Discrepant of Documents

Discrepancies is most thinking part of any commercial section. Actually when get supplier or exporter doc from our party we get sometimes discrepancies against our document presentation. Its will being various type way. 

UCP 600 states that "Data in a document, when read in context with the credit, the document itself and international standard banking practice, need not be identical to, but must not conflict with, data in that document, any other stipulated document or the credit." So if banks find inconsistency between documents they raise a discrepancy. 

So, what kinds of nature will this which type mentioned below for understanding :-

Incorrect Doc:

Information any one of the documents presented does not comply with the letter of credit terms and conditions.

Late Shipment :

Goods shipped after the permitted shipment date or period. If the date of the transport document such as the bill of lading date falls a later date than the latest date of shipment than banks raise late shipment discrepancy.

late Presentation :

Documents presented later than 21 days after shipment or after the number of dates stipulated in the letter of credit.

Letter of Credit Expired :

Documents presented after the letter of credit has expired. Normally banks should not accept any document that has been presented after the expiry date of the credit. But banks left the ultimate decision to the applicants on this regard and evaluate late presentation after the expiry date as a discrepancy.

Absence of Document: 

Documents required by the letters credit is missing. Missing document discrepancy could also cover the insufficient number of original document presentation. i.e. UCP 600 demands presentation of all original insurance documents if insurance document states that it issued more than one original. 

Carrier not defined of Bill of Lading :

Name of the carrier is not mentioned on the bill of lading or bill of lading is not signed by the master, the carrier or an agent on behalf of the carrier or master.

Incorrect Descriptions of Goods :

Description of the goods on the invoice and other trade documents differs from the description of goods mentioned on the credit.

Incorrect Endorsement :

Bill of lading, insurance policy or draft (bill of exchange) not endorsed by the beneficiary of the credit.