Common Mistakes Made With Letters Of Credit
- Exporters make the following common mistakes, which cause them to lose the sale or not get paid.
- Presenting documents late, after the letter of credit has expired.
- Shipping their goods after the specified date.
- Making a partial shipment when partial shipment is not allowed.
- Not presenting the proper documents.
- Not legalizing the documents.
- Not obtaining completed bills of lading.
- Not obtaining required insurance.
- Submitting copies instead of originals.
- Spelling mistakes.
- Mathematical mistakes.
- In addition to creating payment problems, mistakes can also cause problems for the importer when clearing customs.
© 2004 John Michael Pierobon