Applicant Accepts Discrepant Documents
Posted: Fri May 07, 2010 4:35 pm
Good day,
We are the issuing bank. We received discrepant documents presented under our Documentary Credit. We requested waiver from the Applicant who subsequently took up the discrepant documents however upon accepting he advised that he will pay 7 days later than the day which we as the issuing bank calculated the maturity date to be. We are now out of pocket as foreign bank has debited our nostro account however applicant is only going to pay 7 days later. On our acceptance (MT752) to the negotiating bank should we have advised maturity date as per lc payment terms or the date that the Applicant wants to pay as per his acceptance advice to ourselves? For discrepant documents can the Applicant determine any date that he wants to pay?
We are the issuing bank. We received discrepant documents presented under our Documentary Credit. We requested waiver from the Applicant who subsequently took up the discrepant documents however upon accepting he advised that he will pay 7 days later than the day which we as the issuing bank calculated the maturity date to be. We are now out of pocket as foreign bank has debited our nostro account however applicant is only going to pay 7 days later. On our acceptance (MT752) to the negotiating bank should we have advised maturity date as per lc payment terms or the date that the Applicant wants to pay as per his acceptance advice to ourselves? For discrepant documents can the Applicant determine any date that he wants to pay?