What Does “With Recourse” and “Without Recourse” Mean in International Finance?
Recourse means the right to claim a refund of an amount paid in connection with the negotiation of a documentary credit or the discounting...
What happens if court stops payment of an irrevocable, confirmed letter of credit?
In many countries, applicants able to prevent payments under letters of credit by obtaining court orders on the grounds that low quality goods shipment...
How to Cancel a Letter of Credit?
According to the letter of credit rules, a letter of credit should be issued in an irrevocable form, as a result it cannot be...
Shipping Marks
Packages, which are subject to international transportation, must be spotted and recognized at a distance with ease.
Exporters and carriers add some sort of identification...
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...
Stale Documents
Some letters of credit indicate that stale documents are not acceptable. In rare circumstances letters of credit may also indicate that stale documents are...
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...
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...
Letter of Credit Discounting
Letter of credit is not a cheque, but rather it is a conditional payment undertaking of the issuing bank.
As a result a beneficiary first...
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...
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