On July 10,a foreign trade company hassigned a sales contrac

On July 10,a foreign trade company hassigned a sales contract (CIF) worth 150,000 USD with foreign investors,and thepayment shall be made through irrevocable letter of credit.The contractprovided for our goods should be shipped out in August.On July 28,Bank ofChina informed the company that it had received letters of credit from theother parties issued by foreign banks.And the audition found that the letterof credit terms and the terms of the contract are consistent with each other.However,before shipment,the company received a modification of the letter ofthe credit,asking the seller to make the shipment before August 15.As thetrade company has booked a liner to sail on August 25 and temporary changeprocedures are cumbersome,the modification of the letter has been ignored.Andit had made the shipment and negotiation for the payment according to the originalletters of credit,and then submitted the full set of documents to the issuingbank.But the issuing bank refused to pay on the grounds that the Shippingdocuments are inconsistent with the modification of the letter of the credit.
Please analyze whether the issuing bank has the reason to refuse payment.