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What is irrevocable letter of credit, definition and application?

We can define an irrevocable letter of credit  (ILOC) as a type of documentary credit which cannot be cancelled or amended by the issuing bank without the agreement of the parties of the letter of credit.
What is complying presentation?
A nominated bank acting on its nomination, a confirming bank, if any, and the issuing bank shall each have a maximum of five banking days following the day of presentation to determine if a presentation is complying.
What are the advantages of a documentary collection?

Documentary collection (D/C) is a payment method in international trade. I would like to explain advantages of a documentary collection payment method in foreign trade transactions.
What are the Risks in a Documentary Collection for Exporters?

Documentary collection is one the most frequently used payment method in international trade. Today I would like to give some information regarding the risks in a documentary collection transaction.
What are the Risks in a Documentary Collection for Importers?

Today I would like to give some information regarding the risks in a documentary collection transaction for importers.  
What does latest date of shipment and expiry date mean in a letter of credit?

There are two important dates exist in a letter of credit transaction. The first one is latest date of shipment and the second one is expiry date. 
What does full set of bill of lading mean?

Do you know the meaning of a "full set of bills of lading"? If not keep reading...
What is Congenbill Bill of Lading?

Congenbill 2007 is the latest version of standard charter party bill of lading which is issued and approved by the BIMCO’s Documentary Committee. 
What are the differences between bill of lading and charter party bill of lading?

On this article I will try to clarify the main differences between charter party bill of lading and marine bill of lading.
Bank in Letters of Credit:
Banks play a key role in letters of credit transactions. They start and end the L/C operations. Without banks we cannot talk about any L/C transactions.
What is the definition of a partial shipment?

Every letter of credit that is requesting presentation of a transport document such as a bill of lading, air waybill, road consignment note, rail transport document etc. must indicate whether partial shipments are allowed or not allowed.
Which one is more important: Partial shipment or transshipment?

Understand the definitions of both partial shipment and transhipment. What are the important points of transhipment? What are the important points of partial shipments?
Do partial drawings and partial shipments have the same meaning?

Partial shipment and partial drawing terms are usually used with the same meaning in export and import transactions. But this is not necessarily the case in most instances especially in standby letters of credit and bank guarantees. 
What are the consequences of not allowing partial shipments?

If an applicant does not want to permit partial shipments, he must give clear instructions to the issuing bank to this effect when opening the letter of credit.
Which bank pay "with recourse" and which bank pay "without recourse" basis?

Understanding the difference between "with recourse" and "without recourse" terms in a letter of credit transaction.
How to use IBAN and BIC in international payments?

Business Identifier Code (BIC) and International Bank Account Number (IBAN) are two main “Payments Reference Data” definitions that you need to know regarding the international money transfers. 
What is clean on board?

If the word “clean” appears on a bill of lading and has been deleted, the bill of lading will not be deemed to be claused or unclean unless it specifically bears a clause or notation declaring that the goods or packaging are defective.