Depend upon good documentation, not on the mercy of a bank examiner or buyer. The examiner may not ignore an error that you think is trivial or immaterial, and the buyer may not waive an error as you expect. Present documents appropriately. Present the documents within the stipulated presentation time, at the right place and within banking hours. Proper time management for proper compliance.
Good monitoring is necessary to ensure compliance.
Take action if implementation goes off course. If you fear an unexpected delay while implementing the letter of credit, seek an amendment to extend the time limits. If you face any problems in compliance, alert the buyer. The export marketing department and export administration department should organize their respective roles to contribute to the implementation of the compliance plan. Ravi Mehta is a columnist for trade magazines, specializing in letters of credit, and a manager for an Indian bank.