A letter of credit is issued with the following terms and conditions: “(1) The beneficiary partymust present a full set of clean-on-board bills of lading evidencing shipment from Port A to Port B and (2)

documents must arrive at the offices of the issuing bank before arrival of the ship at Port B.” The issuing bank rejected the documents for the following reasons: “(1) The bill of lading does not indicate that the goods were placed on board, but instead states that they were taken in charge at Container Freight Yard and (2) the documents were untimely because they were presented to the bank one day after the arrival of the ship.” Were the two discrepancies given appropriate for rejecting the documents?