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The Parties To and Associated With
a Letter of Credit
Checking the Incoming Letters of Credit
If the exporter receives a letter of credit (L/C) directly from an issuing bank in the importing country, he/she must be very careful if the integrity of the issuing bank is unknown and the authenticity of the credit is in question.
Errors in the terms and conditions of a letter of credit may occur as a result of the applicant's error in preparing the L/C application and/or the issuing bank's error in preparing the L/C. The exporter must check the L/C immediately and thoroughly upon receipt from the bank, to ensure that the terms and conditions stipulated in the L/C are correct and conform to the sales contract, and that he/she can comply exactly to the L/C requirements. Otherwise, the exporter must immediately ask the importer to amend the L/C (please see Amendments of Letters of Credit).
If any terms and conditions of the letter of credit are not complied with, no matter how small, a discrepancy is said to occur and it can delay or prevent the payment.
The exporter should check the details of letter of credit, including the following:
The ICC (International Chamber of Commerce) Publication
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