12. Most Common Discrepancy 5: Letter of Credit Expired
- According to current letter of credit rules except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.
- If the beneficiary makes the presentation after the expiry date, then he will likely to receive a letter of credit expired discrepancy.
- Normally banks should not accept any document that has been presented after the expiry date of the credit. However, banks mostly prefer leaving the ultimate decision to the applicants on this regard and evaluate late presentation after the expiry date as a discrepancy.
