Language of Letter of Credit Documents
Banks decide whether a presentation is complying or not by only checking the documents under the letters of credit transactions.
Banks should be able to...
How Does an Import Letter of Credit Work in International Trade Transactions?
On this page, I will try to answer the question “How Does an Import Letter of Credit Work?” by explaining the import letter of...
Approval Basis
Definition: Approval basis is a letter of credit term used in situations where the beneficiary could not prepare the documents according to the letter...
Costs Additional to Freight
If a letter of credit indicates that costs additional to freight are not acceptable, a transport document is not to indicate that costs additional...
What are the Consequences of not Allowing Partial Shipments?
Normally the letter of credit rules allow partial shipments.
UCP 600 Article 31 states that partial drawings or shipments are allowed.
If an applicant does not...
What is Business Identifier Code (BIC) and International Bank Account Number (IBAN)?
Whatever your payment method would be, cash in advance, open account, cash against documents, letter of credit or bank payment obligation, you need to...
How to Determine Date of Shipment on a Sea Waybill?
Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine
whether shipment made on...
Advantages and Disadvantages of Letters of Credit
Letter of credit is one of the payment methods in international trade. Just like other payment methods it has certain advantages and disadvantages.
Advantages of...
How Does a Bill of Exchange Work?
Bill of exchange, which is also known as draft, is a financial document commonly used in international trade transactions.
According to UK's Bill of Exchange...
Blank Back Bill of Lading Not Acceptable
A Blank Back Bill of Lading, also known as Short Form Bill of Lading, is a type of transport document that does not include...
- Advertisement -
