337. Computation of time of payment
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Where a bill is not payable on demand, the day on which it falls due is determined as follows—
(1) Three days, called days of grace, are in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace. Provided that when the last day of grace falls on Saturday, Sunday or a Bank Holiday, under the Bank Holidays Act, or any Act which may amend the same, the bill is due and payable on the succeeding business day. (Amended by Act 2 of 1972)
(2) Where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment.
(3) Where a bill is payable at a fixed period after sight, the time begins to run from the date of the acceptance, if the bill be accepted, and from the date of noting or protest, if the bill be noted or protested for non-acceptance or for non-delivery.
(4) The term “month” in a bill means calendar month.