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IF DOCS DOES NOT COMPLY WITH THE TERMS AND CONDITION STIPULATED IN LC,ITS A DISCREPANCY ,ANY THING THAT CONTRADICT ,DIFFER OR CHANGING MEANING
LC that does not comply with the terms and conditions under which it was established, is without a required item of information, or the information provided is inconsistent with the associated documents.
in case of mismatch of documents submitted or lack of documents as stipulated in LC
If documents submitted by beneficiary do not fulfill the terms & conditions of the LC or lacking with necessary information or the information provided is inconsistent. The LC lands into discrepancy & issuing Bank gets right to reject honoring the payment settlement.
In simple terms the errors & omission or non-compliance of any single clause of LC is called a discrepancy.
If the LC does not comply with the terms and conditions under which it was established leads to the discrepancy in LC's.
For the documents to be treates a CLEAN DOCUMENTS as per the terms and conditions of Lc, the documents have to be exactly as per terms and condition described in Letter of Credit. Of there is any any information missing, or any clause not met as per the requiremnt of Lc it will be treated as Lc and the discrepent documents can only be negotiated upon acceptance of the Applicant.
The requirement in your LC which not satisfied by the customer in submitting the document
the arise of query on which supplier or customer does not agree.
