{"id":7204,"date":"2025-02-01T04:37:16","date_gmt":"2025-02-01T09:37:16","guid":{"rendered":"https:\/\/www.letterofcredit.biz\/?page_id=7204"},"modified":"2025-02-01T04:40:27","modified_gmt":"2025-02-01T09:40:27","slug":"letter-of-credit-posts","status":"publish","type":"page","link":"https:\/\/www.letterofcredit.biz\/index.php\/letter-of-credit-posts\/","title":{"rendered":"Letter of Credit Posts"},"content":{"rendered":"<ul class=\"display-posts-listing\"><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/05\/mt-700-swift-message-field-specifications\/\">MT 700 Swift Message Field Specifications<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/22\/confirmation-and-confirmed-letter-of-credit\/\">Confirmation and Confirmed Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">When an irrevocable letter of credit is issued, the risk of payment rests with the issuing bank.&nbsp;This type of letter of credit is defined as an unconfirmed letter of credit. However, in certain circumstances, the exporter may find the issuing bank not fully trustworthy&nbsp;and\/or the country where it is located&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/22\/availability-of-letters-of-credit\/\">Availability of Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letters of Credit are flexible instruments because they incorporate various payment options. According to letter of credit rules, a credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. (UCP 600 - Article 6- b) The credit must explicitly indicate its availability as: (i) immediate&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/20\/letter-of-credit-transaction\/\">Letter of Credit Transaction<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A Letter of Credit (L\/C) is a payment method in international trade that ensures secure payment and delivery of goods between exporters and importers. It relies on collaboration between banks, logistics providers, the exporter, and the importer to reduce risks and enable smooth cross-border transactions. On my previous posts, I&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/17\/risks-in-letters-of-credit\/\">Risks in Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Although letter of credit is a balanced payment method in terms of risk issues for both exporters and importers, each letter of credit party bears some amount of risk; higher or lower. For the seller, the primary concern lies in the financial stability and trustworthiness of the issuing bank, often&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/16\/parties-to-letters-of-credit\/\">Parties to Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">This page discusses the parties involved in a letter of credit. Each L\/C party will be presented briefly, and its roles and responsibilities will be explained with the help of the graphic illustrations. A video on this topic is also available. A Letter of Credit (LC) is a financial instrument&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/15\/types-of-letters-of-credit\/\">Types of Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">From their origins in 18th-century traveler\u2019s credit systems to today\u2019s cornerstone role in international commerce, letters of credit (LCs) have transformed into all-round, secure financial instruments critical for mitigating risk in cross-border transactions. These tools are broadly categorized into commercial letters of credit\u2014the go-to payment method for facilitating trade deals\u2014and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/15\/what-is-letter-of-credit\/\">What is a Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit, in a broad perspective, is one of the payment methods in international trade. The letter of credit is distinguished itself from other payment methods in international trade by its complex structure and detailed rules. A documentary credit, also known as a letter of credit, is a written&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/15\/confirmed-letter-of-credit-sample\/\">Confirmed Letter of Credit Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to&nbsp;honour or negotiate a complying presentation. Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank's authorization or&nbsp;request. If a confirming bank adds its confirmation to a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/14\/standby-letter-of-credit-sample-in-swift-format\/\">Standby Letter of Credit Sample in Swift Format<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A standby letter of credit is a financial instrument issued by a bank guaranteeing payment to a beneficiary if the applicant (the bank's client) fails to fulfill the terms of an agreement. A standby letter of credit is issued as a financial guarantee and is not intended to serve as&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/13\/deferred-payment-letter-of-credit-sample\/\">Irrevocable Deferred Payment Letter of Credit Sample in Swift Format<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Deferred payment is one of the payment options available under letters of credit, along with&nbsp;sight payment, acceptance and negotiation. Under deferred payment terms, exporters receive letter of credit amount not at sight but after a certain period of specific date, such as 30 days after shipment, 60 days after commercial&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/12\/how-to-read-sample-letter-of-credit\/\">How to Read Sample Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On my previous post, I have explained \"How to Work with a Letter of Credit Sample.\" Today's post is the second part of the explanatory articles regarding the letter of credit samples. After reading this article, you should comprehend how to read a sample letter of credit. On this page,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/12\/how-to-work-with-a-letter-of-credit-sample\/\">How to Work with a Letter of Credit Sample?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Each letter of credit is unique, varying by industry, document requirements, and even modified UCP 600 terms. While our samples don\u2019t provide a one-size-fits-all solution, they offer a broad understanding of how letters of credit function in real-world scenarios. Drawn from over 16 years of consultancy experience, these examples have&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/11\/irrevocable-letter-of-credit-sample\/\">Irrevocable Letter of Credit Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On today's post, I would like to share an irrevocable letter of credit sample in swift format. Recently, I explained why I began sharing sample letters of credit on my website. Please read my previous article titled \"Sample Letters of Credit - Part I\" \"Introduction to working with a letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2023\/06\/11\/bangladesh-letter-of-credit-consultancy-services\/\">Bangladesh Letter of Credit Consultancy Services<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bangladesh, situated in the northeastern corner of the Indian subcontinent, shares its borders with India and Burma. With an estimated population of 165 million in 2021, as reported by the World Bank, Bangladesh stands as the eighth most populous nation globally. In terms of population density, it is the most&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2023\/03\/17\/what-is-a-draft-letter-of-credit\/\">What is a Draft Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 comply with the letter of credit terms and conditions, to the issuing or confirming bank within the specified period allowed in order to receive&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2023\/03\/16\/letter-of-credit-services-for-us-exporters\/\">Letter of Credit Services for US Exporters<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">United States is the 2nd largest exporter of goods in the world. As of 2020, the United States is a major player in the global export market, ranking as the second-largest exporter in the world with a total export value of USD 1.34 trillion. US exports represents a decline of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2022\/07\/28\/letter-of-credit-services-for-spanish-exporters\/\">Letter of Credit Services for Spanish Exporters<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Spain is the 17th largest exporter of goods in the world. In 2020, Spain exported a total of $298B of goods. The top exports of Spain are motor cars and vehicles ($32B), medicaments ($11.6B), parts and accessories of motor cars and vehicles ($9.14B), processed petroleum oils ($7.77B) and meat of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2022\/07\/24\/letter-of-credit-services-for-italian-exporters\/\">Letter of Credit Services for Italian Exporters<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Italy is the 7th largest exporter of goods in the world. In 2020, Italy exported a total of $481B of goods. The top exports of Italy are Medicaments ($26.7B), motor cars and other motor vehicles ($14.8B), motor vehicles; parts and accessories ($12.5B), petroleum oils and oils from bituminous minerals, not&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2022\/07\/17\/letter-of-credit-services-for-german-exporters\/\">Letter of Credit Services for German Exporters<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Germany is the 3rd largest exporter of goods in the world just after China and USA. In 2021, Germany\u2019s total exports reach to 1375 billion EUROS, whereas its imports amounted to 1203 billion EUROS in the same year. The main German export product is motor vehicles accounting for %15,3 of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2021\/09\/07\/india-export-letter-of-credit-consultancy\/\">India Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Transaction Background: Both importer and exporter are engaged in renewable energy sector. The buyer is one of the biggest renewable energy company in India. The seller is also a US based multinational company, supplying raw materials for the manufacture of wind operated electricity generators, wind turbines. Letter of Credit References:&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2021\/04\/04\/amount-of-cargo-insurance-coverage-example-under-an-l-c-payment\/\">Amount of Cargo Insurance Coverage Example under an L\/C Payment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The purpose of taking out insurance is to receive compensation in case the goods do not arrive or are damaged. Therefore, the policy holder must ensure that the sum insured is adequate to replace the goods. The sum insured should include the price of the goods as well as the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2021\/03\/18\/all-risks-insurance-policy-under-l-c-payments\/\">All Risks Insurance Policy Under L\/C Payments<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit conditions must be clear and precise without leaving any room for ambiguity. In terms of insurance documents, the letter of credit must clearly states: The amount of insurance coverage The assured party If endorsement is required and its method The insurance coverage as per Institute Cargo Clauses&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2021\/03\/13\/senegal-export-letter-of-credit-consultancy\/\">Senegal Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Coris Bank International Benin on 12.Nov.2019. The letter of credit number was LC23\/IMP\/19. Letter of credit issued in English language. Total letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2021\/03\/11\/fcl-lcl-shipments-single-shipper-multiple-consignees\/\">FCL\/LCL Shipments: Single Shipper\/ Multiple Consignees<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Full Container Load (FCL) refers to a single container or multiple containers are booked by a shipper to transport their cargo exclusively under a bill of lading.(1) Less than Container Load (LCL) refers to cargoes owned by different shippers, grouped in a single container by the forwarding agent, allowing transportation&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2020\/09\/07\/lcl-fcl-shipments-multiple-shippers-single-consignee\/\">LCL\/FCL Shipments: Multiple Shippers\/ Single Consignee<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Full Container Load (FCL) refers to a single container or multiple containers are booked by a shipper to transport their cargo exclusively under a bill of lading.(1) Less than Container Load (LCL) refers to cargoes owned by different shippers, grouped in a single container by the forwarding agent, allowing transportation&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2020\/09\/05\/risks-in-lcl-shipments\/\">Risks in LCL Shipments<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Less than Container Load (LCL) refers to cargoes owned by different shippers, grouped in a single container by the forwarding agent, allowing transportation of smaller volumes of cargo without paying for a full container; this is more cost effective for smaller shipments which cannot utilize a full container.(1) In an&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2020\/08\/08\/letter-of-credit-condition-lcl-lcl-shipment-prohibited\/\">Letter of Credit Condition: LCL\/LCL Shipment Prohibited<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 freight forwarder finds at least two exporters, who would like to ship smaller volumes of cargo from the same port of loading to the same&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/12\/31\/full-container-load-fcl-and-less-than-container-load-lcl-explanations-with-examples\/\">Full Container Load (FCL) and Less than Container Load (LCL): Explanations with Examples<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. It is possible to load almost every type of manufacturing merchandise via containers\u00a0 from consumer goods to big production lines by sea shipments. Because international trade is generally materialized between the manufacturers and wholesalers or wholesaler and wholesalers, individual&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/11\/28\/blank-back-bill-of-lading-not-acceptable\/\">Blank Back Bill of Lading Not Acceptable<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A Blank Back Bill of Lading, also known as Short Form Bill of Lading, is a type of transport document that does not include the terms and conditions of the shipment (contract of carriage) on the back side. Short form bills of lading are not in high demand. Especially under&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/11\/20\/short-form-blank-back-bill-of-lading\/\">Short Form\/Blank Back Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A bill of lading is a generic name of a transport document, which is used in sea shipments. As a transport document a bill of lading is expected to fulfill three basic functions: it evidences that the goods have been received by the carrier; it evidences the terms of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/11\/18\/what-are-the-differences-between-a-container-number-and-a-seal-number\/\">What are the Differences Between a Container Number and a Seal Number?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A container number, also known as container identification number, is a reference number assigned to a freight container for legal and commercial purposes. Container seal number is an identification number of a container seal. Each container seal has an individual identification number. Both container numbers and seal numbers are important&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/11\/12\/what-is-a-container-seal-number-explanations-with-examples\/\">What is a Container Seal Number? Explanations with Examples<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Customs and Border Protection departments of countries have one basic goal. Allowing the clean cargo pass through the customs, while detecting and preventing the entrance of illegal cargo such as narcotics, guns, some types of chemicals etc. To achieve this objective, each party in international logistics have to follow certain&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/11\/04\/what-is-a-container-number-explanations-with-examples\/\">What is a Container Number? Explanations with Examples<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A container number, also known as container identification number, is a reference number assigned to a freight container for legal and commercial purposes. Container number, which is one of the container markings, is printed on three spots of each freight container: one on the doors end, one on the side&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/10\/16\/container-markings-how-to-read-numbers-symbols-and-warning-plates-on-any-freight-container\/\">Container Markings: How to Read Numbers, Symbols and Warning Plates on any Freight Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They increase efficiency and decrease costs in all stages of the transportation. Containers used in international transportation must carry standard markings in order to: easy container and cargo tracking increase border protection measures and prevent illegal cargo traffic increase&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/10\/07\/container-loading-plans-for-palletized-goods\/\">Container Loading Plans for Palletized Goods<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">There are two transportation equipment that play a key role in standardization of international logistics: Containers and Pallets. Containers\u00a0are the main\u00a0Cargo Transport Units (CTU)\u00a0in international transportation. They are used to carry\u00a0Unit Loads (ULD)\u00a0safely and securely. The most widely used Unit Loads in international transportation are pallets. Pallets are designed for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/10\/06\/how-many-pallets-fit-in-a-40-high-cube-reefer-container\/\">How Many Pallets Fit in a 40&#8242; High-Cube Reefer Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. The most widely used\u00a0Unit Loads\u00a0in international transportation are pallets. Euro pallets (1200 mm x 800 mm) and Industrial Pallets (1200 mm x 1000 mm) are two most frequently&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/10\/05\/how-many-pallets-fit-in-a-20-reefer-container\/\">How Many Pallets Fit in a 20&#8242; Reefer Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. The most widely used\u00a0Unit Loads\u00a0in international transportation are pallets. Euro pallets (1200 mm x 800 mm) and Industrial Pallets (1200 mm x 1000 mm) are two most frequently&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/09\/26\/how-many-pallets-fit-in-a-40-high-cube-container\/\">How Many Pallets Fit in a 40&#8242; High-Cube Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. The most widely used\u00a0Unit Loads\u00a0in international transportation are pallets. Euro pallets (1200 mm x 800 mm) and Industrial Pallets (1200 mm x 1000 mm) are two most frequently&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/09\/21\/how-many-pallets-fit-in-a-20-container\/\">How Many Pallets Fit in a 20&#8242; Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. The most widely used\u00a0Unit Loads\u00a0in international transportation are pallets. Euro pallets (1200 mm x 800 mm) and Industrial Pallets (1200 mm x 1000 mm) are two most prevalent&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/09\/08\/how-many-pallets-fit-in-a-40-container\/\">How Many Pallets Fit in a 40&#8242; Container?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. The most widely used\u00a0Unit Loads\u00a0in international transportation are pallets. Euro pallets (1200 mm x 800 mm) and Industrial Pallets (1200 mm x 1000 mm) are two most frequently&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/09\/06\/pallet-wide-containers-20-40-and-45-pallet-wide-dry-containers\/\">Pallet Wide Containers: 20&#8242;, 40&#8242; and 45&#8242; Pallet Wide Dry Containers<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Understanding Cargo Transport Units (CTU) and Unit Loads (ULD) On my previous post I have explained the importance of freight containers in logistics. Containers are the main Cargo Transport Units (CTU) in international transportation. They are used to carry Unit Loads (ULD) safely and securely. Unit Loads makes the handling&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/08\/28\/what-are-the-differences-between-40-standard-dry-containers-and-40-high-cube-dry-containers\/\">What are the Differences Between 40&#8242; Standard Dry Containers and 40&#8242; High-Cube Dry Containers?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Dry containers, also known as general purpose containers, are by far the most common type of containers used in international sea transportation. Almost every consumer goods that does not require a special transportation temperature can be carried out with dry containers. Dry containers are mainly available in two sizes: 20&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/07\/13\/freight-containers-classification-sizes-dimensions-markings\/\">Freight Containers: Classification, Sizes and Dimensions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">History of Freight Containers: Standardization is one of the key elements of our modern civilization. By standardization we increase productivity, decrease costs and improve quality of the goods and services. Standardization changed almost every sector more or less, but it has an huge impact to the international transportation by means&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/08\/when-issuing-bank-is-also-applicant-of-a-letter-of-credit\/\">When Issuing Bank is also Applicant of a Letter of Credit: Islamic Finance, Leasing and Issuing Bank&#8217;s Own Imports<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Applicant means the party on whose request the credit is issued. Applicant is the importer in a typical international commercial letter of credit. Issuing bank means the bank that issues a credit at the request of an applicant or on its own behalf. Generally issuing banks issue letters of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/07\/shipper-of-a-bill-of-lading\/\">Shipper of a Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does the Shipper Mean? Shipper\u00a0means a person that enters into a contract of carriage with a carrier. Shipper also known as consignor. In most cases shipper is the exporter. What are the Roles and Responsibilities of the Shipper? Shipper prepares the goods for sea carriage, makes sure that the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/06\/what-are-the-differences-between-consignee-and-shipper-fields-of-bills-of-lading\/\">What are the Differences Between Consignee and Shipper Fields of Bills of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bill of lading is a transport document covering the carriage of goods by sea. Consignee means a person entitled to take delivery of the goods under a contract of carriage indicated on a bill of lading. Shipper means a person that enters into a contract of carriage with a carrier.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/04\/what-happens-if-letter-of-credit-is-silent-in-regards-to-the-period-of-presentation\/\">What Happens if Letter of Credit is Silent in Regards to the Period of Presentation<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Documents must be presented to the nominated banks within allowed time frame under letters of credit payments. Otherwise issuing banks or confirming banks raise late presentation discrepancy. According to the\u00a0letters of credit rules\u00a0a presentation consists of a\u00a0transport document\u00a0should be presented to the\u00a0nominated bank\u00a0within 21 days after the\u00a0date of shipment, but&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/02\/stale-bill-of-lading\/\">Stale Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the letter of credit rules a presentation consists of a transport document should be presented to the nominated bank within 21 days after the date of shipment, but not later than the expiry date of the letter of credit. Bill of lading\u00a0is a transport document covering the carriage&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/06\/02\/letter-of-credit-condition-bill-of-lading-with-multiple-notify-party\/\">Letter of Credit Condition: Bill of Lading with Multiple Notify Party<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit, in a broad perspective, is one of the payment methods in international trade. Bill of lading is a transport document covering the carriage of goods by sea. Notify party\u00a0means a person that should be notified by the\u00a0carrier\u00a0along with the\u00a0consignee\u00a0when the shipment arrives at\u00a0port of discharge. Letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/31\/what-are-the-differences-between-consignee-and-notify-party-fields-of-bills-of-lading\/\">What are the Differences Between Consignee and Notify Party Fields of Bills of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bill of lading is a transport document covering the carriage of goods by sea. Consignee means a person entitled to take delivery of the goods under a contract of carriage indicated on a bill of lading. Notify party means a person that should be notified by the\u00a0carrier\u00a0along with the\u00a0consignee\u00a0when the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/31\/notify-party-of-a-bill-of-lading\/\">Notify Party of a Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does Notify Party Mean? Notify party means a person that should be notified by the carrier along with the consignee when the shipment arrives at port of discharge. Notify party has no effect on the title of goods, which determines delivery of the goods to the consignee. Notify party&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/28\/kenya-export-letter-of-credit-consultancy\/\">Kenya Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Standard Chartered Bank Kenya Limited on 20.December.2018. The letter of credit number was 201010061093S. Letter of credit issued in English language. Total letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/27\/morocco-export-letter-of-credit-consultancy\/\">Morocco Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Banque Marocaine du Commerce Ext\u00e9rieur on 05.Dec.2018. The letter of credit number was ILC18A003477. Letter of credit issued in English language. Total letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/27\/qatar-export-letter-of-credit-consultancy\/\">Qatar Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by International Bank of Qatar on 07.January.2018. The letter of credit number was ILCQAI011818937. Letter of credit issued in English language. Total letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/23\/libya-export-letter-of-credit-consultancy\/\">Libya Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Wahda Bank on 28.March.2019. The letter of credit number was 114MIS.LC.49.075. Letter of credit issued in English language. Total letter of credit amount&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/22\/algeria-export-letter-of-credit-consultancy\/\">Algeria Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Banque de Developpement Local on 31.Dec.2018. The letter of credit number was INCDI000005580. Letter of credit issued in English language. Total letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/19\/israel-export-letter-of-credit-consultancy\/\">Israel Export Letter of Credit Consultancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of Credit References: We have completed our export letter of credit consultancy services with success in regards to a letter of credit which is issued by Bank Hapoalim B.M. on 26.Dec.2018. The letter of credit number was 061-01-000314-6. Letter of credit issued in English language. Total letter of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/17\/china-us-trade-war-top-youtube-videos\/\">China US Trade War &#8211; Top YouTube Videos<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Since the end of World War 2 the United States of America is dominating world in terms of political, economical and technological means. Apparently they will be having a competitor, not now but within 10, 20 or 30 years time from now on. China. Basically the USA has seen the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/15\/consignee-of-a-bill-of-lading\/\">Consignee of a Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does Consignee Mean? Consignee means a person entitled to delivery of the goods under a contract of carriage indicated on a bill of lading. Consignee is one of the most important parties on a bill of lading. The way that consignee field is completed can affect how the goods&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/05\/10\/how-to-complete-a-bill-of-lading-under-a-letter-of-credit-payment\/\">How to Complete a Bill of Lading under a Letter of Credit Payment?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 lading: Multimodal Bill of Lading: (UCP 600 article 19) A type of bill of lading covering at least two different modes of transport such as&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/04\/03\/parties-on-a-bill-of-lading-shipper-consignee-notify-party-and-carrier\/\">Parties on a Bill of Lading: Shipper, Consignee, Notify Party and Carrier<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bill of lading is a transport document covering the carriage of goods by sea. It is possible to find four different parties on a typical bill of lading. These entities are: Shipper, consignee, notify party and carrier. Some bills of lading may also show an additional entity: Carrier's agent. Please&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/28\/approval-basis\/\">Approval Basis<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Definition: Approval basis is a letter of credit term used in situations where the beneficiary could not prepare the documents according to the letter of credit terms and asks the presenting bank to send the documents to the issuing bank as it is by indicating each discrepancy. Explanation: Letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/27\/freight-notations-under-letters-of-credit-freight-prepaid-or-freight-collect\/\">Freight Notations Under Letters of Credit: Freight Prepaid or Freight Collect<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The freight notation is a specific reference included in the transport document that indicates whether the shipper has already paid the freight costs in advance, labeled as \"freight prepaid,\" or if the consignee is responsible for paying the transport costs upon the goods' arrival at the destination, labeled as \"freight&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/23\/letter-of-credit-glossary-most-frequently-used-l-c-terms\/\">Letter of Credit Glossary &#8211; Most Frequently Used L\/C Terms<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You can find most frequently used letters of credit terms on this page. Please click links for further explanations. About Means a tolerance of +\/- 10% regarding the documentary credit value, unit price or the quantity of the goods. Acceptance A time draft that the drawee (the payer) has accepted&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/10\/ucp-600-e-books-that-every-exporter-and-importer-should-read\/\">UCP 600 e-Books That Every Exporter and Importer Should Read<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">UCP 600 is the latest version of the letter of credit rules. It is drafted by ICC Banking Commission and published by ICC Services. Its full name is 2007 Revision of Uniform Customs and Practice for Documentary Credits, UCP 600, and (ICC Publication No. 600). All copyrights of UCP 600&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/07\/advantages-and-disadvantages-of-letters-of-credit\/\">Advantages and Disadvantages of Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 letter of credit: It simply works: In some situations, letter of credit works when other payment options not. It is a balanced payment option: Importers&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/03\/02\/revocable-and-irrevocable-letters-of-credit\/\">Revocable and Irrevocable Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Revocable Letters of Credit: Revocable letter of credit can be modified or cancelled by the issuing bank after its issuance at any moment without seeking the beneficiary's consent. There is one exception regarding the revocation of the credit. Issuing bank must reimburse any nominated or confirming bank with which the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/28\/is-it-possible-to-submit-2-sets-bills-of-lading-under-one-letter-of-credit-presentation\/\">Is It Possible to Submit 2 Sets Bills of Lading Under One Letter of Credit Presentation?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Amer from Ajman (United Arab Emirates (UAE)) asks this question. I would like to thank him once again for this great question. Question: I have an L\/C as follows: 43P: Partial Shipment: Allowed 43T: Transshipment: is not Allowed. I shipped the goods in 5 container as below. Which means that&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/28\/what-is-the-meaning-of-by-payment\/\">What is the Meaning of by Payment?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">At sight payment is a payment due on demand. At sight letter of credit can be defined as a letter of credit that is payable as soon as the complying documents have been presented to the issuing bank or the confirming bank. Some credit do not mention at sight term,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/27\/what-happens-if-due-date-of-a-letter-of-credit-falls-on-a-bank-holiday\/\">What Happens if Due Date of a Letter of Credit Falls on a Bank Holiday?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit is a conditional payment method. It is only payable if the issuing or confirming bank determines that the presentation is complying. Once, either the issuing bank or the confirming bank determines that the presentation is complying, the letter of credit amount must be paid to the beneficiary&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/27\/what-are-the-differences-between-mt-700-and-mt-760\/\">What are the Differences Between MT 700 and MT 760?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">MT700 and MT760 swift message types that banks use when issuing documentary credits and guarantees, respectively. Banks use MT700 when issuing a commercial letter of credit or a standby letter of credit. Banks use MT760 when issuing a demand guarantee or a standby letter of credit. MT700 is used to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/26\/how-to-determine-date-of-shipment-on-a-road-transport-document\/\">How to Determine Date of Shipment on a Road Transport Document?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late shipment has been effected or not) whether documents presented within the presentation period or not (in other words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/26\/how-to-determine-date-of-shipment-on-a-charter-party-bill-of-lading\/\">How to Determine Date of Shipment on a Charter Party Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late shipment has been effected or not) whether documents presented within the presentation period or not (in other words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/26\/how-to-determine-date-of-shipment-on-a-sea-waybill\/\">How to Determine Date of Shipment on a Sea Waybill?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late shipment has been effected or not) whether documents presented within the presentation period or not (in other words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/26\/how-to-determine-date-of-shipment-on-a-multimodal-bill-of-lading\/\">How to Determine Date of Shipment on a Multimodal Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late shipment has been effected or not) whether documents presented within the presentation period or not (in other words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/25\/to-order-and-blank-endorsed-bill-of-lading\/\">To Order and Blank Endorsed Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bill of lading, which is a transport document used in international trade, is an authentic receipt delivered by a carrier, confirming that the goods therein specified (markings, types of goods, number of packages, etc.) have been loaded or taken in charge for loading on a designated vessel for carriage to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/25\/importance-of-bill-of-lading-title-ocean-or-marine-bill-of-lading\/\">Importance of Bill of Lading Title: Ocean or Marine Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 is whether the title of the bill of lading is important or not when checking the documents? Letter of Credit Examples: Ocean Bill of Lading&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/24\/what-does-made-out-to-the-order-of-mean-in-a-bill-of-lading\/\">What Does \u201cMade Out to the Order of\u201d Mean in a Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Majority of the letters of credits are asking for a bill of lading which must be issued made out to the order of the issuing bank. This condition indicated under field \u201c46A \u2013 Documents Required\u201d for the letters of credit that are issued in a swift format. In simple words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/22\/costs-additional-to-freight\/\">Costs Additional to Freight<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">If a letter of credit indicates that costs additional to freight are not acceptable, a transport document is not to indicate that costs additional to the freight have been or will be incurred. If you are working with CIF, CFR, CIP, CPT trade terms under letters of credit you are&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/21\/top-5-discrepancies-in-a-commercial-invoice\/\">Top 5 Discrepancies in a Commercial Invoice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Commercial invoice is one of the key documents in a letter of credit transaction. Almost all documentary credits, either\u00a0commercial or standby, requesting a commercial invoice from the beneficiaries. On this article I would like to highlight 5 most common commercial invoice mistakes. Description Of Goods On The Commercial Invoice Does&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/21\/document-issued-or-countersigned-by-the-applicant-what-are-the-risks\/\">Document Issued or Countersigned by the Applicant: What are the Risks?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What are the risks of a document which is to be issued, signed or countersigned by the applicant in a letter of credit transaction? In some occasions importers would like to divide letter of credit payments into two or three parts in order to make sure that they will be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/02\/20\/payment-methods-in-international-trade\/\">Payment Methods in International Trade<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">There are 5 types of payment methods available in international trade. These payment types are cash-in-advance, open account, documentary collections, documentary credits (letters of credit) and bank payment obligation. Short Descriptions of International Payment Methods: Cash-in-Advance: Cash in advance is a payment method in international trade in which an order&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/31\/presentation-top-10-letter-of-credit-discrepancies\/\">Presentation &#8211; Top 10 Letter of Credit Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is a Discrepancy? There is no definition of a discrepancy under the current letter of credit rules, UCP 600. Discrepancy can be defined as inconsistencies on the documents which are presented to the banks under letters of credit transactions. Prevalence of Discrepancies Banks find discrepancies on most of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/29\/presentation-letter-of-credit-documents\/\">Presentation &#8211; Letter of Credit Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Proforma Invoice In international trade transactions, a proforma invoice is a trade document which states a commitment from the seller (exporter) to sell goods to the buyer (importer) at specified conditions. A proforma invoice is not a valid invoice in terms of accounting. Proforma invoices are widely used in today's&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/28\/presentation-types-of-letters-of-credit\/\">Presentation &#8211; Types of Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Commercial Letters of Credit Commercial credits are used mainly in export and import transactions of tangible goods. Majority of commercial letters of credit are issued subject to the latest version of UCP (Uniform Customs and Practice for Documentary Credits). UCP (Uniform Customs and Practice for Documentary Credits) are the set&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/28\/presentation-parties-to-the-letter-of-credit\/\">Presentation &#8211; Parties to the Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Issuing Bank Issuing Bank is the bank that issues a letter of credit at the request of an applicant or its own behalf. Letter of credit is issuing bank\u2019s payment promise against a complying presentation. Most of the time issuing issuing banks receive receive the conditions conditions of the letters&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/27\/presentation-what-is-a-letter-of-credit\/\">Presentation &#8211; What is a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is a Letter of Credit? By reading this presentation, you will gather some basic yet very important information regarding the letters of credit. Understanding the Letter of Credit Letter of credit is a payment method in international trade. Other payment methods in international trade are Cash in Advance,\u00a0Documentary Collections,\u00a0Open&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/25\/usa-letter-of-credit-transactions\/\">USA Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You should understand USA economy, USA exports and imports as well as US banks before you proceed to work with an US letter of credit. The United States of America's Economy and International Trade at a Glance: Gross domestic product of USA is 15.6 trillion US dollars in year 2013.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/25\/united-kingdom-letter-of-credit-transactions\/\">United Kingdom Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You should understand United Kingdom economy, United Kingdom exports and imports as well as United Kingdom banks before you proceed to work with a letter of credit which is issued in United Kingdom. Economy of United Kingdom and International Trade at a Glance: Gross domestic product of United Kingdom is&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/24\/netherlands-letter-of-credit-transactions\/\">Netherlands Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You should understand Netherlands economy, Netherlands exports and imports as well as Netherlands banks before you proceed to work with a letter of credit which is issued in Netherlands. Economy of Netherlands and International Trade at a Glance: Gross domestic product of Netherlands is $770,60 billion US dollars in year&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/24\/japan-letter-of-credit-transactions\/\">Japan Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You should understand Japanese economy, Japanese exports and imports as well as Japanese banks before you proceed to work with a letter of credit which is issued in Japan. Japan\u2019s Economy and International Trade at a Glance: Gross domestic product of japan is 4.78 trillion US dollars in year 2012.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/24\/italy-letter-of-credit-transactions\/\">Italy Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">You should understand Italy economy, Italy exports and imports as well as Italy banks before you proceed to work with a letter of credit which is issued in Italy. Economy of Italy and Its International Trade at a Glance: Gross domestic product of Italy is $2,19 trillion US dollars in&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/21\/germany-letter-of-credit-transactions\/\">Germany Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Germany is a country in Central and Western Europe, lying between the Baltic and North Seas to the north, and the Alps to the south. Germany borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, France to the southwest, and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/17\/canada-letter-of-credit-transactions\/\">Canada Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Canada, second largest country in the world in area (after Russia), occupying roughly the northern two-fifths of the continent of North America.(1) Canada borders with the United States as well as a long maritime boundary with Denmark, at the autonomous island country of Greenland, and a short maritime border with&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2019\/01\/06\/brazil-letter-of-credit-transactions\/\">Brazil Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Brazil, which is located in South America, is the world's fifth-largest country by area and the fifth most populous one.(1) It is bordered by Argentina, Bolivia, Colombia, French Guiana, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela.(2) Brazil is one of the world giants of mining and agriculture. It is a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/22\/france-letter-of-credit-transactions\/\">France Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">France is a European country, which is located northwestern of Europe. It is bordered by Belgium, Luxembourg and Germany to the northeast, Switzerland and Italy to the east, and Andorra and Spain to the south. (1) Historically and culturally among the most important nations in the Western world, France has&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/21\/trade-finance-specialist-business-financial-services\/\">Trade Finance Specialist Business Financial Services<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">16.January.2014 - Job Description:\u00a0Develop and deliver on business priorities through execution of sales plan to acquire new Trade Finance Business clients and cross-sell Trade Finance services to existing clients within assigned market territory; Eastern Canada. Main Duties Execute individual sales activity plan, reviewing results to plan for discussion at monthly\/quarterly&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/21\/trade-finance-operations-officer\/\">Trade Finance Operations Officer<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 13.January.2014 - Job Description Process &amp; verify trade transactions according to the delegated authority, laid down procedures, including applicable Policies and standard of service. Understand fully the Service Level Agreement (SLA) offered to the customers, where applicable. To ensure all trade transactions are accurately processed \/ verified in&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/20\/trade-sales-manager\/\">Trade Sales Manager<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on\u00a006.October.2014 - JOB DESCRIPTION: Professional management &amp; maintenance of Corporate &amp; Commercial banking relations in coordination with Head of Trade Sales by identify, securing and soliciting Trade business to increase Trade business volume and income. PRINCIPAL ACCOUNTABILITIES: Work Management Joint reasonability with Segments\/Regions for bank\u2019s Trade Budgets. Maintain and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/20\/global-transaction-banking-trade-advisor\/\">Global Transaction Banking Trade Advisor<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on - 06.October.2014 -\u00a0 Job Description:\u00a0Global Transaction Banking (GTB) is a world-class provider of cash management, trade finance and trust and securities services for corporations, governments and financial institutions. At peak levels, GTB processes payments worth up to 1.4 trillion Euros per day and, as of March 31, 2012,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/20\/senior-compliance-officer-treasury-and-trade-services\/\">Senior Compliance Officer Treasury and Trade Services<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 06.October.2014 - Description :\u00a0TTS NAM Compliance seeks a compliance professional with AML and US Sanctions regulatory background, ideally in an institutional banking capacity, to provide compliance support for TTS NAM\u2019s Trade Solutions. This important product set includes traditional trade services products (letters of credit, documentary collections, bank to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/18\/trade-advisory-relationship-manager\/\">Trade Advisory Relationship Manager<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on - 06.October.2014 Job description This candidate will be responsible for relationship management and marketing to new\/existing corporate for overall growth of trade finance business from both credit and non-credit new\/existing customer relationships. Main Duties Identification of trade finance business clients and conducting marketing calls. Collaborate with Corporate banking&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/18\/documentary-credits-officer-trade-finance\/\">Documentary Credits Officer Trade Finance<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 02.January.2015 - Prestigious banking client is seeking experienced Trade Finance officer to join their expanding team. The jobholder has regular contact with all staff from Trade Services, Correspondent Banking and other departments within the bank and extensive contact with the Senior Documentary Credits Clerks. Externally, the jobholder has&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/18\/transaction-processing-specialist\/\">Transaction Processing Specialist<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on\u00a002.January.2015 -\u00a0Trade Finance Operations provide end-to-end product coverage for international trade products, including client servicing, document support and product servicing and billing with a scalable support structure that allows for high-volume through-put. The team has a strong risk management program tailored for local regulations and the technology platform suits&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/17\/trade-finance-officer\/\">Trade Finance Officer<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on\u00a001.January.2015 -\u00a0A major international bank is seeking a dynamic new addition to its growing and busy Trade Finance team. Ideal candidate should be able to process all aspects of standby letters of credit, collections and guarantees, should experience must include proven trade finance processing skills gained within international banking,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/17\/trade-finance-operations-officer-deutsche-bank-singapore\/\">Trade Finance Operations Officer Deutsche Bank Singapore<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 01.January.2015 -\u00a0The Operations Officer may also be responsible for building and managing relationships with GTB front office and other internal and external parties in particular around the more time critical, complex or regulated Trade Finance structure and processing. Deutsche Bank offers a challenging and rewarding career where your&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/15\/certified-anti-money-laundering-specialist-cams\/\">Certified Anti-Money Laundering Specialist (CAMS)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Anti money laundering is one of the key aspects of international financial transactions. It is becoming more and more important as governments and financial regulators tighten AML rules and regulations every year. Nowadays banks and other financial institutions open managerial positions in the AML field such as \u201cAnti-Money Laundering Compliance&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/14\/citf\/\">CITF (Certificate in International Trade and Finance)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is CITF Certification (Certificate in International Trade and Finance)? CITF is the abbreviation of the Certificate in International Trade and Finance. Certificate in International Trade and Finance (CITF) is a title in international trade finance. You have to pass a written examination that takes two hours in order to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/13\/csdg\/\">CSDG (Certificate for Specialists in Demand Guarantees)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is CSDG Certification (Certificate for Specialists in Demand Guarantees)? Certificate for Specialists in Demand Guarantees (CSDG) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CSDG. By having a CSDG certificate you can&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/11\/how-to-prepare-cdcs-examination\/\">How to Prepare CDCS Examination?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Question 1: This question comes from Siddharth, India. Please advice where can I get different case studies to prepare for my Apr 2014 CDCS examination, please advice if sample test paper can be brought separately. Question 2: This question comes from Sunil, India. I want to do CDCS course, request&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/11\/cdcs-certified-documentary-credit-specialist\/\">CDCS (Certified Documentary Credit Specialist)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is a CDCS (Certified Documentary Credit Specialist)? CDCS (Certified Documentary Credit Specialist) is an international title in trade finance. In order to get the CDCS title, participants must pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking &amp; Finance.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/uk-export-finance-ukef-launched-direct-lending-facility\/\">UK Export Finance (UKEF) Launched Direct Lending Facility<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on\u00a0October 2014 -\u00a0Under the Direct Lending Facility, UKEF will provide loans to overseas importers in order to finance the purchase of goods and services from UK exporters. Loans are available to cover new international sales by any business exporting from the UK, to any country where UKEF medium term&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/finnvera-to-guarantee-financing-for-new-vessel-orders-placed-at-meyer-turku-oy\/\">Finnvera to Guarantee Financing for New Vessel Orders Placed at Meyer Turku Oy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published in September 2014 - Shipowner companies usually make advance payments to the shipyards when giving a new vessel order. These advance payments could reach up to 80% of the project amount. In order to cover non-delivery risks, shipowners demand advance payment bank guarantee from the shipyards against the upfront&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/doing-business-in-nigeria-2014\/\">Doing Business in Nigeria 2014<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The Doing Business project is supported by World Bank. Doing Business reports not only let you compare countries, but also let you compare certain cities within a specific country in terms of Doing Business criteria. Doing Business in Nigeria 2014\u2014the third sub-national report of the Doing Business series in Nigeria\u2014&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/world-risk-developments-october-2014\/\">World Risk Developments October 2014<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to EFIC most challenging global risks for the October 2014 are Chinese economic slowdown, political uncertainty in Thailand, ore export ban in the Philippines, minimum wage demands in Cambodia and Ebola spread in Africa. China \u2014 Economic slowdown continues to deepen Industrial production growth slowed to a five-year low&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/ifa-becomes-itfa\/\">IFA Becomes ITFA<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The International Forfaiting Association has added \u201ctrade\u201d to its name and became the International Trade and Forfaiting Association (ITFA). The change has been announced during the organization's annual meeting in Barcelona, September 2014. The International Trade and Forfaiting Association, ITFA, previously known as IFA, is the worldwide trade association for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/bolero-connects-banks-with-corporations-via-swift-mt798\/\">Bolero Connects Banks with Corporations via Swift MT798<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 29 September 2014 - MT 798 is a special message types created by Swift for non-bank corporates. Non-bank corporates can connect to the Swift system via MT 798 message types. MT 798 is an authenticated message used to exchange trade data between corporates and member banks of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/aldermore-bank-launches-new-trade-finance-product-for-uk-importers\/\">Aldermore Bank Launches New Trade Finance Product for UK importers<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 01.October.2014 - According to Aldermore Bank's trade finance team many UK importers struggle to pay for large purchases. Aldermore\u2019s new trade finance product provides working capital to pay suppliers at the time the goods are shipped, providing funding for the period until payment is received from customers. Trade&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/09\/unicredit-international-internship-program\/\">Unicredit International Internship Program<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 15.September.2014 - The competition offers 40 grants to students to spend a 3-month internship at UniCredit abroad in any of the following countries: Austria, Bosnia and Herzegovina, Croatia, Germany, Hungary, Italy, Poland, Russia, Serbia. Each grant is worth \u20ac 2,100 gross of taxes plus a fixed amount of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/07\/export-import-bank-small-business-success\/\">Export-Import Bank Small Business Success<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on\u00a003.October.2014 -\u00a0Ex-Im Bank of United States provides a variety of financing options to US exporters, which includes working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In fiscal year 2013, Ex-Im Bank approved more than $27 billion in total authorizations. On Manufacturing Day,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/07\/swift-sanctions-statement\/\">SWIFT Sanctions Statement<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift declares that any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law. According to the statement SWIFT will not respond to individual calls and pressure to disconnect financial institutions&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/07\/icc-revised-rules-for-documentary-credit-dispute-resolution-by-expertise-docdex\/\">ICC Revised Rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">ICC Adopts New Set of Rules for DOCDEX The International Chamber of Commerce (ICC) Banking Commission unanimously adopted revised rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX) as of 06.November.2014. Why Docdex Rules Have Been Revised? When the original rules began to show their limits, whether in terms of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/07\/ebrd-provides-50-million-usd-trade-finance-line-to-an-egyptian-bank\/\">EBRD Provides 50 Million USD Trade Finance Line to an Egyptian Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 11.December.2014 -\u00a0The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade in Egypt by providing a US$ 50 million trade facility to Commercial International Bank under the EBRD\u2019s Trade Facilitation Programme (TFP). USD 50 Million Trade Finance Line to the Commercial International Bank&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/06\/asian-development-bank-trade-finance-survey\/\">Asian Development Bank Trade Finance Survey<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 16.December.2014 - Trade Finance Survey reveals that significant amount of market gap exists between small and big size companies accessing for trade finance products even if the global economy has been recovering from the effects of last financial crisis. Existing trade finance gap hinders both economic growth and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/06\/the-certificate-of-finance-in-international-trade-cofit\/\">The Certificate of Finance in International Trade Cofit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 01.January.2015 - Participants of this certificate programme should attend a four week long course at Malta University. In 2015, two course sessions have been scheduled: winter certificate session between 16 to 28 February 2015 and summer certificate session between 1 to 13 June 2015. Participants must attend both&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/06\/icc-banking-commission-2015-evets\/\">ICC Banking Commission 2015 Events<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In addition to its bi-annual summit gathering +300 international delegates every six months, the ICC Banking Commission organizes regular seminars and conferences around the world, in partnerships with ICC National Committees and other sponsors. The ICC Banking Commission meetings are the only events of their kind gathering over 600+ banking&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/04\/sace-guarantees-e400-million-for-star-project\/\">SACE Guarantees \u20ac400 Million for STAR Project<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">SACE has joined in a mission of Prime Minister Matteo Renzi to Turkey, promoted by his office and the Ministry for Economic Development, to strength the potential for trade with this key market for Italy. During the mission, SACE is announcing finalization of a guarantee on a \u20ac 400 million&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/04\/u-s-trade-finance-concentrated-with-top-5-banks\/\">U.S. Trade Finance Concentrated With Top 5 Banks<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on-19.November.2014- Approximately 35% of large U.S. companies do business with Bank of America Merrill Lynch, Citi and J.P. Morgan. The top five is rounded out by HSBC and Wells Fargo, both of which have achieved market penetration levels of 23\u201324%. These banks are the 2014 Greenwich Share Leaders in&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/04\/gtr-reveals-leaders-in-trade-2014\/\">GTR Reveals Leaders in Trade 2014<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Published on 02.December.2014 - Two months ago GTR called all companies that read the magazine and attend GTR events to vote in GTR's annual Leaders in Trade awards. The voters have been asked to tell which financial institutions are the best internationally. Best Global Trade Finance Bank: First place: HSBC&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/04\/uk-export-finance-voted-as-the-best-export-credit-agency\/\">UK Export Finance Voted as the Best Export Credit Agency<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">UK Export Finance (UKEF) - a government department and the UK\u2019s official export credit agency (ECA) - is in a celebratory mood at the latest news from trade finance magazine and events organizer Global Trade Review (GTR). Having been asked which financial institutions are the best internationally, the 10,000 senior&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/04\/bcg-and-swift-published-global-payments-report-2014\/\">BCG and SWIFT Published Global Payments Report 2014<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The Boston Consulting Group (BCG) published in cooperation with Swift a new report on consumer payments-exploring key trends in Europe, North America, and rapidly developing economies. Report also examines the wholesale transaction-banking business, with a focus on the implications of regulatory challenges. The report discusses the steps that all types&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/03\/icc-uniform-rules-for-forfaiting-urf-800\/\">ICC Uniform Rules for Forfaiting (URF 800)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Forfaiting means the sale by the seller and the purchase by the buyer of the payment claim on a without recourse basis. In other words, forfaiting is discounting of trade\u2010related receivables secured with trade finance instruments such as bills of exchange, promissionary notes or deferred payment letters of credit. In&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/03\/how-forfaiting-works\/\">How Forfaiting Works?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Forfaiting is an international supply chain financing methods. Forfaiting means the discount of future payment obligations on a without recourse basis. In other words, forfaiting is discounting of trade\u2010related receivables secured with trade finance instruments such as bills of exchange, promissionary notes or deferred payment letter of credit. In the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/02\/what-are-the-differences-between-a-bill-of-lading-and-a-charter-party-bill-of-lading\/\">What are the Differences Between a Bill of Lading and a Charter Party Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Under the current letter of credit rules and international standard banking practices, if a letter of credit calls for a marine bill of lading, then banks do not accept a charter party bill of lading in lieu of a marine bill of lading. On this article I will try to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/01\/what-is-congenbill-bill-of-lading\/\">What is Congenbill Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Congenbill is a type of charter party bill of lading which is widely used in international transportation. Congenbill 2007 is the latest version of standard charter party bill of lading which is issued and approved by the BIMCO\u2019s Documentary Committee. BIMCO is a well established international shipping association and its&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/29\/how-to-determine-maturity-date-if-letter-of-credit-states-that-tenor-of-the-l-c-is-60-days-after-bill-of-lading-issue-date\/\">How to Determine Maturity Date if Letter of Credit States That Tenor of the L\/C is 60 Days After Bill of Lading Issue Date?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Maturity date is a term related to a time draft. A time draft is a form of payment that is guaranteed by an issuing bank, but is not payable in full until a specified amount of time after it is received and accepted. (1) The maturity date is a date&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/29\/how-to-determine-date-of-shipment-on-an-air-transport-document\/\">How to Determine Date of Shipment on an Air Transport Document?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">An air waybill is a document covering the carriage of goods by plane from one airport to another. Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/29\/how-to-add-a-confirmation-to-a-letter-of-credit\/\">How to Add a Confirmation to a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Confirmation gives additional payment assurance to the exporters. When an irrevocable letter of credit is issued, the risk of payment rests with the issuing bank. This type of letter of credit is defined as an unconfirmed letter of credit. However, in certain circumstances, the exporter may find the issuing bank&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/28\/dates\/\">Dates<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Whatever your position in an international letter of credit transaction, whether you are an export specialist in a small manufacturing company, an import responsible in a medium size international trade firm or a trade finance expert in one of the first class banks, you should always be very careful with&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/27\/docdex\/\">DOCDEX<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">DOCDEX - ICC\u2019s Documentary Credit Dispute Resolution Expertise Docdex is one of the options available to solve letter of credit disputes. Its full name is \u201cICC\u2019s Documentary Credit Dispute Resolution Expertise\u201d. What Does DOCDEX Mean? Docdex decisions are private, expert-based and non-binding which means that Docdex decisions do not have&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/26\/electronic-letters-of-credit\/\">Electronic Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is an Electronic Letter of Credit? An electronic letter of credit can be defined as a letter of credit transaction, which is carried out entirely on electronic means of communication and issued according to the rules, such as an eUCP, which are allowing electronic presentations. Introduction: The information technology&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/25\/freight-forwarders-bill-of-lading-not-acceptable\/\">Freight Forwarder&#8217;s Bill of Lading Not Acceptable<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Some issuing banks add an additional condition to the letters of credit they have issued, indicating that freight forwarder's bill of lading is not acceptable. Why issuing banks disallow freight forwarder's bill of lading? What happens if issuing bank forbids presentation of a freight forwarder's bill of lading under a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/23\/what-is-a-freight-forwarders-bill-of-lading\/\">What is a Freight Forwarder&#8217;s Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A freight forwarder's bill of lading is a transport document which is issued by a freight forwarder. It is also known as a house bill of lading. What Does Freight Forwarder's Bill of Lading Mean in Export and Import Businesses? A freight forwarder's bill of lading (FBL) is a transport&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/22\/what-are-the-differences-between-mbl-master-bill-of-lading-and-hbl-house-bill-of-lading\/\">What are the Differences Between MBL (Master Bill of Lading) and HBL (House Bill of Lading)?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Understanding the differences between a master bill of lading and a house bill of lading in export and import transactions. What Does a Master Bill of Lading Mean in Export and Import Businesses? A master bill of lading (MBL) is a transport document, which is used in sea shipments, issued&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/22\/what-are-the-differences-between-air-waybill-and-bill-of-lading\/\">What are the Differences Between Air Waybill and Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does Bill of Lading Mean in Export and Import Businesses? Bill of lading (B\/L) is a transport document, which is used in port-to-port sea shipments, issued and signed by a carrier or its agent, generally on a pre-printed carrier's bill of lading format, evidences the terms and conditions of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/21\/what-is-the-difference-between-mawb-master-air-waybill-and-hawb-house-air-waybill\/\">What is the Difference Between MAWB (Master Air Waybill) and HAWB (House Air Waybill)?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does Master Air Waybill Mean in Export and Import Businesses? Master air waybill (MAWB) is a transport document, which is used in air shipments, issued and signed by the air cargo carrier or its agent, generally on a pre-printed carrier's air waybill format, evidences the terms and conditions of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/18\/how-does-a-negotiable-letter-of-credit-work\/\">How Does a Negotiable Letter of Credit Work?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/18\/what-does-duplicate-triplicate-mean-in-a-letter-of-credit\/\">What Does Duplicate, Triplicate Mean in a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letters of credit have a special jargon. If you are not familiar with the L\/C language, you may not be able to understand what letter of credit is telling to you. Issuing banks frequently state quantities of required document not explicitly, but with a special letter of credit jargon. On&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/18\/which-is-the-best-cargo-insurance-type-that-should-be-selected-against-non-delivery-risks\/\">Which is the Best Cargo Insurance Type That Should be Selected Against Non-Delivery Risks?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Institute Cargo Clause A (All risks), Institute Cargo Clause B and Institute Cargo Clause C are the main types of cargo insurance types used in international trade But which cargo clause is the most suitable one for letter of credit transactions? How to eliminate non-delivery risks, war and strike risks&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/16\/l-c-demands-a-b-l-stating-that-all-original-b-ls-must-be-surrendered\/\">L\/C Demands a B\/L Stating That All Original B\/Ls Must be Surrendered<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A negotiable bill of lading is a bill of lading where the consignee\u2019s name is preceded by the words \u201cto order,\u201d thus allowing the consignee to endorse the bill of lading to\u00a0another party, thereby transferring title of the relative goods to another party. (1) The importer has to present at&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/13\/the-icc-banking-commission-has-determined-key-working-areas\/\">The ICC Banking Commission Has Determined Key Working Areas<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Although not known by many exporters and importers, the ICC Banking Comission plays a key role in international trade finance. Most of the international trade finance rules have been written by the ICC's Banking Commission. Letter of credit rules, documentary collection rules, standby letter of credit rules,bank guarantee rules and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/12\/cdcs-2015-examination-date\/\">CDCS 2015 Examination Date<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">2015 CDCS Examination Date Announcement April 2015 exam: (Registration closes 31 January 2015) 2015 CDCS examination will take place 10 April 2015 (please note: students sitting examinations in China, Hong Kong, Indonesia and South Korea will be examined in 11 April 2015). October 2015 exam - opens mid-February to August&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/12\/is-letter-of-credit-a-safe-payment-method-when-importing-goods-from-china\/\">Is Letter of Credit a Safe Payment Method When Importing Goods From China?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letters of credit are known to be one of the safest payment options for importers in international trade transactions. However, this would not be a valid statement when importing goods from China. It is advisable not to trust letters of credit alone, when you are importing from China. Chinese Exports&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/10\/china-letter-of-credit-transactions\/\">China Letter of Credit Transactions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">China has the second largest economy in the world at USD 14.4 trillion after the United States, according to data from the International Monetary Fund (IMF), which shows Chinese economy increased from around USD 12 trillion last year. China is not only the most crowded, but also\u00a0the 4. largest country&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/07\/revolving-letter-of-credit\/\">Revolving Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Revolving letter of credit is a special type of letter of credit, which is not covered under the UCP 600 rules. Contrary to popular belief, revolving letters of credit are not used frequently. They may be utilized in limited occasions in international trade, especially when exporters and importers sign a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/11\/06\/confirmed-l-c-at-sight\/\">Confirmed L\/C at Sight<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Confirmed L\/C at sight covers two definitions: Confirmed letter of credit which is payable at sight. Letters of credit can permit the beneficiary to be paid immediately upon presentation of specified documents (at sight letter of credit), or at a future date as established in the sales contract (term\/usance letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/31\/red-clause-letter-of-credit-sample\/\">Red Clause Letter of Credit Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit that carries a provision (traditionally written or typed in red ink) which allows a seller to draw up to a fixed sum from the issuing bank, in advance of the shipment can be defined as a red clause letter of credit. Red clause letters of credit supply&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/30\/at-sight-letter-of-credit\/\">At Sight Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the current letters of credit rules, UCP 600, credits must state how they are available to beneficiaries in terms of payment type. UCP 600 - Article 6-b states that \"A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation.\" On this article&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/29\/urbpo-icc-uniform-rules-for-bank-payment-obligations-icc-publication-no-750\/\">URBPO &#8211; ICC Uniform Rules for Bank Payment Obligations &#8211; ICC Publication No. 750<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does URBPO Mean? The URBPO are the Uniform Rules for Bank Payment Obligations ICC publication No. 750. URBPO were approved by the ICC national committees and entered into force on 1 July 2013. Bank Payment Obligations (BPO) is a new payment option for international trade finance. It will be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/29\/bank-payment-obligation-bpo\/\">Bank Payment Obligation &#8211; BPO<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Each payment method in international trade has strengths and weaknesses. For example, open account and cash in advance payments are elementary payment options. They are not only simple, but also inexpensive. However, they inherit high volumes of risks either for the importers or the exporters. Documentary credits, on the other&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/27\/cash-in-advance-payment\/\">Cash in Advance Payment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Cash in advance (CIA) is a payment method in international trade. Cash in advance is also known as cash with order or advance payment by most exporters and importers. Key Characteristics: One of the main characteristics of a cash in advance payment is that the full order amount will be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/26\/urc-522-icc-uniform-rules-for-collections\/\">URC 522 &#8211; ICC Uniform Rules for Collections<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Documentary collection, which is also known as Cash Against Documents (CAD), is a payment method in international trade. ICC Uniform Rules for Collections is the title of the book that is published by ICC to govern the documentary collections. The ICC Uniform Rules for Collections were first published by the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/26\/documentary-collections-cash-against-documents-cad\/\">Documentary Collections &#8211; Cash Against Documents (CAD)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Documentary collection (D\/C) is a payment method in international trade. Documentary collection is also known as Cash Against Documents (CAD) by most exporters and importers. Documentary collection is more like formal name usually used by bank professionals, whereas cash against documents is a daily life name usually used by importers&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/25\/incoterms\/\">Incoterms<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does Incoterms Mean?\u00a0 INCOTERMS (International Commercial Terms) have been created by the International Chamber of Commerce in order to reach an uniform set of international rules for the interpretation of trade terms in a global scale. Pre-Incoterms Era: From Local Practices to Worldwide Trade Rules Trade, -not only domestic,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/22\/urr-725-the-uniform-rules-for-bank-to-bank-reimbursements\/\">URR 725 &#8211; The Uniform Rules for Bank-to-Bank Reimbursements<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What Does URR 725 Mean? The URR 725 are the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits ICC publication No. 725. URR 725 was approved by the ICC national committees at the ICC Banking Commission in April 2008. URR 725 has been effective since 01 October 2008. URR 725&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/22\/isbp-international-standard-banking-practices\/\">ISBP: International Standard Banking Practices<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">UCP Rules and Daily Practice: Need for Additional Publication Due to Problems in Daily Practice UCP 600 is the latest version of the rules that govern letters of credit transactions worldwide. UCP 600 is prepared by International Chamber of Commerce\u2019s (ICC) Commission on Banking Technique and Practice. One problem with&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/20\/latest-version-of-ucp-what-are-the-differences-between-ucp-400-ucp-500-and-ucp-600\/\">Latest Version of UCP: What are the Differences Between UCP 400, UCP 500 and UCP 600<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Almost all of the letters of credit issued in swift format having a clause under field \"40E: Applicable Rules\" telling us that the letter of credit subject to \"UCP Latest Version\". In this post, I explain the meaning of UCP and its latest version. What Does UCP Mean? UCP is&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/20\/how-to-buy-ucp-600-online\/\">How to Buy UCP 600 Online?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">It is vital importance for each professional, who deals with letters of credit, to work with right sources and reference publications. UCP 600 and ISBP 2013 are the only official rule books that govern commercial letter of credit transactions. They are published by ICC Banking Commission. Standby letter of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/19\/ucp-600\/\">UCP 600<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is UCP 600? UCP 600 is the latest version of the rules that govern letters of credit transactions worldwide. UCP 600 is prepared by International Chamber of Commerce\u2019s (ICC) Commission on Banking Technique and Practice. Its full name is 2007 Revision of Uniform Customs and Practice for Documentary Credits,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/18\/isp-98-international-standby-practices\/\">ISP 98 &#8211; International Standby Practices<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">ISP 98: Standby Letters of Credit Rules ISP 98 is the set of rules that governs standby letters of credit. They have been published by ICC Banking Commission. ISP 98 - International Standby Practices ICC Publication No. 590 , 1998 Edition. ISP 98 is in force as of January 1,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/18\/what-are-the-differences-between-standby-letters-of-credit-and-commercial-letters-of-credit\/\">What are the Differences Between Standby Letters of Credit and Commercial Letters of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Standby letters of credit and commercial letters of credit are two main documentary credit types used in international trade transactions. A standby letter of credit is a bank\u2019s undertaking of fulfilling the applicant\u2019s obligations. In case, the applicant can\u2019t fulfill contractual obligations against the beneficiary of the standby letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/17\/types-of-standby-letters-of-credit\/\">Types of Standby Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What are the Main Types of Stand-by Letters of Credit? In this post after giving the standby letter of credit (SBLC) definition, we will have a look at the role and structure of the SBLC. Later on we explain types of standby letters of credit such as performance standby letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/17\/stand-by-letters-of-credit\/\">Stand-by Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Classification of Letters of Credit Documentary credits, however named, have certain characteristics in common. First of all, they are separate transactions by their nature from the underlying contracts on which they may be based. Secondly, documentary credits deal with the documents only but not with the goods, services and\/or other&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/17\/is-it-possible-to-confirm-a-bank-guarantee\/\">Is It Possible to Confirm a Bank Guarantee?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In this article following topics will be explained: What is the definition of confirmation in letters of credit? What are the advantages of confirmation? Is possible to confirm a bank guarantee? If confirmation does not exist in bank guarantee transactions, what is the alternative? What are the differences between confirmed&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/16\/what-are-the-differences-between-bank-guarantees-and-letters-of-credit\/\">What are the Differences Between Bank Guarantees and Letters of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Demand guarantee is an irrevocable undertaking issued by a bank according to instructions received from the principal, to pay the beneficiary any sum that may be demanded by that beneficiary up to a maximum amount specified in the guarantee, upon presentation of complying demand with the terms of the bank&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/15\/what-is-a-counter-guarantee\/\">What is a Counter-Guarantee?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bank guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. Letter of credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. Under certain situations,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/13\/bank-guarantee-sample-in-mt-760-swift-format\/\">Bank Guarantee Sample in MT 760 Swift Format<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bank guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. MT 760 is a swift message type that is used by issuing banks when issuing a guarantee or a standby letter of credit. Issuing banks send terms and conditions of a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/13\/retention-money-guarantee-sample\/\">Retention Money Guarantee Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bank guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. In big projects such as building a factory plant, supply of complicated machineries and other capital goods, it is often determined that the buyer may keep around 10% of the contract&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/13\/performance-guarantee-sample\/\">Performance Guarantee Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bank guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. Performance guarantee issued by a bank and protects the beneficiary against the failure of the principal to meet its contractual obligations in the underlying contract. Please keep in mind that a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/13\/advance-payment-bank-guarantee-sample\/\">Advance Payment Bank Guarantee Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bank guarantee means any signed undertaking, however named or described, providing for payment on presentation of a complying demand. An advance payment bank guarantee is a type of bank guarantee. Under an advance payment bank guarantee, the guarantor undertakes to repay an advanced payment that the principal has received in&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/12\/tender-bank-guarantee-sample\/\">Tender Bank Guarantee Sample<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A tender guarantee (also called a tender bond or bid bond) is requested from the tender participants during the tender processes. The aim of the tender guarantee is to make sure that the tender participants submit workable bids under the tender. A tender guarantee protects the tender organizers against the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/12\/bank-guarantees\/\">Bank Guarantees<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is a Bank Guarantee? Guarantees are usually issued by banks, which is why they are also called 'bank guarantees'; however, they can also be issued by other financial institutions or companies as well. A demand guarantee could also be called as an independent demand guarantee, autonomous demand guarantee, first&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/11\/mt-769-advice-of-reduction-or-release\/\">MT 769 Advice of Reduction or Release<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/11\/mt-768-acknowledgement-of-a-guarantee-standby-message\/\">MT 768 Acknowledgement of a Guarantee \/ Standby Message<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/11\/mt-767-guarantee-standby-letter-of-credit-amendment\/\">MT 767 Guarantee \/ Standby Letter of Credit Amendment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/11\/mt-760-guarantee-standby-letter-of-credit\/\">MT 760 Guarantee \/ Standby Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/11\/mt-756-advice-of-reimbursement-or-payment\/\">MT 756 Advice of Reimbursement or Payment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/10\/mt-754-advice-of-payment-acceptance-negotiation\/\">MT 754 Advice of Payment\/Acceptance\/Negotiation<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/10\/mt-752-authorisation-to-pay-accept-or-negotiate\/\">MT 752 Authorisation to Pay, Accept or Negotiate<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/09\/mt-750-advice-of-discrepancy\/\">MT 750 Advice of Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/09\/mt-747-amendment-to-an-authorisation-to-reimburse\/\">MT 747 Amendment to an Authorisation to Reimburse<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/08\/mt-742-reimbursement-claim\/\">MT 742 Reimbursement Claim<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/08\/mt-740-authorisation-to-reimburse\/\">MT 740 Authorisation to Reimburse<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/08\/mt-734-advice-of-refusal\/\">MT 734 Advice of Refusal<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/08\/mt-732-advice-of-discharge\/\">MT 732 Advice of Discharge<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/08\/mt-730-acknowledgement\/\">MT 730 Acknowledgement<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/07\/mt-720-transfer-of-a-documentary-credit\/\">MT 720 Transfer of a Documentary Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/06\/mt-710-advice-of-a-third-banks-or-a-non-banks-documentary-credit\/\">MT 710 Advice of a Third Bank&#8217;s or a Non-Bank&#8217;s Documentary Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/06\/mt-707-amendment-to-a-documentary-credit\/\">MT 707 Amendment to a Documentary Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/06\/mt-705-pre-advice-of-a-documentary-credit\/\">MT 705 Pre-Advice of a Documentary Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Swift is a provider of secure message platform for financial institutions mainly for banks. Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks. For example, an issuing bank sends a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/05\/swift-messages-in-letters-of-credit\/\">Swift Messages in Letters of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">SWIFT is the short form of \"Society for Worldwide Interbank Financial Telecommunication\". Swift defines its role in international financial transactions on its website as follows. \u201cOur role is two-fold. We provide the proprietary communications platform, products and services that allow our customers to connect and exchange financial information securely and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/04\/field-72-sender-to-receiver-information\/\">Field 72: Sender to Receiver Information<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 72: Sender to Receiver Information? Field 72: Sender to Receiver Information is a field in MT 700 swift message type that specifies additional information for the Receiver. This is an optional field. MT 700 Field 72: Sender to Receiver Information: DEFINITION This field specifies additional information for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/04\/field-57a-advise-through-bank\/\">Field 57a: Advise Through Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 57a: Advise Through Bank? Field 57a: 'Advise Through' Bank is a field in MT 700 swift message type that identifies the bank, if different from the Receiver, through which the documentary credit is to be advised\/confirmed to the beneficiary. This is an optional field. According to current&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/04\/field-78-instructions-to-the-paying-accepting-negotiating-bank\/\">Field 78: Instructions to the Paying\/Accepting\/Negotiating Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 78: Instructions to the Paying\/Accepting\/Negotiating Bank ? Field 78: Instructions to the Paying\/Accepting\/Negotiating Bank is a field in MT 700 swift message type that specify instructions to the paying, accepting or negotiating bank. It may also indicate if pre-notification of a reimbursement claim or pre-debit notification to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/03\/field-53a-reimbursing-bank\/\">Field 53a: Reimbursing Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is 53a: Reimbursing Bank? Field 53a: Reimbursing Bank is a field in MT 700 swift message type that specify the name of the bank which has been authorized by the Sender to reimburse drawings under the documentary credit. This may be a branch of the Sender or the Receiver,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/03\/field-49-confirmation-instructions\/\">Field 49: Confirmation Instructions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 49: Confirmation Instructions? Field 49: Confirmation Instructions is a field in MT 700 swift message type that contains confirmation instructions for the Receiver. This is a mandatory field. According to current letter of credit rules; confirmation means a definite undertaking of the confirming bank, in addition to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/10\/03\/field-48-period-for-presentation\/\">Field 48: Period for Presentation<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 48: Period for Presentation? Field 48: Period for Presentation is a field in MT 700 swift message type that is used to specify the period of time after the date of shipment within which the documents must be presented for payment, acceptance or negotiation. This is an&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/30\/field-71b-charges\/\">Field 71B: Charges<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 71B: Charges? Field 71B: Charges is a field in MT 700 swift message type that is used to specify charges to be borne by the beneficiary. This is an optional field. A bank instructing another bank to perform services is liable for any commissions, fees, costs or&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/30\/field-47a-additional-conditions\/\">Field 47A: Additional Conditions<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 47A: Additional Conditions? Field 47A: Additional Conditions is a field in MT 700 swift message type that contains a description of further conditions of the documentary credit. This is an optional field. According to current letter of credit rules complying presentation means a presentation that is in&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/30\/field-46a-documents-required\/\">Field 46A: Documents Required<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 46A: Documents Required? Field 46A: Documents Required is a field in MT 700 swift message type that contains a description of any documents required. This is an optional field. According to current letter of credit rules banks deal with documents and not with goods, services or performance&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/25\/field-45a-description-of-goods-and-or-services\/\">Field 45A: Description of Goods and\/or Services<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 45A: Description of Goods and\/or Services? Field 45A: Description of Goods and\/or Services is a field in MT 700 swift message type that contains a description of the goods and\/or services. This is an optional field. According to current letter of credit rules the description of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/24\/field-44d-shipment-period\/\">Field 44D: Shipment Period<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44D: Shipment Period? Field 44D: Shipment Period is a field in MT 700 swift message type that is used to specify the period of time during which the goods are to be loaded on board\/despatched\/taken in charge. This is an optional field. Either field Field 44C: Latest&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/24\/field-44c-latest-date-of-shipment\/\">Field 44C: Latest Date of Shipment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44C: Latest Date of Shipment? Field 44C: Latest Date of Shipment is a field in MT 700 swift message type that is used to specify the latest date for loading on board\/dispatch\/taking in charge. This is an optional field. Date must be a valid date expressed as&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/23\/field-44b-place-of-final-destination-place-of-delivery\/\">Field 44B: Place of Final Destination\/Place of Delivery<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44B: Place of Final Destination\/Place of Delivery? Field 44B: Place of Final Destination\/For Transportation to ...\/Place of Delivery is a field in MT 700 swift message type that is used to specify the final destination or place of delivery to be indicated on the transport document. This&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/21\/field-44f-port-of-discharge-airport-of-destination\/\">Field 44F: Port of Discharge\/Airport of Destination<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44F: Port of Discharge\/Airport of Destination? Field 44F: Port of Discharge\/Airport of Destination is a field in MT 700 swift message type that is used to specify the port of discharge or airport of destination to be indicated on the transport document. This is an optional field.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/20\/field-44e-port-of-loading-airport-of-departure\/\">Field 44E: Port of Loading\/Airport of Departure<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44E: Port of Loading\/Airport of Departure? Field 44E: Port of Loading\/Airport of Departure is a field in MT 700 swift message type that is used to specify the port of loading or airport of departure to be indicated on the transport document. This is an optional field.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/20\/field-44a-place-of-taking-in-charge-dispatch-from-place-of-receipt\/\">Field 44A: Place of Taking in Charge\/Dispatch from &#8230;\/ Place of Receipt<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 44A: Place of Taking in Charge\/Dispatch from ...\/ Place of Receipt? Field 44A: Place of Taking in Charge\/Dispatch from ...\/ Place of Receipt is a field in MT 700 swift message type that\u00a0is used to specify the place of taking in charge (in case of a multimodal&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/19\/field-43t-transshipment\/\">Field 43T: Transshipment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 43T: Transshipment? Field 43T: Transshipment is a field in MT 700 swift message type that is used to specify whether or not transshipment is allowed under the documentary credit. This is an optional field. According to letter of credit rules, transhipment means unloading from one means of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/19\/field-43p-partial-shipments\/\">Field 43P: Partial Shipments<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 43P: Partial Shipments? Field 43P: Partial Shipments is a field in MT 700 swift message type that is used to specify whether or not partial shipments are allowed under the documentary credit. This is an optional field. According to letter of credit rules partial drawings or shipments&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/19\/field-42p-deferred-payment-details\/\">Field 42P: Negotiation\/Deferred Payment Details<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 42P: Negotiation\/Deferred Payment Details? Field 42P: Negotiation\/Deferred Payment Details is a field in MT 700 swift message type that is used to specify the payment date or method for its determination in a documentary credit which is available by deferred payment or negotiation only. This is an&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/15\/field-42m-mixed-payment\/\">Field 42M: Mixed Payment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 42M: Mixed Payment? Field 42M: Mixed Payment specifies the payment dates, amounts and\/or method for their determination in a documentary credit which is available by mixed payment. This is an optional field. Mixed payment is not covered under the letter of credit rules. But parties can utilize&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/12\/field-42a-drawee\/\">Field 42a: Drawee<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 42a: Drawee? Field 42a: Drawee is a field in MT 700 swift message type that is used to identify the drawee of the drafts to be drawn under the documentary credit. This is an optional field. A credit must not be issued available by a draft drawn&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/12\/field-42c-drafts-at\/\">Field 42C: Drafts at<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 42C: Drafts at? Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit. This is an optional field. This field specifies the tenor of drafts to be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/11\/field-41a-available-with-by\/\">Field 41a: Available With &#8230; By &#8230;<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 41a: Available With ... By ...? Field 41a: Available With ... By ... is a field in MT 700 swift message type that is used to identify the bank with which the credit is available (the place for presentation) and indicates of how the credit is available.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/19\/field-39c-additional-amounts-covered\/\">Field 39C: Additional Amounts Covered<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 39C: Additional Amounts Covered? Field 39C: Additional Amounts Covered is a field in MT 700 swift message type that is used to specify any additional amounts covered such as insurance, freight, interest, etc. This is an optional field.\u00a0In most cases it is not utilized. If used Field&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/19\/field-39b-maximum-credit-amount\/\">Field 39B: Maximum Credit Amount<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 39B: Maximum Credit Amount? Field 39B: Maximum Credit Amount is a field in MT 700 swift message type that is used to further qualifies the documentary credit amount. This is an optional field. This field further qualifies the documentary credit amount. A nominated bank acting on its&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/19\/field-39a-percentage-credit-amount-tolerance\/\">Field 39A: Percentage Credit Amount Tolerance<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 39A: Percentage Credit Amount Tolerance? Field 39A: Percentage Credit Amount Tolerance is a field in MT 700 swift message type that is used to specify the tolerance relative to the documentary credit amount as a percentage plus and\/or minus that amount. This is an optional field. The&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-32b-currency-code-amount\/\">Field 32B: Currency Code, Amount<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 32B: Currency Code, Amount? Field 32B: Currency Code, Amount is a field in MT 700 swift message that is used to indicate the currency code and amount of the letter of credit. This is a mandatory field, which means that it must be stated in all of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-59-beneficiary\/\">Field 59: Beneficiary<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 59: Beneficiary? Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued. This is a mandatory field, which means that it must be stated in all of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-50-applicant\/\">Field 50: Applicant<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 50: Applicant? Field 50: Applicant is a field in MT 700 swift message type that is used to specify the party on behalf of which the documentary credit is being issued. This is a mandatory field, which means that it must be stated in all of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-51a-applicant-bank\/\">Field 51a: Applicant Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 51a: Applicant Bank? Field 51a: Applicant Bank is a field in MT 700 swift message type that is used to specify the bank of the applicant customer, if different from the issuing bank. This is an optional field. This field specifies the bank of the applicant customer,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-31d-date-and-place-of-expiry\/\">Field 31D: Date and Place of Expiry<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 31D: Date and Place of Expiry? Field 31D: Date and Place of Expiry is a field in MT 700 swift message that is used to indicate the date and place of expiry of the letter of credit. This is a mandatory field, which means that it must&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/16\/field-40e-applicable-rules\/\">Field 40E: Applicable Rules<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 40E: Applicable Rules? Field 40E: Applicable Rules is a field in MT 700 swift message that is used to indicate the rules that governs the letter of credit. This is a mandatory field, which means that it must be stated in all of the letters of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/16\/field-31c-date-of-issue\/\">Field 31C: Date of Issue<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 31C: Date of Issue? Field 31C: Date of Issue is a field in MT 700 swift message that is used to indicate the letter of credit issuance date. This is a mandatory field. This field specifies the date on which the issuing bank (Sender) considers the documentary&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/10\/field-23-reference-to-pre-advice\/\">Field 23: Reference to Pre-Advice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is Field 23: Reference to Pre-Advice? Field 23: Reference to Pre-Advice is a field in MT 700 swift message type that is used only if the documentary credit has been pre-advised. This is an optional field. This field gives a reference to the pre-advised letter of credit, only if&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/06\/field-20-documentary-credit-number\/\">Field 20: Documentary Credit Number<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is\u00a0Field 20: Documentary Credit Number? Field 20: Documentary Credit Number is a field in MT 700 swift message that is used to indicate the letter of credit number. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/02\/field-40a-form-of-documentary-credit\/\">Field 40A: Form of Documentary Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is field 40A: Form of Documentary Credit? Field 40A: Form of Documentary Credit is a field in MT 700 swift message that is used to indicate the form of the letter of credit. This is a mandatory field, which means that it must be stated in all of the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/30\/how-to-check-a-letter-of-credit-as-an-exporter\/\">How to Check a Letter of Credit as an Exporter?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Documentary letters of credit are internationally recognized instruments that help ensure the creditworthiness and payment of the overseas parties you\u2019re trading with. Letter of credit is a balance payment method in international trade. Both exporters and importers are protected by the letter of credit in certain amount, if they act&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/12\/shipping-documents\/\">Shipping Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Shipping documents, when used as a term in a letter of credit, could create problems between the issuing bank and the beneficiary due to its obscure meaning. It is not possible to find a \u201cshipping documents\u201d term under the documentary credit rules, as a result ICC Banking Commission discourages banks&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/11\/how-to-determine-date-of-shipment-on-a-bill-of-lading\/\">How to Determine Date of Shipment on a Bill of Lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine whether shipment made on time or not (in other words a late shipment has been effected or not) whether documents presented within the presentation period or not (in other words&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/10\/date-of-shipment\/\">Date of Shipment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Date of shipment is used to determine; whether shipment made on time or not (in other words a late shipment has been effected or not), whether documents presented within the presentation period or not (in other words a late presentation has been effected or not), maturity date of the time&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/06\/what-is-a-transferable-letter-of-credit\/\">What is a Transferable Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Transferable letters of credit are a tool used by trading companies, or other third parties, to facilitate a trade transaction. (1) Transferable letters of credit are sort of documentary credits which can be used in situations where middlemen are playing a certain role. How Does a Transferable Letter of Credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/05\/what-does-latest-date-of-shipment-and-expiry-date-mean-in-a-letter-of-credit\/\">What Does Latest Date of Shipment and Expiry Date Mean in a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, you can find explanations regarding the latest date of shipment and expiry date. If a letter of credit requests presentation of a transport document and a latest date of shipment indicated in the credit; then the shipment must be completed on or before the latest date of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/05\/what-is-irrevocable-letter-of-credit-definition-and-application\/\">What is Irrevocable Letter of Credit? Definition and Application<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Irrevocable letter of credit (ILOC) is a type of documentary credit which can not be cancelled or amended by the issuing bank without the agreement of the parties of the letter of credit transaction. The letter of credit world is full of misunderstandings, improper industry practices including irregular banking practices,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/03\/how-does-a-bill-of-exchange-work\/\">How Does a Bill of Exchange Work?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 Act (1882), the bill of exchange defined as an \"unconditional order in writing, addressed by one person to another, signed by the person giving it&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/07\/01\/is-it-possible-to-get-partial-payments-when-making-partial-shipments\/\">Is It Possible to Get Partial Payments When Making Partial Shipments?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Partial shipments, partial drawings and partial payments are very closely related terms in letters of credit transactions. A beneficiary can make partial shipments, if the letter of credit allows partial shipments explicitly; or else it is silent in regards to the partial shipments. If a letter of credit disallows partial&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/30\/partial-drawings-and-partial-shipments-what-is-the-difference\/\">Partial Drawings and Partial Shipments: What is the Difference?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Partial shipment and partial drawing terms are usually used with the same meaning in export and import transactions. But this is not necessarily the case especially in standby letters of credit and bank guarantees. On this post you can find the definitions of both partial drawings and partial shipments, as&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/29\/what-are-the-consequences-of-not-allowing-partial-shipments\/\">What are the Consequences of not Allowing Partial Shipments?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 want to permit partial shipments, he must give clear instructions to the issuing bank to this effect, when opening the letter of credit. Why&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/29\/comparison-between-the-partial-shipment-and-transshipment\/\">Comparison Between the Partial Shipment and Transshipment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Definition of Transshipment: Transhipment means unloading from one means of conveyance and reloading to another means of conveyance during the carriage as enrouted in the letter of credit. Definition of Partial Shipment:\u00a0If a beneficiary under a letter of credit ships the credit amount in a single lot, which is corresponding&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/26\/what-is-a-partial-shipment\/\">What is a Partial Shipment?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 the partial shipments. Definition: If a beneficiary under a letter of credit ships the credit amount in a single lot, corresponding to the whole credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/21\/what-does-full-set-of-bills-of-lading-mean\/\">What Does Full Set of Bills of Lading Mean?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Under an ordinary letter of credit, the issuing bank demands a full set of clean shipped on board ocean bills of lading from the beneficiary. But what is a full set of bill of lading according to the letter of credit rules? How does a beneficiary make sure that he&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/11\/correct-addresses-of-the-beneficiary-and-the-applicant\/\">Correct Addresses of the Beneficiary and the Applicant<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">When the addresses of the beneficiary and the applicant appear in any stipulated document, they need not be the same as those stated in the credit or in any other stipulated document, but must be within the same country as the respective addresses mentioned in the credit. Laura from Germany&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/11\/means-of-conveyance-and-mode-of-transport\/\">Means of Conveyance and Mode of Transport<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 are air transportation, land transportation, rail transportation, sea transportation and multimodal transportation. Means of Conveyance is a term describing something that serves as a means&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/09\/partial-acceptance-of-amendments\/\">Partial Acceptance of Amendments<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 should give notification of acceptance or notification of rejection of an amendment. If the beneficiary fails to give such notification of acceptance, a presentation that&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/09\/effectiveness-date-of-an-amendment\/\">Effectiveness Date of an Amendment<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 can not be changed without the consent of the beneficiary. The beneficiary may find some of the terms and conditions of the credit unacceptable. Under&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/09\/clean-on-board-notation-on-bills-of-lading\/\">Clean on Board Notation on Bills of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">What is clean on board? A clean transport document or a \u201cclean on board\u201d clause relates to the condition of the goods and\/or packaging. If, on receipt of the goods, the carrier finds that the packaging or the goods are defective, he will make a notation on the transport document&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/05\/complying-presentation\/\">Complying Presentation<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 sight payment you should expect to receive your funds within couple of days after the end of the document evaluation period, which is 5 banking&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/05\/banks-in-letter-of-credit\/\">Banks in Letter of Credit<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Banks play a key role in letters of credit transactions. They start and end the L\/C operations. They also decide either refusal of the documents or acceptance of the presentation. Without banks we cannot talk about any L\/C transactions. Different types of banks exist in a letter of credit transaction&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/04\/reimbursement-and-reimbursing-bank\/\">Reimbursement and Reimbursing Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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, first of all you have to make some expenses, then you will be qualified for a reimbursement. The same logic apply to the reimbursement&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/02\/what-does-with-recourse-and-without-recourse-mean-in-international-finance\/\">What Does &#8220;With Recourse&#8221; and &#8220;Without Recourse&#8221; Mean in International Finance?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Recourse means the right to claim a refund of an amount paid in connection with the negotiation of a documentary credit or the discounting of a bill of exchange. (1) With recourse and without recourse are two terms defining whether or not the paying bank shall claim refund from the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/02\/confirming-bank\/\">Confirming Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">If you would like to export your goods to one of the high risk countries and you would like to eliminate default risk of the importer's bank, then you may seek to have your letter of credit confirmed by one of the prime banks. Confirmation is a security tool, which&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/01\/nominated-bank\/\">Nominated Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Nominated bank is another important yet not well understood term in international letter of credit transactions. May be the biggest contribution of this lack of understanding comes from the blur definitions of its roles and responsibilities comparing to the confirming bank, advising bank or issuing bank under the letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/06\/01\/advising-bank\/\">Advising Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Advising Bank is the bank that advises the letter of credit to the beneficiary. Advising banks act upon the request of issuing banks. Generally, advising banks are located in the same country as beneficiaries. That is why issuing banks need their services. Letters of credit are transmitted between banks via&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/31\/issuing-bank\/\">Issuing Bank<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit is opened and finalized by the issuing bank. The issuing bank is the institution that gives ultimate irrevocable and conditional payment guarantee to the beneficiary. All other banks are acting according to the instructions and authorization that they have received from the issuing bank. For example, an&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/31\/what-happens-if-court-stops-payment-of-an-irrevocable-confirmed-letter-of-credit\/\">What happens if court stops payment of an irrevocable, confirmed letter of credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In many countries, applicants able to prevent payments under letters of credit by obtaining court orders on the grounds that low quality goods shipment or fraudulent actions of the beneficiaries. Often courts issue a temporary or preliminary injunction. On this post I demonstrate a court order that stops payment of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/30\/how-to-cancel-a-letter-of-credit\/\">How to Cancel a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the letter of credit rules, a letter of credit should be issued in an irrevocable form, as a result it cannot be cancelled without the written consent of the beneficiary. Definition of Irrevocability Concept and Its Effects on Cancellation of Letters of Credit: According to letter of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/29\/shipping-marks\/\">Shipping Marks<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 marks on to the packages in order to make sure that they are handled correctly and efficiently during the whole transportation process. The marking, also&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/28\/what-are-the-differences-between-received-for-shipment-bill-of-lading-and-pre-printed-shipped-bill-of-lading\/\">What are the differences between received for shipment bill of lading and pre-printed shipped bill of lading?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 have been received by the carrier but not on board of a named vessel. Shipped on board bills of lading: Goods have been received by the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/23\/stale-documents\/\">Stale Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Some letters of credit indicate that stale documents are not acceptable. In rare circumstances letters of credit may also indicate that stale documents are acceptable. But what is a stale document? When does a document set turn into a stale document phase as per latest letter of credit rules? Why&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/23\/what-is-business-identifier-code-bic-and-international-bank-account-number-iban\/\">What is Business Identifier Code (BIC) and International Bank Account Number (IBAN)?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Whatever your payment method would be, cash in advance, open account, cash against documents, letter of credit or bank payment obligation, you need to supply your bank enough \u201cpayments reference data\u201d in order to complete your international payment successfully. \u201cPayments reference data\u201d are the sets of data that banks use&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/21\/what-does-a-non-documentary-condition-mean\/\">What does a non-documentary condition mean?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 credit. (Gary Collyer, The Guide to Documentary Credits, 3rd Edition, page.157) Letter of credit has a unique characteristic which is described as a \u201cdocumentary structure\u201d. We&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/21\/letter-of-credit-discounting\/\">Letter of Credit Discounting<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 of all needs to fulfill his obligations under a letter of credit, before considering himself to be eligible of the issuing bank\u2019s payment. The beneficiary&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/20\/what-happens-if-a-letter-of-credit-calls-for-a-wrong-incoterms\/\">What Happens If a Letter of Credit Calls For a Wrong Incoterms?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 their sales contracts. These kinds of mistakes would be very evident, especially when the parties decide to use a trade term with an unsuitable mode&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/20\/what-are-the-differences-between-cash-against-documents-and-letters-of-credit\/\">What Are the Differences Between Cash Against Documents and Letters of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letters of credit (l\/c) and cash against documents (documentary collections, cad) are both payment methods in international trade. Their combined share is around 50% in all trade finance practices. Letters of credit and cash against documents have some similarities. We can identify major common points of these two payment methods&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/19\/letter-of-credit-currencies\/\">Letter of Credit Currencies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Used as a medium of exchange for goods and services, currency is the basis of the trade. It is expected that each country has its own currency. As an example the United States Dollar is the official currency of the United States, the Japanese Yen is the official currency of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/18\/language-of-letter-of-credit-documents\/\">Language of Letter of Credit Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">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 read the documents, which have been presented to them. Otherwise they can not check them. As a result issuance of the documents with the correct&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/17\/how-to-handle-a-letter-of-credit-which-contains-a-joker-clause\/\">How to Handle a Letter of Credit Which Contains a Joker Clause?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">\"A credit should not require presentation of documents that are to be issued, signed or countersigned by the applicant\" says International Standard Banking Practice (ISBP 745) in its preliminary conditions section. Sometimes importers or importers' banks attempt to include such clauses in letters of credit. On this page I will&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/16\/top-10-letter-of-credit-discrepancies\/\">Top 10 Letter of Credit Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Discrepancy can be defined as an error or defect, according to the issuing bank, in the presented documents compared to the documentary credit, the UCP 600 rules or other documents that have been presented under the same letter of credit. According to the LC Market Intelligence Survey conducted by DC-Pro&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/15\/5-biggest-letter-of-credit-mistakes\/\">5 Biggest Letter of Credit Mistakes<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In international trade, there are couple of payment options available such as cash against documents, open account, advance payment and letter of credit. Letter of credit is not the first payment option for most of the importers and exporter, because it is expensive and requires advanced operational skills. Generally, an&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/11\/how-does-an-import-letter-of-credit-work-in-international-trade-transactions\/\">How Does an Import Letter of Credit Work in International Trade Transactions?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to answer the question \u201cHow Does an Import Letter of Credit Work?\u201d by explaining the import letter of credit process in detail with examples. Also you can find a flow chart in regards to the import letter of credit process with explanations. After reading&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/10\/how-to-open-a-letter-of-credit\/\">How to Open a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to answer the question \"How to open a letter of credit?\" by explaining the lc application process\u00a0 in detail with examples. Also you can find the explanations belong to some of the most frequently used letter of credit application terms such as letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/09\/shipment-advice\/\">Shipment Advice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A shipment advice is a commercial document , which is issued by the exporter, who is the beneficiary of the letter of credit, in order to give shipment details to the importer, who is the applicant of the letter of credit. Who should issue shipment advice? The shipment advice should&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/08\/how-much-does-it-cost-to-open-a-letter-of-credit\/\">How Much Does It Cost to Open a Letter of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to explain the letter of credit issuance costs, and the main factors that are effecting them. Letter of credit is a secure payment method comparing to other payment options in international trade. However, letter of credit has one clear disadvantage. It is expensive. There&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/07\/pre-export-verification-of-conformity-pvoc-certificate\/\">Pre-Export Verification of Conformity (PVoC) Certificate<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">PVoC is a conformity assessment programme lunched by some African states with the aim of controlling the quality of imported goods in order to minimize the risk of unsafe and substandard goods entering into their markets. Pre-Export Verification of Conformity or Conformity Assessment Programmes are put into action in accordance&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/07\/insurance-documents\/\">Insurance Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Insurance defined by merriam-webster dictionary as \"a coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.\" Insurance can cover a wide range of activities including but not limited to agricultural insurance, health insurance, life insurance, vehicle insurance etc... On&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/06\/health-certificate\/\">Health Certificate<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">All food products that will be subject to international trade, whether of animal or non-animal origin, must be fit for human consumption and comply with all relevant food legislation such as hygiene, pesticides, genetic, labeling, contaminants, use of additives etc. A health certificate is a document used in export import&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/05\/inspection-certificate\/\">Inspection Certificate<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to explain \u201cQuality Control Inspections\u201d, \"Inspection Certificates\" and their applications in letters of credit. A letter of credit transaction is all about the documents, but not the actual goods or services. The banks reach to payment or non-payment decisions under the letters of credit&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/05\/03\/packing-list-and-weight-list\/\">Packing List and Weight List<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Packing list, is an international trade document, used to identify details of the shipment in terms of packaging. The packing list is a detailed listing of the contents of the shipment and acts as a supporting document. The packing list may provide a means of quickly identifying merchandise required for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/28\/sample-bill-of-exchange\/\">Sample Bill of Exchange<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, you can find a sample \"Bill of Exchange\", which is drawn under a typical letter of credit transaction. Bill of exchange can be defined as an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/27\/bill-of-exchange\/\">Bill of Exchange<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to explain \"Bill of Exchange\" and its applications in letters of credit. Banks mention \"Bill of Exchange\" as \"Draft\" in some occasions. Bill of exchange can be used as a supporting financial document in cash against documents and letters of credit payments. Bill of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/27\/international-sales-contract\/\">International Sales Contract<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In international trade transactions, a sales contract defines the roles and responsibilities of the parties to each other. Without a sales contract, it would not be possible to define the rights and obligations of the exporters and importers. Definition: Contract of sale is defined as \u201cformal contract by which a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/26\/proforma-invoice\/\">Proforma Invoice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In international trade, a proforma invoice means a trade document that states a commitment from the seller (exporter) to sell goods to the buyer (importer) at specified conditions. Proforma invoice can be defined as a compact form of an international sales contract. In other words, it is a lite version&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/23\/sample-legalized-commercial-invoice\/\">Sample Legalized Commercial Invoice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I would like to share a legalized commercial invoice example. The invoice was prepared in 2012 by one of Turkish manufacturer and exporter in accordance with the letter of credit, which was issued by a Yemen bank. What does a legalized commercial invoice mean in international trade?&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/22\/certified-commercial-invoice-and-legalized-commercial-invoice\/\">Certified Commercial Invoice and Legalized Commercial Invoice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A certified commercial invoice is a commercial document, which is issued by the beneficiary of the letter of credit and certified by the chamber of commerce. Legalized invoice, also known as consular invoice, in addition to chamber of commerce certification, contains a signature and stamp of an embassy or consulate&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/20\/commercial-invoice\/\">Commercial Invoice<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Commercial invoice is a document which is used mostly in international trade transactions. It is a commercial document required by customs to determine true value of the imported goods, for assessment of duties and taxes. The commercial invoice is necessary for both the seller and the buyer. With the commercial&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/20\/certificate-of-origin\/\">Certificate of Origin<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A Certificate of Origin (often abbreviated to CO, C\/O, COO) is a trade document, which identifies the origin of goods that is being exported and required by almost all of the export and import shipments in international trade. Certificate of origin is a document used in international trade transactions, certifies&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/15\/fiata-fwb-non-negotiable-fiata-multimodal-transport-waybill\/\">Fiata FWB (Non-Negotiable Fiata Multimodal Transport Waybill)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain Non-Negotiable Fiata Multimodal Transport Waybill, a transport document, only issued by freight forwarders, whom are the members of the FIATA (International Federation of Freight Forwarders Associations). The FWB is an acronym which stands for \"Forwarder's Waybill\", \"Fiata Waybill\" or \u201cNon-Negotiable FIATA Multimodal Transport Waybill\u201d.&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/14\/fiata-fbl-negotiable-fiata-multimodal-transport-bill-of-lading\/\">FIATA FBL (Negotiable FIATA Multimodal Transport Bill of Lading)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain Negotiable FIATA Multimodal Transport Bill of Lading, a transport document, only issued by freight forwarders, whom are the members of the FIATA (International Federation of Freight Forwarders Associations). The FBL is an acronym which stands for \"Forwarder's Bill of Lading\", \"Fiata Bill of Lading\"&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/14\/fiata-fwr-warehouse-receipt\/\">Fiata FWR (Warehouse Receipt)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain Fiata Warehouse Receipt, an international trade document, only issued by freight forwarders, whom are the members of the FIATA (International Federation of Freight Forwarders Associations). The FWR is an acronym which stands for \"Fiata Warehouse Receipt\". FWR is a standardized document format created by&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/13\/fiata-fct-forwarders-certificate-of-transport\/\">FIATA FCT (Forwarders Certificate of Transport)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain Forwarder's Certificate of Transport, an international trade document, only issued by freight forwarders, whom are the members of the FIATA (International Federation of Freight Forwarders Associations). The FCT is an acronym which stands for \"Forwarder's Certificate of Transport\". FCT is another standard document template&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/13\/fiata-fcr-forwarders-certificate-of-receipt\/\">Fiata FCR (Forwarder\u2019s Certificate of Receipt)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain Forwarder's Certificate of Receipt, an international trade document, only issued by freight forwarders, whom are the members of FIATA (International Federation of Freight Forwarders Associations). Freight forwarder is a person, who is expediting goods to the consignee on behalf of the shipper; may be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/12\/fiata-documents\/\">Fiata Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, I will explain freight forwarders, freight forwarders association and the documents published by the freight forwarders association in a global scale. Forwarding agents are also known as freight forwarders, freight brokers, transit agents, and they may also act as clearing agents or customs brokers. In most instances&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/12\/rail-transport-document-cim\/\">Rail Transport Document (CIM)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to explain you \"Rail Transport Document\" and its applications in letters of credit transactions. Banks mention \"Rail Transport Document\" as \"Rail Transport Document \", \"Rail Consignment Note\", or \"CIM Consignment Note\" in letters of credit. Rail transport document or rail consignment note is a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/11\/road-transport-document-cmr\/\">Road Transport Document (CMR)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, I will try to explain you \"Road Transport Document\" and its applications in letters of credit transactions. Banks mention Road Transport Document as \"CMR Road Transport Document \", \"Truck Consignment Note\", \"CMR Consignment Note\" in letters of credit. A road consignment note is issued by the carrier&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/11\/air-waybill\/\">Air Waybill<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page I will try to explain you air waybill and its applications in letters of credit transactions. Issuing banks mention air transport document as \"Air Waybill\" (AWB), or \"Air Consignment Note\" in letters of credit. An air waybill is a document covering the carriage of goods by plane&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/07\/charter-party-bill-of-lading\/\">Charter Party Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page I will try to explain you \"Charter Party Bill of Lading\" and its applications in letters of credit transactions. Charter Party Bill of Lading is one of the transport documents that is specifically governed by the letter of credit rules. The international shipping industry is responsible for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/04\/sea-waybill-non-negotiable-bill-of-lading\/\">Sea Waybill (Non-Negotiable Bill of Lading)<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Transport documents can be classified under two main groups: Negotiable transport documents and non-negotiable transport documents. Bill of lading has always been a negotiable transport document for centuries. Road transport document, air transport document and rail transport document are relatively new transport document types and all of them are non-negotiable&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/04\/02\/bill-of-lading\/\">Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The transport document covering the carriage of goods by sea is called a bill of lading. B\/L is the most frequently used abbreviation of the bill of lading. Actually, the bill of lading is the generic name of the transport document, which is used in sea shipments. There are several&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/13\/multimodal-bill-of-lading\/\">Multimodal Bill of Lading<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Multimodal transportation is the movement of one unit load\u00a0from origin to destination by several methods or transportation\u00a0under one document without breaking up the unit load. A very good example of a multimodal transportation is that containers loaded in continental Europe travel by train to Rotterdam, then ship on a vessel&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/12\/letter-of-credit-documents\/\">Letter of Credit Documents<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">After reading this post, you should understand why documentation is very important under letters of credit. Additionally, most frequently used document links have been supplied on later parts of this article. There are many important points in a typical letter of credit transaction that need to be taken care of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/07\/inspection-certificate-discrepancies\/\">Inspection Certificate Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page you can find most common discrepancies related to the inspection certificate, which is issued under a typical letter of credit transaction. Discrepancy can be defined as an error or defect, according to the issuing bank, in the presented documents compared with the documentary credit, the UCP 600&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/07\/inspection-certificate-not-issued-and-signed-by-the-party-required-by-the-letter-of-credit-discrepancy\/\">Inspection Certificate Not issued and Signed by the Party Required by the Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Inspection in international trade can be defined as a process of checking the quality of goods against the contractual requirements. Because, the importer and exporter are located in different countries, and they are usually living very away from each other, as a result it would not be feasible for the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/06\/multimodal-bill-of-lading-discrepancies\/\">Multimodal Bill of Lading Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Multimodal transportation is the movement of one unit load\u00a0from origin to destination by several methods or transportation\u00a0under one document without breaking up the unit load. The development of container traffic has made this possible,\u00a0as containers can travel from end to end without being\u00a0opened\/unloaded\/reloaded during the course of the journey. The&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/06\/multimodal-bill-of-lading-does-not-cover-at-least-two-different-modes-of-transport-discrepancy\/\">Multimodal Bill of Lading Does Not Cover At Least Two Different Modes of Transport Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A transport document covering at least two different modes of transport is regarded as a multimodal bill of lading according to the letter of credit rules. If the letter of credit asks for a multimodal bill of lading or a combined bill of lading, however named, the transport document which&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/06\/unclean-multimodal-bill-of-lading-presented-discrepancy\/\">Unclean Multimodal Bill of Lading Presented Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Banks accept only clean transport documents. Banks do not accept any unclean transport document such as unclean bill of lading, unclean multimodal bill of lading, unclean charter party bil of lading, unclean road transport document, unclean air transport document, unclean sea waybill etc. Letter of credit rules define clean transport&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/05\/place-of-receipt-different-than-the-letter-of-credit-discrepancy\/\">Place of Receipt Different than the Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Multimodal bill of lading is a type of transport document, that is used when the shipment covers at least two different modes of transport. On a typical multimodal bill of lading, there are 4 different places exist in regards to delivery of goods: Place of Receipt: is\u00a0the place where the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/03\/description-of-goods-on-the-multimodal-bill-of-lading-is-inconsistent-discrepancy\/\">Description of Goods on the Multimodal Bill of Lading is Inconsistent Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the letter of credit rules, the commercial invoice must contain a description of goods, which corresponds to that indicated in the credit. Other documents may or may not contain a description of goods. If a document other than the commercial invoice, such as a bill of lading, packing&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/03\/notify-different-than-letter-of-credit-discrepancy\/\">Notify Different Than Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Notify party is the institution, to whom the shipping company informs the arrival of the cargo. A transport document covering at least two different modes of transport is regarded as a multimodal bill of lading according to the letter of credit rules. The notify party field on the multimodal bill&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/02\/consignee-different-than-letter-of-credit-discrepancy\/\">Consignee Different Than Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Consignee field on the multimodal bill of lading must be completed according to the instructions stated in the letter of credit. In a contract of carriage, the consignee is the person to whom the shipment is to be delivered whether by land, sea or air. The consignee field can be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/03\/01\/multimodal-bill-of-lading-late-shipment-discrepancy\/\">Multimodal Bill of Lading Late Shipment Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Most commercial letters of credit rely on shipment of goods to perform its role. Under a typical commercial letter of credit, the exporter ships the goods, collects the documents including a transport document and makes the presentation to the issuing bank. If the letter of credit requires presentation of a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/28\/transport-route-not-as-per-letter-of-credit-discrepancy\/\">Transport Route Not As Per Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the letter of credit rules, each shipment needs to be verified by a corresponding transport document and must follow the route, that is stated in the letter of credit. A transport document covering at least two different modes of transport is regarded as a multimodal transport document or&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/27\/insurance-document-discrepancies\/\">Insurance Document Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">It is a common practice in the commercial world to insure goods in transit. Briefly, the following\u00a0reasons compel traders to contract transport insurance: Protection against financial losses resulting from damage, pilferage, theft and non-receipt of\u00a0entire or part of a consignment; and Protection against financial claims that can be made against&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/26\/insurance-coverage-is-insufficient-discrepancy\/\">Insurance Coverage is Insufficient Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Marine insurance, contract whereby, for a consideration stipulated to be paid by one interested in a ship or cargo that is subject to the risks of marine navigation, another undertakes to indemnify him against some or all of those risks during a certain period or voyage.(1) In a letter of&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/25\/all-originals-of-insurance-policies-have-not-been-presented-discrepancy\/\">All Originals of Insurance Policies Have Not Been Presented Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Marine insurance is a type of commercial liability insurance that provides coverage (financial backing) against perils and losses associated with the transportation of goods. Marine insurance is possibly the oldest type of commercial insurance in the world, dating as far back as the thirteenth or fourteenth century.(1) According the current&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/24\/insurance-policy-not-issued-and-signed-by-an-insurance-company-or-its-agent-discrepancy\/\">Insurance Policy not Issued and Signed by an Insurance Company or its Agent Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Cargo insurance, also referred to as a marine cargo insurance, in general, means the insurance on goods being shipped in\u00a0international trade by vessel, aircraft or overland conveyance. (1) An insurance policy, an insurance certificate or a declaration under an open cover will be regarded as an insurance document under current&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/20\/packing-list-discrepancies\/\">Packing List Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Packing list is a commercial document, in broad perspective. It is a detailed listing of the contents of the shipment and acts as a supporting document of both commercial invoice and bill of lading. The packing list (abbreviated as P\/L) gives great deal of information regarding the incoming cargo without&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/19\/container-number-not-in-accordance-with-the-bill-of-lading-discrepancy\/\">Container Number not in Accordance with the Bill of Lading Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Container number is a unique reference number assigned to a freight container so that the container can be traced and tracked by the government authorities, carriers, shippers and freight forwarders throughout its journey. Determining the correct container number which belongs to a specific shipment is very important to the custom&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/15\/packing-list-and-certificate-of-origin-show-different-net-weight-or-gross-weight-discrepancy\/\">Packing List and Certificate of Origin Show Different Net Weight or Gross Weight Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Packing list and certificate of origin are two important trade documents. The packing list is a detailed listing of the contents of the shipment and acts as a\u00a0supporting document. The certificate of origin verifies the country in which the goods to be exported were originally manufactured. According to the letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/15\/description-of-goods-is-in-conflict-with-other-documents-discrepancy\/\">Description of Goods is in Conflict with Other Documents Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The packing list is a trade document, which shows the contents of the shipment in detail and acts as a\u00a0supporting document of the commercial invoice. The packing list may provide a means of quickly identifying\u00a0merchandise required for customs inspection, give a means of determining accurate\u00a0weights and measurements, and give a&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/09\/certificate-of-origin-discrepancies\/\">Certificate of Origin Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Certificate of Origin can be regarded as an official document.\u00a0The certificate of origin could be issued on paper or electronic form. The certificate of origin verifies the country in which the goods to be exported\u00a0were originally manufactured. Although the certificate of origin could be issued by an exporter without requiring&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/09\/origin-of-goods-inconsistent-with-the-letter-of-credit-discrepancy\/\">Origin of Goods Inconsistent with the Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A certificate of origin should certify the origin of the goods. When a letter of credit indicates the origin of the goods and requesting presentation of a certificate of origin, any reference to the origin of goods on the certificate of origin or another document, is not to conflict with&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/08\/description-of-goods-differs-from-the-letter-of-credit-discrepancy\/\">Description of Goods Differs from the Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">As per letter of credit rules and international standard banking practices a certificate of origin should not specify description of goods different than what is stated in the letter of credit. A certificate of origin is to appear to relate to the invoiced goods, for example, by: a goods description&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/07\/certificate-of-origin-not-issued-by-the-chamber-of-commerce-discrepancy\/\">Certificate of Origin not Issued by the Chamber of Commerce Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The certificate of origin verifies the country in which the goods to be exported were originally manufactured.(1) The issuing body of the certificate of origin could be the government authority or a body empowered by the government. Furthermore, the producer, manufacturer or exporter could also issue a certificate of origin&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/06\/certificate-of-origin-presented-instead-of-a-gsp-form-a-discrepancy\/\">Certificate of Origin Presented Instead of a GSP Form A Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The certificate of origin verifies the country in which the goods to be exported were originally manufactured. The certificate of origin could be issued on paper or\u00a0electronic form. The issuing body of the certificate of origin could be the government authority or a body empowered by the government. Furthermore,\u00a0the\u00a0producer, manufacturer&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/06\/commercial-invoice-discrepancies\/\">Commercial Invoice Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this page, you can find most common discrepancy examples related to the\u00a0commercial invoice. Invoice is a commercial document.\u00a0A commercial invoice is a required document for the export and import clearance process. It is sometimes used for foreign exchange purposes. In the buyer\u2019s country, it is the document that is&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/05\/short-shipment-discrepancy\/\">Short Shipment Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Partial shipment can be defined as shipping the goods not whole at once, but in smaller consignment(s). Partial Shipment Examples: Let us assume that letter of credit requires shipment of 10 buses. If the shipper dispatches; 8 buses under 1 shipment, makes a partial shipment 4 buses under 1st shipment&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/05\/commercial-invoice-not-issued-by-the-beneficiary-discrepancy\/\">Commercial Invoice Not Issued by the Beneficiary Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A commercial invoice is a trade document, which is generally prepared during the shipment stage. A commercial invoice is a required document for the export and import clearance process. It is sometimes used for foreign exchange purposes. In the buyer\u2019s country, it is the document that is used by their&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/04\/commercial-invoice-shows-merchandise-not-called-for-discrepancy\/\">Commercial Invoice Shows Merchandise Not Called For Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A commercial invoice should not indicate goods, services or performance not called for in the credit. As per letter of credit rules and international standard banking practices, an invoice is not to indicate goods, services or performance not called for in the credit. This letter of credit rule applies, even&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/03\/proforma-invoice-presented-instead-of-a-commercial-invoice-discrepancy\/\">Proforma Invoice Presented Instead of a Commercial Invoice Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A proforma invoice is a commercial document, usually prepared during the negotiation stage of the order. A proforma invoice is a quote in an invoice format that may be required by the buyer to apply for an import\u00a0license, contract for pre-shipment inspection, open a letter of credit or arrange for&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/03\/description-of-goods-discrepancy\/\">Description of Goods Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">According to the letter of credit rules and international standard banking practices, the description of the goods, services or performance shown on the commercial invoice is to correspond with the description stated in the letter of credit. Commercial invoice, which is the only document as defined in the UCP 600,&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/02\/incoterms-discrepancy\/\">Incoterms Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The Incoterms are a standard set\u00a0of trade terms used worldwide mostly in\u00a0international trade. It is also possible to use them in domestic contracts of\u00a0sale. The rules define the obligations,\u00a0costs and risks of sellers and buyers in\u00a0connection with the delivery of goods. When exporters and importers mutually agreed on the trade&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/02\/bill-of-lading-discrepancies\/\">Bill of Lading Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">On this post, you can find most common bill of lading discrepancy examples. Discrepancy can be defined as an error or defect, according to the issuing bank, in the presented documents compared with the documentary credit, the UCP 600 rules or other documents that have been presented under the same&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/02\/01\/intended-vessel-discrepancy\/\">Intended Vessel Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">There are two main types of bills of lading available on the market, in terms of shipment notations: \u201cReceived for shipment...\u201d bill of lading and \u201cShipped ... on board\u201d bill of lading. If you want to understand, which type of bill of lading you have in your hand, please simply&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/31\/costs-additional-to-freight-discrepancy\/\">Costs Additional to Freight Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Letter of credit rules allow transport documents to show costs additional to freight. However, some banks especially in certain countries, prohibit costs additional to freight to be mentioned on the transport documents, by cancelling the related article of UCP 600. If a letter of credit indicates that costs additional to&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/30\/carrier-not-identified-and-bill-of-lading-not-signed-as-per-ucp-600-discrepancy\/\">Carrier Not Identified and Bill of Lading Not Signed As Per UCP 600 Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Bill of lading is a very important transport document, because it is suppose to evidence of contract of carriage, a receipt of goods by the carrier and a document of title to the goods. In order a bill of lading functions as it is suppose to function, it must be&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/29\/unclean-bill-of-lading-discrepancy\/\">Unclean Bill of Lading Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A clean bill of lading is a type of transport document, which bears no clause or notation, which expressly declares a defective condition of the goods and\/or the packaging. Banks can accept only clean transport documents under letters of credit transactions. Banks do not accept any unclean transport document. As&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/29\/partial-shipment-discrepancy\/\">Partial Shipment Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The importer and exporter should determine, when signing the sales contract, to allow or prohibit partial shipments. Partial shipment can be defined as shipping the goods not whole at once, but in more than one smaller shipments. Partial shipments total may be less than the total contract amount. The letter&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/28\/gross-weight-is-different-on-documents-discrepancy\/\">Gross Weight is Different on Documents Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">In a letter of credit transaction, the gross weight must show the same value on all presented documents. As an example, the gross weight on the bill of lading must not conflict with the gross weight stated on the packing list, weight list or any other document. According to the&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/28\/late-shipment-discrepancy\/\">Late Shipment Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Documentary credits often include a \"latest date of shipment\". Latest date of shipment is one of the most important definitions in commercial documentary credits. As a beneficiary, if you are obligated to make a shipment \u00a0under a commercial letter of credit, and need to present a transport document; such as&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/27\/port-of-discharge-different-than-letter-of-credit-discrepancy\/\">Port of Discharge Different Than Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A bill of lading is a generic term for a transport document, that covers transport by sea from a port of loading to a port of discharge. Port of discharge can be defined as a port, where a vessel will unload its cargo, from where the cargo will be dispatched&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/26\/port-of-loading-different-than-letter-of-credit-discrepancy\/\">Port of Loading Different Than Letter of Credit Discrepancy<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">A bill of lading is a generic term for a transport document, that covers transport by sea from a port of loading to a port of discharge. All shipments, that covered under a bill of lading, must be made between the port of loading and port of discharge, which are&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/26\/discrepancies\/\">Discrepancies<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The issuing bank or the confirming bank must pay the credit amount to the beneficiary, when they determine that the presentation is complying. The complying presentation means is that the presentation with zero discrepancies. If, the issuing bank or the confirming finds at least one discrepancy, then the presentation becomes&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/25\/how-to-deal-with-high-banking-commissions-under-letters-of-credit\/\">How to Deal with High Banking Commissions under Letters of Credit?<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">No matter how many advantages letters of credit have, they have one big disadvantage. They are expensive. As a result, you should understand your costs before finalizing a letter of credit deal. Letter of credit is a secure payment method in foreign trade. But this comfort of security comes with&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/25\/discrepancy-fee\/\">Discrepancy Fee<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Discrepancy can be defined as an error or defect, according to the issuing bank, in the presented documents\u00a0compared with the documentary credit, the UCP 600 rules or other\u00a0documents that have been presented under the same letter of credit. Discrepancy fee occurs, only when the issuing bank determines that the presentation&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/24\/confirmation-fee\/\">Confirmation Fee<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Confirmation fee can be defined as charges collected by the confirming banks, against the risks they will be having to posses by confirming the letters of credit. As I will be explaining below a confirming bank undertakes two main risk factors by adding its confirmation to the letter of credit:&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/23\/advising-fee\/\">Advising Fee<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">The act of informing the details of a credit or an amendment to the beneficiary is known as advising under documentary credit transactions. By advising the credit to the beneficiary, an advising bank certifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and&hellip; <span class=\"excerpt-more\"><\/span><\/span><\/li><li class=\"listing-item\"><a class=\"title\" href=\"https:\/\/www.letterofcredit.biz\/index.php\/2018\/01\/23\/letter-of-credit-fees\/\">Letter of Credit Fees<\/a> <span class=\"excerpt-dash\">-<\/span> <span class=\"excerpt\">Understanding Letter of Credit (L\/C) fees is crucial for international trade. Learn about the different types of L\/C fees, including issuance, advising, discrepancy, confirmation, and more, to manage costs effectively. <span class=\"excerpt-more\"><\/span><\/span><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7204","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/pages\/7204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=7204"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/pages\/7204\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=7204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}