Documentary Credit Transactions, Assignable, Verifiable, and Operative Instrument to the UCC as published by the ICC

Credit means any arrangement, however named or described, that is irrevocable and therby constitutes a definite undertaking of the issuing bank to honour a complying presentation. The only basis for determining whether or not a bank is obligated to pay under a documentary credit is the documents that are being presented: If they "comply" then the bank must pay - if they do not comply they the bank has the option to refuse to pay.
UCP500, Article 9(d) Unless the seller has written confirmation from the bank that the amendment to the LC has been issued, and the confirming bank has accepted the amendment, he bears the risk that the LC will not be paid.
UCP500, Article 43 provides that if no time period after shipment is given in the credit for presentation of documents, banks will not accept documents presented to them later than 21 days after shipment.
The exporter should make sure that the expiring date of the LC permits sufficient time to permit correction, if possible, of any mistakes in the documents.
Under the UCP500, once the documents are presented, the bank has a maximum of 7 days to let the beneficiary know if there are any discrepancies. If discrepancies can be corrected, they must be corrected the documents resubmitted before the expiry date of the LC. Thus the exporter should make sure that the expiry date allows enough time for errors to be rectified.
The seller should find out from its own bank, preferably a bank with a substantial international presence, what corresponding bank it uses in the country of the buyer. If the buyer can have the LC issued by that correspondent bank, the process can speed more expeditiously.