No-a letter of credit is a conditional payment promise, that is, the issuing bank will honor the payment promise only if the beneficiary acts in strict accordance with the requirements of the letter of credit and submits documents that meet the requirements of the letter of credit. If the letter of credit fails to be shipped upon expiration, the beneficiary should contact the applicant in time to amend the letter of credit, that is, extend the shipment date and validity period of the letter of credit, so that the beneficiary can ship the goods within the shipment date and deliver the documents within the presentation period and validity period, thus ensuring the payment of the issuing bank.