After receiving MT734, what to do next?

[zzmissanh]

Our bank is acting as beneficiary's bank.
We have advised L/C to our customer the L/C with following details:
Available with ABC bank by payment (ABC bank is in the same country with us, not issuing bank)
We presented docs to ABC Bank. The docs have discrepancies. We have received MT734 for refusal
Question 1: What should we do next? Waiting or send message to accept discrepancies with ABC Bank, and give them further instruction to disposal or return docs to us?
Question 2: If we still want to send this discrepant docs to issuing bank, how long will it take for issuing bank to be obligated to honour, in case that applicant accepts all discrepancies?
Many thanks

[picant]

Hi Pal,

in your case is not advisable to send documents to nominated bank, not confirming, the latter will find
discrepancies and will communicate to you, said discrepancy and further instruction to handle document.
So you have to instruct this bank to forward documents to the issuing bank, waiting new news.
First of all check that discrepancies are correct, that beneficiary may obtain revised documents in due time and consequently. You may decide to call back the documents and send them to issuing bank, however it may last 2 o 3 weeks and under issuing bank and applicant acceptance.
Hoping that the transport document is consigned or to order of issuing bank....

Ciao

[zzmissanh]

Excellent answer! Thank you very much