Discrepancy

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Discrepancy

Any deviation from the conditions stipulated in a letters of credit. Discrepancies void letter of credit protection.

Discrepancy

1. A letter of credit where the holder does not comply with the terms set forth in it. A discrepancy voids the letter of credit.

2. More generally, any deviation from an agreement or contract.
References in periodicals archive ?
There are two frequently quoted theories of pay satisfaction in the literature (Heneman, 1985; Wallace & Fay, 1988): the equity theory by Adams (1963) and the discrepancy theory by Lawler (1971, 1981).