Comparison Between the Partial Shipment and Transshipment
Definition of Transshipment: Transhipment means unloading from one means of conveyance and reloading to another means of conveyance during the carriage as enrouted in...
What is a Partial Shipment?
On this post, I would like to explain partial shipments in letters of credit.
You can find detailed explanations regarding the definition and conditions of...
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...
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...
Means of Conveyance and Mode of Transport
Modes of Transport is a term used to distinguish substantially different ways to perform transport.
The most frequently used modes of transport in international trade...
Partial Acceptance of Amendments
According to the letter of credit rules, the beneficiary should communicate its acceptance of the amendment to the bank that advised such amendment.
The beneficiary...
Effectiveness Date of an Amendment
Letter of credit is an irrevocable and conditional payment obligation of the issuing bank.
As the letter of credit is irrevocable, its terms and conditions...
Clean on Board Notation on Bills of Lading
What is clean on board?
A clean transport document or a “clean on board” clause relates to the condition of the goods and/or packaging.
If, on...
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...
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,...
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