How to Complete a Bill of Lading under a Letter of Credit Payment?
Bill of lading is a transport document covering the carriage of goods by sea.
Letters of credit rules define 4 different types of bills of...
What Does “Made Out to the Order of” Mean in a Bill of Lading?
Majority of the letters of credits are asking for a bill of lading which must be issued made out to the order of the...
Reimbursement and Reimbursing Bank
What Does Reimbursement Mean?
Reimbursement is defined as a compensation paid to someone for an expense.
In order to be reimbursed by another person or organisation,...
How to Open a Letter of Credit?
On this page, I will try to answer the question "How to open a letter of credit?" by explaining the lc application process in...
What are the differences between received for shipment bill of lading and pre-printed shipped...
There are two types of bills of lading circulating around the globe in terms of pre-printed notifications:
Received for shipment bills of lading: Goods...
Correct Addresses of the Beneficiary and the Applicant
When the addresses of the beneficiary and the applicant appear in any stipulated document, they need not be the same as those stated in...
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...
How Does a Negotiable Letter of Credit Work?
What Does Negotiation Mean?
Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents...
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...
What Does Full Set of Bills of Lading Mean?
Under an ordinary letter of credit, the issuing bank demands a full set of clean shipped on board ocean bills of lading from the...
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