discrepancies

(banking/letters of credit) The noncompliance of documents with the terms and conditions of a letter of credit. Information (or missing information or missing documents/papers, etc.) in the documents submitted under a letter of credit, which: 1) is not consistent with its terms and conditions; 2) is inconsistent with other documents submitted; 3) does not meet the requirements of the Uniform Customs and Practice for Documentary Credits (UCPDC).
If the documents show discrepancies of any kind, the issuing bank is no longer obliged to pay and, in the case of a confirmed letter of credit, neither is the confirming bank (strict documentary compliance). See letter of credit; Uniform Customs and Practice.

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