Our firm has just begun to use letters of credit for our transactions, and I am the only one who is responsible for preparing all of the documents. What a headache!
Here's a situation that I faced just last week: The buyer's forwarder is booking the cargo with the ocean carrier. He told me that the earliest we can get our product on the ship is in two weeks, but that is after the unconfirmed letter of credit expires for shipping. Our customer is in India. They told us in an email to just go ahead and ship the goods and they will advise their bank to waive the discrepancies.