DOCDEX 359
A credit, subject to UCP 600, included a condition that the issuing bank would only effect payment when payment was received from the applicant. Discrepant documents were presented to the issuing bank. Despite the applicant accepting the discrepancies, payment was not forthcoming. It was concluded that UCP 600 did not prevent credits being issued with such a condition but, based upon the applicant having accepted discrepancies, the issuing bank was obligated to pay.
DOCDEX 360
A credit, subject to UCP 600, was issued available by deferred payment. Following presentation of documents, the issuing bank issued a rejection notice due to discrepancies, but subsequently advised that the documents were accepted and would be paid at maturity. However, it then cancelled the message stating that it was sent in error. It was concluded that the first message could not be cancelled without the consent of the beneficiary, and that the issuing bank was obligated to pay at maturity.