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.

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© 2004 John Michael Pierobon

Notes