Complying Presentation
What is a Complying Presentation?
If issuing bank determines that the presentation is complying then the issuing bank must honor. If credit is available by...
Letter of Credit Condition: LCL/LCL Shipment Prohibited
LCL is an abbreviation that is used mostly in international shipping. Its long form is Less than Container Load (LCL).
In an LCL shipment, a...
What does a non-documentary condition mean?
Non-documentary condition can be defined as any instruction or condition that is not clearly attributable to a document to be stipulated in a documentary...
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 a Draft Letter of Credit?
Understanding the Importance of a Draft Letter of Credit
A letter of credit is a conditional payment method.
An exporter is required to submit documents, which...
Importance of Bill of Lading Title: Ocean or Marine Bill of Lading
Issuing banks often require an ocean bill of lading or a marine bill of lading under letters of credit as a transport document.
The question...
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...
What Happens If a Letter of Credit Calls For a Wrong Incoterms?
Daily practice shows us that Incoterms are not used in a correct way as per ICC rules.
Exporters and importers frequently use wrong incoterms in...
How to Determine Date of Shipment on a Charter Party Bill of Lading?
Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine
whether shipment made on...
How to Determine Date of Shipment on a Multimodal Bill of Lading?
Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine
whether shipment made on...
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