What’s a month between friends?

Dear TFP Experts, can you please clarify the correct procedure to be taken in the following situation?

We issued a letter of credit available by acceptance with our bank as issuing bank at “90 DAYS SIGHT”. Documents were presented on approval by the presenting bank with discrepancies in respect of conflict in data between documents. We issued a timely notice of refusal by way of SWIFT message MT 734 as is the normal practice and contacted the applicant for a waiver of the discrepancies.

Despite many follow-up communications the applicant did not provide the waiver of discrepancies until 28 days after the date we received the documents from the presenting bank.

Upon receipt of the waiver from the applicant our bank took up the documents on the same day and accepted the draft for payment at 90 days from the date of our acceptance.

When we advised the presenting bank that the discrepancies had been waived and informed them of the forthcoming fixed maturity date we were surprised to receive a message from them stating:

“As the maturity date is now one month later than anticipated by the beneficiary this is unreasonable and unfair.”

Can you please provide guidance as to whether our approach is correct?

We in the documentary operations department believe it is, but other colleagues in the commercial side of the bank disagree.

Gold

Silver