That's not a bug but a design decision. During development, it was noticed that many people were "gaming" the AI by doing deals with them "too frequently" which gave the player an "unfair" advantage. I don't generally game the game at all so it wasn't an "issue" for me and I don't really mind the current limitation. WHat I don't like is that I never know how much longer I have to wait until I can talk with them again. I would like a added note on the diplomacy screen when it tells me I have to wait longer, I would like to know exactly how much longer do I have to wait. So it's basically a design decision that some really don't like and others don't mind. Will it change in the future? Who knows.
Yea I remember when the wait thing was put in & agree with it, that's why I think it's probably just a matter of the ai's beg/demand functions not being forced to honor a wait timeout. It's pretty bothersome when an ai keeps demanding $thing, which you would happily trade for $OtherThing, but you can't ask for something else in return