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Example : Letter of credit asking a bill of lading<\/a> which should be showing \u201cPort of Loading<\/a>\u201d as \u201cNewark Port USA\u201d as below,<\/p>\n 44E: Port of Loading\/Airport of Departure<\/em><\/span> \u2022 If presented bill of lading is showing \u201cPort of Loading\u201d as \u201cPort of Philadelphia USA\u201d, There are two important point needs to be taken care of:<\/p>\n \u2022 Example : Letter of credit requires presentation of a bill of lading with the details below.<\/p>\n 46A: Documents Required<\/strong><\/span><\/p>\n 3\/3 Original bill of lading clean and shipped on board to the order of Banque al Baraka d`Algeria, notify applicant marked freight prepaid.<\/p>\n 44C: Latest Date of Shipment<\/strong><\/span> \u2022The beneficiary has to present a bill of lading showing \u201cship on board\u201d date earlier than the latest date of shipment indicated in the letter of credit.<\/p>\n 31D: Date and Place of Expiry<\/strong><\/span> 46A: Documents Required<\/span><\/strong> 48 : Period for Presentation<\/span><\/strong> A bill of lading, however named, must appear to:<\/p>\n i. indicate the name of the carrier and be signed by:<\/p>\n – the carrier or a named agent for or on behalf of the carrier, or What is a Discrepancy? There is no definition of a discrepancy under the current letter of credit rules, UCP 600. Discrepancy can be defined as inconsistencies on the documents which are presented to the banks under letters of credit transactions.<\/p>\n","protected":false},"author":1,"featured_media":4357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,468],"tags":[84,469],"class_list":["post-4239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-letter-of-credit-discrepancies","category-presentation","tag-letter-of-credit-discrepancies","tag-presentation"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/4239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=4239"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/4239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/4357"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=4239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=4239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=4239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNEWARK PORT USA<\/em><\/span><\/p>\n
\nthen the beneficiary will be receiving an incorrect data discrepancy from the issuing bank<\/a>.<\/p>\nMost Common Discrepancy 3: Late Shipment<\/h4>\n
![\"late](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-09.png\")
Latest date of shipment is the latest date for loading on board\/dispatch\/taking in charge<\/span>.<\/p>\n\n
Most Common Discrepancy 3: Late Shipment<\/h4>\n
![\"late](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-10.png\")
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\n121210 (Should be read as 10.December.2012)<\/p>\n<\/blockquote>\nMost Common Discrepancy 4: Late Presentation<\/h4>\n
![\"late](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-11.png\")
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Most Common Discrepancy 4: Late Presentation<\/h4>\n
![\"late](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-12.png\")
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\n130121 China<\/p>\n
\nFull set of clean shipped on board ocean bills of lading drawn to the order of United Bank ltd, Sana’a Yemen showing freight prepaid and marked notify Applicant.<\/p>\n
\n21 Days<\/p>\n<\/blockquote>\n\n
Most Common Discrepancy 5: Letter of Credit Expired<\/h4>\n
![\"letter](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-13.png\")
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Most Common Discrepancy 6: Absence of Documents<\/h4>\n
![\"absence](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-14.png\")
The exporter has to present exact number of documents as it is requested under the letter of credit. For example, if the credit requires:<\/p>\n\n
Most Common Discrepancy 7: Carrier not defined on the bill of lading \/ bill of lading signed by Improper Authority<\/h4>\n
![\"Carrier](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-15.png\")
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\n– the master or a named agent for or on behalf of the master.<\/p>\n\n
\nfor or on behalf of the carrier or for or on behalf of the master.<\/li>\n<\/ul>\nMost Common Discrepancy 8: Incorrect Description of Goods<\/h4>\n
![\"Incorrect](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-16.png\")
\u2022 The description of the goods, services or performance in the invoice must correspond with the description in the credit.
\n\u2022 The description of goods, services or performance in an invoice must reflect what has actually been shipped or provided.
\n\u2022 If a trade term is part of the goods description in the credit, or stated in connection with the amount, the invoice must state the trade term specified, and if the description provides the source of the trade term, the same source must be identified (e.g., a credit term \u201cCIF Singapore Incoterms 2000\u201d would not be satisfied by \u201cCIF Singapore Incoterms\u201d).<\/p>\nMost Common Discrepancy 9: Incorrect Endorsement \/ Absence of Endorsement<\/h4>\n
![\"Incorrect](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-17.png\")
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\nappear, the signature or endorsement may appear anywhere on the document.<\/li>\n<\/ul>\nMost Common Discrepancy 10: Partial Shipment or Transshipment Effected Despite L\/C Terms<\/h4>\n
![\"Partial](\"http:\/\/www.letterofcredit.biz\/wp-content\/uploads\/Top-10-Discrepancies-in-Letters-of-Credit-18.png\")
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