4. My bank has sent me a letter of credit from a new customer and it contains so many mistakes that the cost of amendments would probably take all the intended margin on the transaction and more. What should I do?
You do not have to accept a credit (or an amendment for that matter): if you decide not to, return it promptly to your bank in order to avoid being charged a fee for non-use. You might decide to accept it on the basis that the customer pays for its amendment and all the changes should be made in one amendment to minimise the cost. There may be substantial delay before the amended credit is received, so spell out to your customer all the changes you need and be sure to ask that the validity of the credit is extended if necessary so that you can meet the requirements of the credit before it expires. It helps, for example, for the credit to specify that documents must be presented within its validity but not within a stated number of days after the date on a shipping document. If you lack the expertise to manage this complicated type of documentation safely, you should consider getting an expert to help you. You should be able to avoid repetition of this problem by agreeing the exact details in the customer's application for a credit. If the application is correct, any errors will have been introduced by banks and you should ask the advising bank to arrange correction without charge to your customer and to accept documents which comply with the correct version.
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