Practice 3 Review the L/C according to the sales contract, write down the discrepancies and make the correction. Sales Contract: Contract No

Practice 3
Review the L/C according to the sales contract, write down the discrepancies and make the correction.


Sales Contract:
Contract No.: PS-1234
Signed on: October 11th, 2021 in Osaka
Seller: JIANGSU FASHION INTERNATIONAL TRADE CORPORATION.
Buyer: Say Japanese Yuan Two Hundred
Name of commodity: "Dove" Brand Printed Shirting
Specification: 30s×36s 72×69 35/6′×42 yards
Quantity: yards
Unit Price: JPY 3.00 per yard CIF Osaka
Amount: JPY 201, 600.00
Time of shipment: From the Chinese port to Osaka before January 31, 2022, partial shipment and transshipment are allowed.
Terms of payment: Payment shall be made by irrevocable letter of credit at sight, which shall reach the seller one month before the shipment date, and shall be valid for negotiation in China within 15 days after the above-mentioned shipment date is opened.
Insurance: To be covered by the seller for 110% of the invoice value against All Risks and War Risks in accordance with the China Insurance Clauses of the People's Insurance Company of China dated January 1, 1981.


LETTER OF CREDIT 
We hereby open our Irrevocable Letter of Credit No. L-1437 in favor of JIANGSU FASHION INTERNATIONAL TRADE CORPORATION. for account of General Trading Company, Japan, up to an aggregate amount of JPY201, 600.00(Say Japanese Yuan Two Hundred and One Thousand Six Hundred Only) CIFC 2% Osaka for 100% of the invoice value relative to the shipment of : 67,200 Pieces of Dove Brand Printed Shirting 30s×36s 72×69 35/6′×42 yards as per Contract No. PS-1234 dated October 11, 2021.from China port to Osaka, Japan.
Drafts to be drawn at 30 days after sight on our bank and accompanied by the following documents, marked “X”:
（X) Signed Commercial Invoice in triplicate;
(X) Full set of CLEAN ON BOARD BILLS of LADING made out to our order quoting L/C NO.L-1437, marked FREIGHT PAID;
(X) One original Marine Insurance Policy or Certificate for 130% of invoice value covering ALL Risks and War Risk with claims payable in Japan in the currency of draft(s).
Partial shipments are permitted.
Transshipment is prohibited.
Shipment must be effected not later than January 31, 2022.
Draft(s) drawn under this credit must be negotiated in Japan on or before January 31, 2022.