{"id":502,"date":"2018-01-28T01:40:01","date_gmt":"2018-01-28T06:40:01","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=502"},"modified":"2019-04-07T06:18:34","modified_gmt":"2019-04-07T10:18:34","slug":"late-shipment-discrepancy","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/28\/late-shipment-discrepancy\/","title":{"rendered":"Late Shipment Discrepancy"},"content":{"rendered":"

Documentary credits often include a “latest date of shipment”. Latest date of shipment is one of the most important definitions in commercial documentary credits.<\/p>\n

As a beneficiary, if you are obligated to make a shipment \u00a0under a commercial letter of credit, and need to present a transport document; such as a port-to-port marine bill of lading, then you must complete the shipment before the latest date of shipment stated in the credit.<\/p>\n

Which means that, the date of shipment indicated on the bill of lading must not show a date, that is after the latest date of shipment marked in the credit.<\/p>\n

If you fail to complete your shipment before the allowed time frame, then you will get a late shipment discrepancy from the issuing bank.<\/p>\n

After the issuing bank determines that your presentation is not complying, you can reach to the payment only after applicant accepts the discrepancies<\/p>\n

Sample Late Shipment Discrepancy under a Letter Of Credit:<\/strong><\/p>\n

A letter of credit has been issued in SWIFT format, subject to UCP latest version, with the following details:<\/p>\n

Letter of Credit Conditions<\/strong><\/span><\/p>\n

Field 44C: Latest Date of Shipment:<\/strong> 141031<\/p>\n

Field 44E: Port of Loading\/Airport of Departure:<\/strong> Port of Ningbo, China<\/p>\n

Field 44F: Port of Discharge\/Airport of Destination:<\/strong> Port of Auckland, New Zealand<\/p>\n

Field 46A: Documents Required:<\/strong> Full set of original bill of lading clean on board established to the order of Societe Generale Algerie Spa notify applicant marked freight prepaid.<\/p>\n

The beneficiary presented a bill of lading with the following data:<\/p>\n

Bill of Lading<\/strong><\/span><\/p>\n

Port of Loading:<\/strong> Port of Ningbo, China<\/p>\n

Port of Discharge:<\/strong> Port of Auckland, New Zealand<\/p>\n

Bill of Lading:<\/strong> The bill of lading is dated 01.November.2014. In addition, it contains an on-board notation as follows: “Shipped on board : 01.November.2014”.<\/p>\n

Discrepancy:<\/strong> Marine bill of lading shows a late shipment. Both bill of lading date and on board notation date indicate a late shipment. Date of shipment falls outside the allowed shipment period.<\/p>\n

Reason for Discrepancy:<\/strong> If the letter of credit requires a presentation one of the transport documents as indicated in UCP 600, the date of shipment stated on the transport document must not be showing a later date than the latest date of shipment stated in the letter of credit.<\/p>\n

\"shipped<\/a><\/p>\n

Bill of lading shows a late shipment as date of shipment is a later date than the latest date of shipment indicated in the letter of credit.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Documentary credits often include a “latest date of shipment”. Latest date of shipment is one of the most important definitions in commercial documentary credits. As a beneficiary, if you are obligated to make a shipment \u00a0under a commercial letter of<\/p>\n","protected":false},"author":1,"featured_media":511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86,83],"tags":[107,103,111,112,84,106],"class_list":["post-502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bill-of-lading-discrepancies","category-letter-of-credit-discrepancies","tag-bill-of-lading","tag-bill-of-lading-discrepancy","tag-late-shipment","tag-late-shipment-discrepancy","tag-letter-of-credit-discrepancies","tag-transport-document-discrepancy"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/502","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=502"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/511"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}