Bank of China (defendant) issued a letter of credit to finance Jiangyin Foreign Trade Corporation’s (JFTC) purchase of goods from Voest-Alpine Trading USA Corporation (Voest) (plaintiff). The letter stated that the letter’s terms would be subject to the Uniform Customs and Practice for Documentary Credits (UCP) 500. The letter incorrectly listed the beneficiary’s name as “Voest-Alpine USA Trading Corp.” and misspelled the destination port. Voest shipped the goods and presented to Bank of China the documents specified in the letter of credit. Bank of China notified Voest of several alleged discrepancies between the letter of credit and the presentation documents, including the inversion of “Trading” and “USA” in the beneficiary’s name; an additional misspelling of the destination port; and the addition of a “3” in the letter-of-credit number listed in one location in one of the documents. Bank of China also stated that it was contacting JFTC to see if JFTC wished to waive the discrepancies. Bank of China later returned the documents to Voest and refused to honor the letter of credit. Voest sued.