Letters of Credit Common Discrepancies

Table of Contents Click on chapter title to go to appropriate page.

General Information .................................................................1 Common Discrepancies: Things to Check First ......................3 The Draft ..................................................................................4 Commercial Invoice .................................................................5 Ocean Bills of Lading...............................................................7 Non-Negotiable Sea Waybill....................................................9 Charter Party Bill of Lading ...................................................11 Air Transport Document.........................................................13 Transport Document Covering at Least Two Different Modes of Transport ................................................................15 Road, Rail or Inland Waterway Transport Documents ..........17 Courier Receipt, Post Receipt, or Certificate of Posting ........19 Insurance Policy .....................................................................20 Consular Invoice.....................................................................22 Packing List............................................................................23 Weight Certificate/List ...........................................................24 Certificate of Analysis............................................................25 Certificate of Origin ...............................................................26 Inspection Certificate..............................................................27

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General Information
We offer this information as an aid in preventing the errors which, for you as an exporter, delay your payment and are often costly in time, extra handling, messenger service and telecommunications costs. We trust that you will find the information in this document useful. If you have any questions, please contact the Trade Services Division. The information provided in this brochure is provided as a courtesy. The information does not and is not intended to provide you with a complete list, or an explanation, of the requirements of UCP. We make no representation or warranty as to the accuracy of the information contained in this brochure, and shall have no liability for any inaccuracy in, or incompleteness of, the information. You may not rely on the information in this brochure in preparing documents to be submitted under a letter of credit or in making your own determination whether documents meet the requirements of the letter of credit or are consistent with UCP. We strongly suggest use of the Uniform Customs and Practice for Documentary Credits, 2007 revision, ICC Publication No. 600 (UCP) as a reference in document preparation and presentation. We recommend that a transmittal letter accompany all presentations of documents, indicating the correct Letter of Credit number and giving proper instructions, such as:

Whom to contact in the event of discrepancies. Whether we are to credit your account, remit funds to your bank or issue a check. In cases of acceptance, whether we are to discount the draft, return same after acceptance or hold to maturity.

Letter of Credit Conditions

As documents must conform strictly to the requirements of the Letter of Credit in addition to amendments, it is important that you review the conditions of each credit immediately upon receipt. If you are unable to comply with any of the terms, communicate with your customer at once to arrange for the necessary amendments before documents are presented.

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General Information (continued) Variations in Amount, Quantity and Unit Prices of Credits

If you are uncertain about the exact amount that you will draw, or the quantity of merchandise or the unit price, you can add the word about or approximately before the amount of the credit, the quantity of merchandise or the unit price. This will permit a leeway of 10% more or less on the amount of the credit.
Variations in Quantity of Merchandise

Credits that do not specify the quantity of merchandise in terms of exact number of packing units or items permit a leeway of 5% more or less in the quantity to be shipped. However, if merchandise being shipped is expressed in exact number of packing units or individual items, then there is no leeway. Click here to return to Table of Contents.

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Common Discrepancies: Things to Check First

The discrepancies listed are the most common. If they are eliminated, most payments could be made upon first presentation of the documents. It must be understood, however, that this document does not represent all potential discrepancies. The Letter of Credit Document Checkers First Steps Must be to Determine that:

The letter of credit relates to the documents being examined. The letter of credit has not expired, or, if it has expired and was available with a nominated bank, that presentation be made to such nominated bank on or before the expiry date. That the merchandise was shipped on or before the latest shipment date. The letter of credit is available for drawing. The amount available under the letter of credit is sufficient to cover the drawing. All required documents have been presented, including the original letter of credit , if required. If multiple or partial drawings are permitted, determine the current amount available under the letter of credit balance. Whether any transfer(s), and/or assignments have been issued. Documents under the letter of credit have been presented within the required presentation period. A presentation must be made no later than 21 calendar days after the date of shipment, but not later than the expiry date of the credit.

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The Draft
Draft. Verity that:

It is drawn under the correct letter of credit. It is purportedly drawn and signed by the beneficiary (the second beneficiary, if the documents are under a transfer). Tenor is at sight or time as stipulated in the credit. It is signed by the beneficiary and endorsed in blank by the payee. Amount agrees with the invoice unless otherwise stipulated in the credit.

Note: if invoice amount exceeds letter of credit amount, drafts must not exceed the amount permitted in the credit. See Article 18(B).

Amount in figures and words agree. Balance of the letter of credit is not exceeded. Drawee/payee is as required in the letter of credit. No alterations appear on the face of the draft. It is dated. Any statement required on the draft by the letter of credit appears on the draft.

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Commercial Invoice
Commercial Invoice. Verify that:

Beneficiarys name and country is exactly as stated in the letter of credit. Account partys name and country is exactly as stated in the letter of credit unless otherwise specified. Description of the goods is identical to the letter of credit requirements. Shipping marks and numbers are consistent with those appearing on the bill of lading and letter of credit. It does not cover used, rebuilt, or second hand merchandise unless it is allowed by the letter of credit. Quantity of merchandise, weights, and measurements are consistent with those appearing on the bills of lading and other documents, and the letter of credit. It does not include an over-shipment or merchandise not stated in the letter of credit or does not include merchandise covered by another letter of credit unless authorized. Amount covers the complete shipment of the merchandise when letter of credit prohibits partial shipments or is within the tolerance of 5% of sub-article 30 (B) of UCP600. The value is proportionate to the partial quantity shipped, if the credit allows partial shipments. Merchandise value, shipping expenses and insurance are itemized separately only if required by the credit. Shipping terms such as CIF, FOB, etc. are as stipulated in the credit. Charges e.g., storage, handling, cable, demurrage; commissions are not included, unless authorized in the letter of credit. Unit prices agree with the credit terms.

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Commercial Invoice (continued)

Calculations, extensions, and additions are included if required by the letter of credit. However, banks are not responsible for verifying mathematical calculations of extensions or additions of the invoice. Amount agrees with that of the draft unless the difference is allowed under the letter of credit. It is signed, if required. Provisional invoice is not presented, unless authorized in the letter of credit. It is notarized, legalized, or visaed, if required. Certifications are signed and in accordance with the letter of credit requirements. The required number of originals and copies are presented and are consistent with UCP 600 Articles 17(B) and (C). There are no internal inconsistencies within the invoice. The invoice contains no statement, clauses or notations prohibited by U.S. law and/or regulation, e.g., boycott clauses. Shows all discounts or deductions as required in the credit. If the credit calls for installment shipments, the previous installment(s) were shipped as required by the credit and the current installment (this drawing) is not inconsistent with the credit requirement for this installment.

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Ocean Bills of Lading

Ocean Bills of Lading. Verify that:

A full set of original Bill(s) of Lading has been presented, unless otherwise stipulated in the credit. The Bill of Lading on its face appears to indicate the name of the carrier and to have been signed or otherwise authenticated as follows:

The signature line must read:

a) Carrier: Then only the signature/authenticator of the carrier need appear. b) Master: Then only the signature/authenticator of the master need appear. c) Agent for the Carrier: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the carrier. d) Agent for the Master: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the master.

NOTE: If Bill of Lading does not appear to indicate the name of the carrier then the signature block must do so. The Bill of Lading indicates the goods have been loaded on board or shipped on a named vessel either by:
a) Preprinted wording on the Bill of Lading, or b) By means of an on board notation which must be dated.

If the Bill of Lading contains an indication intended vessel, or similar qualification in relation to the name of the vessel, then the on-board notation must include the date of shipment and the name of the actual vessel. See UCP 600 Article 20 (ii), last paragraph. The Bill of Lading indicates the port of loading, and port of discharge stipulated in the credit, even if described in the credit as shipment from, and/or shipment to. If the Bill of Lading contains an intended or similar qualification in relation to the port of loading, then the on board notation must include the port of loading stipulated in the credit be dated and must indicate the name of the vessel. See UCP 600 Article 20 (iii), last paragraph.

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Ocean Bills of Lading (continued)

It is consigned as stipulated in the credit. The Bill of Lading is properly endorsed, if necessary. Except for shipments in container(s), trailer(s), and/or lash barge(s), as evidenced by the Bill of Lading, the credit allows for the trans-shipment also, if the Bill of Lading indicates a place of trans-shipment between the port of loading and the port of discharge stipulated in the credit, provided that the entire carriage is covered by one and the same Bill of Lading. No clause(s) appears on the Bill of Lading declaring a defective condition of the goods, and/or packaging. The merchandise description is not inconsistent with that stipulated in the credit. The Bill of Lading does not cover other merchandise not called for in the credit.

In the case of:

a) A shipped on board bill of Lading the date of the Bill of Lading, or b) Received for shipment Bill of Lading, the date of the on board notation is within the latest date allowed for shipment.

All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit.

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Non-Negotiable Sea Waybill

Non-Negotiable Sea Waybill. Verify that:

The document is titled Sea Waybill. A full set of original Sea Waybill(s) has been presented, unless otherwise stipulated in the credit. The sea waybill on its face appears to indicate the name of the carrier and to have been signed or otherwise authenticated as follows:

The signature line must read:

a) Carrier: Then only the signature/authenticator of the carrier need appear. b) Master: Then only the signature/authenticator of the master need appear. c) Agent for the Carrier: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the carrier. d) Agent for the Master: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the master.

NOTE: If the Sea Waybill does not appear to indicate the name of the carrier then the signature block must do so. The Sea Waybill indicates the goods have been loaded on board or shipped on a named vessel either by:
a) Preprinted wording on the Sea Waybill, or b) By means of an On Board notation which must be dated.

If the non-negotiable Sea Waybill contains an indication Intended Vessel, or similar qualification in relation to the name of the vessel, an On Board notation indicating the date of shipment and the name of the actual vessel is required.

The Sea Waybill indicates the Port of Loading, and Port of Discharge stipulated in the credit, even if stipulated in the credit as Shipment From, and/or Shipment To.

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Non-Negotiable Sea Waybill (continued)

If the non-negotiable Sea Waybill does not indicate the port of loading stated in the credit or if it contains an Intended or similar qualification in relation to the port of loading then the On Board notation must include the port of loading stipulated in the credit, the date of shipment, and the name of the actual vessel. It is consigned as stipulated in the credit. Except for shipments in container(s), trailer(s), and/or lash barge(s), as evidenced by the Sea Waybill, the credit allows for trans-shipment also if the Sea Waybill indicates a place of trans-shipment between the port of loading and the port of discharge stipulated in the credit, provided that the entire carriage is covered by one and the same Sea Waybill. No clause(s) appears on the Sea Waybill declaring a defective condition of the goods, and/or packaging. The merchandise description is not inconsistent with that stipulated in the credit. The Sea Waybill does not cover other merchandise not called for in the credit.

In the case of:

a) A shipped On Board Sea Waybill the date of the Sea Waybill, or b) In the case of received for shipment Sea Waybill, the date of the On Board notation is within the latest date allowed for shipment.

All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit. There is an indication of the status of the freight charges on the face of the document in accordance with the stipulations of the credit. In all other respects the document meets the stipulations of the credit. The data content is not inconsistent with the data content found in the other stipulated documents presented.

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Charter Party Bill of Lading

Charter Party Bill of Lading. Verify that:

A full set of original Bill of Lading(s) has been presented, unless otherwise stipulated in the credit. The Bill of Lading indicates that it is subject to a charter party and it appears on its face to have been signed or otherwise authenticated as follows:

The signature line must read:

a) Owner: Then only the signature/authenticator of the owner need appear. b) Master: Then only the signature/authenticator of the master need appear. c) Agent for the Owner: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the owner. d) Agent for the Master: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the master.

NOTE: Banks will accept a Bill of Lading that does or does not appear to indicate the name of the carrier. The Bill of Lading indicates the goods have been loaded on board or shipped on a named vessel either by:
a) Preprinted wording on the Bill of Lading, or b) By means of an on board notation which must be dated.

The Bill of Lading indicates the Port of Loading. and Port of Discharge stipulated in the credit, even if described in the credit as shipment from, and/or shipment to. The Port of Discharge may also be shown as a range of ports or a geographical area, as stated in the credit. The Bill of Lading is consigned as stipulated in the credit. The document is subject to a charter party or is labeled a charter party Bill of Lading. No clause(s) appear on the Bill of Lading declaring a defective condition of the goods, and/or packaging. The merchandise description is not inconsistent with that stipulated in the credit.

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Charter Party Bill of Lading (continued) In the case of:

a) A shipped on board Bill of Lading the date of the Bill of Lading, or b) Received for shipment Bill of Lading the date of the on board notation is within the latest date allowed for shipment.

All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit. The Bill of Lading does not cover other merchandise not called for in the credit. The Bill of Lading is properly endorsed, if necessary. There is an indication of the status of the freight charges on the face of the document in accordance with the stipulations on the credit. In all other respects the document meets the stipulations of the credit.

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Air Transport Document

Air Transport Document. Verify that:

The original for consignor/shipper has been presented even if the credit stipulates a full set of originals, or similar expressions. The airway bill on its face appears to indicate the name of the carrier and to have been signed or otherwise authenticated as follows:

The signature line must read:

a) Carrier: Then only the signature/authenticator of the carrier need appear. b) Agent for the Carrier: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the carrier.

NOTE: If Air Waybill does not appear to indicate the name of the carrier then the signature block must do so.

The air transport document indicates the goods have been accepted for carriage. If the credit requires an actual date of dispatch that such date is indicated on the air transport document, in the form of a specific notation. The air transport document indicates the airport of departure, and the airport of destination as stipulated in the credit even if stipulated in the credit as shipment from and/or shipment to. The air transport document appears to contain all the terms and conditions of carriage, or some terms and conditions by reference to a source, or document other than the air transport document. The data content of the document is consistent with the data content found in the other stipulated documents presented. It is consigned as stipulated in the credit. The credit allows for trans-shipment if the air transport document indicates a place of trans-shipment between the airport of loading and the airport of discharge stipulated in the credit.

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Air Transport Document (continued)

NOTE: Even where the credit prohibits trans-shipment, an air transport document that indicates trans-shipment will take place is acceptable provided one and the same air transport document covers the entire carriage.

No clause(s) appear on the air transport document declaring a defective condition of the goods, and/or packaging. The merchandise description is not inconsistent with that stipulated in the credit. The air transport document does not cover other merchandise not called for in the credit. The date of the air transport document, or in the case where the credit requires an actual date of dispatch, that such date is within the latest date for shipment stipulated in the credit. All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit. In all other respects the document meets the stipulations of the credit.

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Transport Document Covering at Least Two Different Modes of Transport

Multimodal Transport Document. Verify that:

A full set of original multimodal transport document(s) has been presented, unless otherwise stipulated in the credit. The Bill of Lading on its face appears to indicate the name of the carrier or multimodal transport operator and to have been signed or otherwise authenticated as follows:

The signature line must read:

a) Carrier: Then only the signature/authenticator of the carrier need appear. b) Master: Then only the signature/authenticator of the master need appear. c) Agent for the Carrier: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the carrier. d) Agent for the Master: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the master.

NOTE: If Bill of Lading does not appear to indicate the name of the carrier then the signature block must do so.
The multimodal transport document indicates the goods have been dispatched, taken in charge, or loaded on board, as the case may be, either by: a) Preprinted wording on the multimodal transport document, in which case the date of issuance of the document is the date of shipment, or b) By means of a stamp or other indication, the date of which will be considered the date of shipment.

The place of taking in charge, and the place of final destination are as stipulated in the credit. The multimodal transport document does not indicate it is subject to charter party. The multimodal transport document is properly endorsed. No clause(s) appear on the Bill of Lading declaring a defective condition of the goods, and/or packaging.

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Multimodal Transport Document (continued)

The date indicating dispatch, taken in charge, or on board, as the case may be, is within the latest date for shipment stipulated in the credit. All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit. The multimodal transport document does not cover other merchandise not called for in the credit. There is an indication of the status of the freight charges on the face of the document in accordance with the stipulations of the credit. Its data content is consistent with the data content found in the other stipulated documents presented. In all other respects the document meets the stipulations of the credit.

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Road, Rail or Inland Waterway Transport Documents

Road, Rail or Inland Waterway. Verify that:

A full set of original (marked as original(s) or not) transport documents have been presented but in the absence of an indication of the number issued you may accept the transport documents presented as constituting a full set. The transport document on its face appears to indicate the name of the carrier and to have been signed or otherwise authenticated by the carrier or named agent for or on behalf of the carrier and/or indicate receipt of the goods by signature, stamp, or notation by the carrier or named agent for or on behalf of the carrier as follows:

The signature line must read:

a) Carrier: Then only the signature/authenticator of the carrier need appear. b) Agent for the Carrier: The signer/authenticator must identify themselves and in what capacity they are acting, e.g., A.B.C. Company as agent for the carrier.

NOTE: If Transport Document does not appear to indicate the name of the carrier then the signature block must do so.

The document contains an indication the goods have been received for shipment, dispatch, or carriage, as the case may be. The transport document indicates the place of shipment, and the place of destination stipulated in the credit. It is consigned as stipulated in the credit. The credit allows for trans-shipment if the transport document indicates unloading and reloading from one means of conveyance to another, in different modes of transport, between the place of shipment and the place of destination stipulated in the credit. No clause(s) appear on the transport document declaring a defective condition of the goods, and/or packaging. The merchandise description is not inconsistent with that stipulated in the credit. The transport document is dated within the latest date for shipment stipulated in the credit.

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Road, Rail or Inland Waterway (continued)

All alterations bear an initial or a stamp. The name and address of the notify party is as stipulated in the credit. The transport document does not cover other merchandise not called for in the credit. The transport document is properly endorsed, if necessary. There is an indication of the status of the freight charges on the face of the document in accordance with the stipulations of the credit. The data content of the document is consistent with the data content found in the other stipulated documents presented. In all other respects the document meets the stipulations of the credit.

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Courier Receipt, Post Receipt, or Certificate of Posting

Courier Receipt, Post Receipt, or Certificate of Posting. Verify that:

It is stamped, or otherwise authenticated, and dated in the place from which the credit stipulates the goods are to be dispatched. In all other respects the document meets the stipulations of the credit. It is dated not later than the latest date allowed for shipment. The data content is not inconsistent with the data content found in the other stipulated documents presented.

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Insurance Policy
Insurance Policy. Verify that:

Unless prohibited in the letter of credit, an insurance certificate is acceptable under an open cover pre-signed by insurance companies or underwriters or their agents. An insurance policy may be presented in lieu of a certificate (Art 28D UCP600). NOTE: Cover notes are not acceptable, unless authorized in the letter of credit.

Original and duplicate are presented, if issued in duplicate; even though letter of credit does not specify that policy be presented in duplicate. It is signed (original and duplicate) by the insurance company or its agent or by the underwriters or their agents and, where required, it must be countersigned. It is dated not later than the shipment date as evidenced on the transport document or it has evidence that the insurance cover is in effect from the date of loading or dispatch, or taking in charge of the goods. It is endorsed by the party to whom losses are payable and in the form required under the letter of credit. It is issued in the currency stipulated in the credit. Unless stipulated in the credit, minimum insurance amount is 110% of the CIF value or the 110% of CIP value (freight/carriage and insurance paid value).

NOTE: If the CIF or CIP value cannot be determined, banks will accept as minimum 110% of the amount for which payment, acceptance, or negotiation is required, or 110% of the gross amount of the invoice, whichever is larger.

Name of the vessel and shipping ports are as indicated in the transport document. If insurance policy indicates name of shipping port, then it must be consistent with transport document. It covers trans-shipment, if the transport document indicates that trans-shipment occurred. Specific risks required in the credit are covered. All risk statement is included if the credit requires an all risk cover.

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Insurance Policy (continued)

Any additional risks required in the credit are included, e.g., war risk, TPND (theft pilferage and non-delivery), strikes, riots and civil commotions, etc. All insurance riders are affixed to the insurance document and are cross-referenced and stamped or signed to form part of the original document. Marine extension clauses are in the form as stated in the credit. Description of the merchandise, quantity, and the shipping marks and numbers are consistent with that appearing in the other documents.

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Consular Invoice
Consular Invoice. Verify that: NOTE: The Consular Invoice and the remaining documents below and any other not listed are not covered in UCP 600 and therefore the following are standard guidelines. As always the Letter of Credit should detail the information required on these documents and information should also be consistent with other documents stipulated in the Letter of Credit terms.

If the credit required a consular invoice in one or more original, all must appear to be visaed. The documents contain enough information to relate it to the current shipment. Any and all changes, alterations, and/or corrections bear the stamp of the consulate. In all other respects, the document meets the stipulations of the credit. The data content is not inconsistent with the data content found in the other stipulated documents presented. The document contains no statements, clauses or notations prohibited by U.S. law and/or regulation, e.g., boycott clauses.

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Packing List
Packing List, Verify that:

It lists the contents of each package, bale, carton or other container and is titled as packing list. It relates to the other documents required by the letter of credit and is not inconsistent with those documents. It covers the merchandise invoiced. The description of the merchandise is consistent with the merchandise description contained in the letter of credit and the other shipping documents.

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Weight Certificate/List
Weight Certificate/List. Verify that:

It is signed and dated, if it is a weight certificate. Weight list need not be signed and dated. It states the weight(s) of the goods being invoiced. It is issued by the party stipulated in the credit, but if no stipulation is made then a document prepared and signed by the beneficiary is acceptable.

NOTE: Banks will not accept a document issued by the beneficiary if the credit describes the issuer of the document using ambiguous terms, e.g., first class, local, well known.

It is properly titled. It relates to the other stipulated documents presented, and its data content is not inconsistent with the data contained in the other stipulated documents presented. The weights on the weight certificate/list corresponds with the weight on transport document and/or invoice, e.g., gross weight = gross weight on transport document, and net weight = net weight on invoice you may need to convert English metric measures or visa versa. However, banks are not responsible to verify mathematical calculations or addition on the weight certificate/list. In all other respects the document meets the stipulations of the credit.

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Certificate of Analysis
Certificate of Analysis. Verify that:

It is signed, titled and dated properly. It complies with analysis specifications required in the credit. It is issued by the party stipulated in the credit but, if no stipulation is made, a document prepared and signed by the beneficiary is acceptable.

NOTE: Banks will not accept a document issued by the beneficiary if the credit describes the issuer of the document using ambiguous terms, e.g., first class, local, well known.

Unless otherwise stipulated in the credit statements that only a sample of the merchandise has been analyzed is acceptable. In all other respects the document meets the stipulations of the credit. Merchandise description is consistent with that shown in the credit and other shipping documents.

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Certificate of Origin
Certificate of Origin. Verify that:

It is signed, dated and properly titled. It certifies the country of origin, and, if required by the credit, it is the country as specified in the credit. It is issued by the party stipulated in the credit; if the credit does not stipulate, then a document prepared and signed by the beneficiary is acceptable.

NOTE: Banks will not accept a document issued by the beneficiary if the credit describes the issuer of the document using ambiguous terms, e.g., first class, local, well known.

In all other respects the document meets the stipulations of the credit. Its data content is not inconsistent with the data content found in the other stipulated documents presented. The document contains no statements, clauses or notations prohibited by U.S. law and/or regulation, e.g., boycott clauses. It is visaed by the competent authority, such as Chamber of Commerce or Consulate General, if it is stipulated in the credit.

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Inspection Certificate
Inspection Certificate. Verify that:

It is properly titled, signed and dated. It complies with the inspection requirements contained in the credit, if any. It is issued by the party designated in the credit; but, if no stipulation is made, then a documentary prepared and signed by the beneficiary is acceptable.

NOTE: Banks will not accept a document issued by the beneficiary if the credit describes the issuer of the document using ambiguous terms, e.g., first class, local, well known.

Merchandise description is not inconsistent with the description stipulated in the credit. Statements referring to percentage passed/failed will be disregarded unless otherwise stipulated in credit. If the credit requires a clean report of findings, that the document presented is so titled, signed and dated. Unless otherwise stipulated in the credit, statements that only a sample or samples of merchandise has been inspected is acceptable. In all other respects the document meets the stipulations of the credit. Its data content is not inconsistent with the data content found in other stipulated documents presented.

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