The Discrepancy Letter of Credit is a crucial document in international trade finance within Saudi Arabia's 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 must adhere to Saudi Arabian banking regulations, Sharia law principles, and international standards such as the UCP 600. It serves multiple purposes: formally notifying relevant parties of specific discrepancies, requesting resolution or waiver of these discrepancies, and documenting the bank's position regarding the non-compliant presentation. The document is particularly important in Saudi Arabia's trade-focused economy, where Letters of Credit are frequently used in international commerce, especially in sectors such as oil and gas, manufacturing, and general trading.
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1. Letter Reference Details: Date, reference numbers, and addressing details of the receiving bank/party
2. LC Identification: Specific details of the Letter of Credit including LC number, date of issuance, and amount
3. Document Presentation Details: Information about when and how the documents were presented
4. Discrepancy List: Detailed enumeration of each discrepancy found in the documents
5. Handling Instructions: Clear instructions regarding how the discrepancies should be handled or resolved
6. Time Limits: Specification of any time limits for response or correction
7. Bank Charges: Details of any applicable bank charges related to the discrepancies
8. Contact Information: Relevant contact details for follow-up or clarification
1. Waiver Request: Section requesting waiver of discrepancies from the applicant, included when the beneficiary wishes to seek approval despite discrepancies
2. Document Return Instructions: Instructions for returning documents, included when documents need to be returned rather than held
3. Swift Message Reference: Reference to related SWIFT messages, included when relevant electronic communications have occurred
4. Previous Communication Reference: Reference to any previous correspondence about these discrepancies, included when there has been prior communication
1. Discrepancy Details Schedule: Detailed list of each discrepancy with specific reference to LC requirements and actual presentation
2. Document Checklist: Checklist of all documents presented under the LC with their current status
3. Fee Schedule: Breakdown of all applicable fees and charges related to the discrepant presentation
4. Supporting Documentation: Copies of relevant supporting documents evidencing the discrepancies
Relevant legal definitions
Clauses
Relevant Industries
Banking
International Trade
Import/Export
Manufacturing
Retail
Commodities Trading
Shipping and Logistics
Oil and Gas
Construction
Agricultural Products
Relevant Teams
Trade Finance
International Banking
Documentary Credits
Compliance
Legal
Operations
Risk Management
Client Relations
Credit Control
Trade Services
Relevant Roles
Trade Finance Manager
Documentary Credits Officer
Letter of Credit Specialist
Compliance Officer
International Banking Manager
Trade Operations Manager
Credit Controller
Banking Operations Manager
Trade Finance Analyst
Export Finance Manager
Import Finance Manager
Banking Relationship Manager
Documentary Collections Officer
Trade Services Manager
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