F48 is an optional field in MT700 swift message of Documentary letter of credit.
F48 (Period of Presentation) field defines the period of time in calender days by which the presentation of documents should be made in the negotiating bank. The beneficiary will do the presentation/negotiation to get the payment.
From the F44C(Latest Date of Shipment), the countdown will start. Normally the period is up to LC expiry date mentioned in F31D(Date and Place of Expiry).
The date can be mentioned 7,10,14,21 any days as agreed between buyer and seller but later than the LC expiry date.
If the field is not mentioned in the documentary credit then default 21 days is considered but must not exceed the expiry date as I told earlier.
As a common practice, LC validity is kept 90days (one quarter) to maintain the same charge. In that case, the latest date of shipment is mentioned 69 days and the presentation period is 21 days if there’s no specific requirement from the buyer or seller.
The presentation can be both Electronic records or paper documents.
Do you have any thoughts about this? let me know in the comments.