ISBP Para 46(b) - Determining the maturity date

[DeepakRastogi]

LC Tenor: 60 days from sight
Drawee: issuing bank. Docs are received by issuing bank
Document Received: 14/03(Friday)
Document Checked: 17/03(discrepant)
Referred to Applicant: 18/03
Disc waived by the app: 19/03
Accepted by the IB: 20/03.
We understand they mostly there is no difference when the discrepancy is waived and issuing bank accepts but if there is a difference, then what is the maturity date?
19/03+60 days or 20/03+60 days

[NigelHolt]

Based on 46(b), referring to ‘at the LATEST XXX days after date of receipt by the drawee bank’ [my emphasis] and ‘no LATER than the date of’, and assuming the drawee bank received the documents on 14 March, the due date can logically be based on any date between 14/3 and 19/3. I would expect it to be 19/3.

[AsifMahmoodButt]

Deepak,

I would take the date when an Issuing bank accepts the waiver of Applicant. This is constructive, If Applicant submits the waiver on 19-Mar and if ISB releases the document on same date then they have accepted the waiver on
19-Mar and the maturity would be calculated from that date even though their message would be sent on 20-Mar. But if for some reason ( eg: compliance issue) the Issuing Bank accepts waiver of the applicant on a later date the maturity date would start from the date of acceptance by the issuing bank.
regards
Srinivas

[DanielD]

I understand that not notice of refusal was issued, so does not ISBP 46 (a) apply?
Daniel

[DeepakRastogi]

Daniel

Please assume that refusal is sent on 17/03 which i failed to indicate in the question
[edited 3/19/2008 8:31:30 AM]