Require advice about discrepant docs and its disposal

[JeevanDAC]

Dear adviser/Expert,

Document is discrepant. I need your assistance to solve it out.
Documents value Usd 485,000.00
LC at sight basis.
Importer : Bangladesh and Exporting country : East Africa

Discrepancies :
sent on 04/09/2018
**We received your documents for docs for USD 500,000.00 containing following discrepancies:
01: Value Overdrawn by USD 15,000.00
Hold/As per UCP 16(c) iii(b)***

Source of discrepancies :

45A, in LC : QUANTITY: 500 METRIC TONS (+/- 3 PCT.),.....
and 47A, in LC : DOCUMENTS MUST NOT BE DRAWN IN EXCESS OF THE CREDIT VALUE.
and no clause as 39A in this LC.

Issuing bank sent on 11/09/2018

Quote
AS THE DOCUMENTS ARE DISCREPANT, THE APPLICANT
DOES NOT ACCEPT IT TILL DATE. NOW PLEASE PROVIDE
THE DISPOSAL INSTRUCTIONS WHETHER WE HOLD OR
RETURN THE DOCUMENTS TO YOUR COUNTER.
.
IF WE DON'T GET ANY RESPONSE FROM YOUR END OR
THE APPLICANT WAIVE THE DISCREPANCY BY
15.09.2018, WE WILL RETURN THE DOCUMENT TO YOUR
COUNTER AT YOUR RISKS AND RESPONSIBILITIES.
.
FOR YOUR INFORMATION, WE WILL CHARGE USD 50.00
FOR EACH CORRESPONDENCE IN ADDITION TO
DISCREPANCY CHARGES FROM PROCEEDS IF UNTIL
THE APPLICANT WAIVE THE DISCREPANCY AND ACCEPT
IT.
Unquote

Finally, I would like to get advice from expert/adviser that how to dispose the matter.
What is required both from buyer and seller end.
What is required from both issuing bank and negotiating bank.

Your valuable advice will be highly appreciated.
Br/JeevanDAC

[TaiOanlan]

It is clearly a valid discrepancy, so the beneficiary can either rectify the document asking for negotiating bank to dispatch rectified document to issuing bank or asking applicant for LC amendment for resolving the discrepancy.

[umit1492]

presentation is not complying. seller can negotiate with buyer and via him to issuing bank. accordingly with reference to artice 18b of ucp600 m issuing bank can accept commercial invoice issued for an amount in excess of the amount permitted by the credit. but they will pay beneficiary 485000 and not 500000 usd.

b.regards
omid