee bank accepts the waiver of the applicant or issuing bank

Then whether the maturity date is to be calculated from the BL date nor calculated from the date of acceptance of waiver.

Regards
Shafique

[gondem]

The maturity date is to be calculated from the BL date.

[gegeeee]

Hy all,

It clearly states the tenor: 60 days after BL date. So it will be calculated from BL date.

We would have a different outcome if there was indication at 60 days sight

Thanks
Gega

[saikumar1208]

Maturity date is calculated from the date of BL . If draft is at 30days from sight then maturity is calculated from date of complying presentation, if it is not a complying presentation maturity will be calculated from date of acceptance of waiver by issuing bank.