No, it's not documented anywhere on this board but by pure conjecture. If you can provide official documentation or a link to official documentation, we'd surely appreciate it.
There is NO latitude given on the schedule. The LoC states specifically, "IF A SHIPMENT IS NOT EFFECTED IN ACCORDANCE WITH THE SPECIFIED SCHEDULE, THE LC CEASES TO BE AVAILABLE FOR THAT SHIPMENT ONLY."
They would not have included that wording if they didn't mean it.
One should read the whole Letter of Credit and realize that the bank is LEGALLY BOUND to follow the instructions to the letter.
I believe the "leeway" given in the LoC is +/- 5% on tonnage and subsequent payment but certainly not on deadline dates. { 8^D
By the way, who is the third party who is to inspect and confirm that each shipment meets BHI's specs? Not that I necessarily believe they will ever make a shipment but if THEY believe they will they should have that party all lined up by now, right?
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