UPS Capital Business Credit agreed to loan Ashford International, Inc, an American company based in Atlanta, Georgia, for the sale of computers to the Ministry of Education in Jordan. Ashford was required to obtain a letter of credit from United California Discount Corporation (UCDC) for the loan. Ashford filed for bankruptcy and UPS submitted documentation for payment on the letter of credit. UCDC responded to the payment demand with a list of requirements for compliance with the letter of credit demands. UPS satisfied all the demands and UCDC then refused to pay because UPS did not submit original documents as required by the letter of credit. UPS maintains that UCDC waived that requirement by not listing it in its demands. Who is correct and why? [Export-Import Bank of the U.S. v. United Cal. Discount Corp., 738 F. Supp. 2d 1047 (C.D. Cal. 2010)]
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