Discrepancies : Biggest trouble for everyone in lc business
Perhaps discrepancies is one of the most complicated and “blurred” field in all letters of credit terminology. One bank finds tons of discrepancies on a document yet the same document found to be complying by another bank. Almost all of the ICC opinions issued so far are related to complaints about “unfairly found discrepancies”. What we can see from the results of the ICC opinions is that ICC Banking Committee does not agree with banks in most cases.
According to ICC Trade Finance Surveys on average %70 of letter of credit presentations found to be discrepant on first presentation. This is a very frustrating result. Everyone in letter of credit business should understand huge negative effects of such a high volume of discrepant presentations.
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