The Discrepancy Letter of Credit is a critical document in international trade finance, particularly within the Philippine banking system. It is utilized when documents presented under a Letter of Credit contain irregularities or do not fully comply with the stated terms and conditions. The document serves multiple purposes: it formally notifies the beneficiary of specific discrepancies, provides a detailed record of the examination findings, outlines necessary corrections, and establishes timelines for resolution. Operating under Philippine banking laws and regulations, particularly Republic Act No. 8791 (The General Banking Law of 2000), while also adhering to international standards such as UCP 600, this document plays a crucial role in maintaining the integrity of Letter of Credit transactions and protecting the interests of all parties involved in the trade finance arrangement.
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1. Document Reference Details: Letter of Credit number, date, and bank reference information
2. Addressee Information: Complete details of the beneficiary and issuing bank
3. Letter of Credit Details: Reference to the original Letter of Credit including amount, expiry date, and basic terms
4. Discrepancy List: Detailed enumeration of all documentary discrepancies found in the presentation
5. Action Required: Clear statement of what actions are needed from the beneficiary to correct the discrepancies
6. Time Constraints: Specification of deadlines for correcting discrepancies and consequences of non-compliance
7. Bank's Position: Statement of the bank's position regarding the discrepant documents
8. Closing and Signature: Formal closing, authorized signatory details, and bank officer's signature
1. Waiver Request: Section to be included when requesting the applicant to waive the discrepancies
2. Associated Costs: Include when there are additional banking charges or fees related to the discrepant presentation
3. Amendment Reference: Include when discrepancies relate to or could be resolved by existing LC amendments
4. Hold of Documents: Include when the bank is holding physical documents pending resolution
5. Swift Instructions: Include when specific SWIFT message requirements need to be communicated
1. Copy of Discrepant Documents: Copies of the actual documents containing discrepancies
2. Original LC Terms: Copy of the relevant original LC terms against which discrepancies were found
3. Discrepancy Fee Schedule: Schedule of applicable fees and charges related to the discrepant presentation
4. Document Examination Checklist: Detailed checklist showing the examination results of each document
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping & Logistics
Agriculture
Energy
Construction
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Trade Operations
Compliance
Risk Management
Legal
Client Services
Trade Services
Document Examination
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
Letter of Credit Specialist
International Banking Officer
Trade Operations Manager
Compliance Officer
Documentary Collections Officer
Export Finance Manager
Import Finance Manager
Trade Services Supervisor
Banking Operations Manager
Risk Management Officer
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