An Introduction to Letters of Credit phần 4 pdf
An Introduction to Letters of Credit phần 4 pdf
... in any commercial or financial transac-tion. With a Standby Letter of Credit, the Issuing Banksubstitutes its creditworthiness for that of its customer,the Applicant. The Standby Letter of Credit ... CREDIT StandbyThe banking industry has found it useful to distinguish between Commercial Letters of Credit, used to pay the purchase price for the shipment of goods, and Standby Letters of Credit, ... a discount to any bank. A Banker’s Accep-tance can provide an immediate source of funds for theBeneficiary and can simultaneously defer payment bythe Applicant.Banker’s Acceptances are regulated...
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An Introduction to Letters of Credit phần 1 ppsx
... Letters of Credit 31Transferable and Back -to- Back Letters of Credit 31Transferable Letters of Credit 31Back -to- Back Letters of Credit 34 Assignment of Proceeds 35Simplified Letters of Credit ... Currency Letters of Credit 24 Chapter 5 Letters of Credit – Special Types 29Revolving Letters of Credit 30Installment Letters of Credit 30Advance Payment Letters of Credit 30Red Clause Letters of ... Financing 44 Shipments within the United States 44 Storage within the United States or Overseas 44 Collections 44 Ineligible Banker’s Acceptances 44 Chapter 8 Letters of Credit – Standby 49 Guarantee...
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An Introduction to Letters of Credit phần 3 pps
... identity of one partyfrom another, a Transferable Letter of Credit or a Back- to- Back Letter of Credit may permit the transaction to goforward.Transferable Letters of Credit – When a Letter of Credit issued ... providefinancial assistance in the form of grants, loans,subsidies and guarantees. Grants, loans and subsidiesare forms of direct agency assistance. Guarantees are aform of indirect assistance ... source of payment to the issuer of the second Letter of Credit. The two Letters of Credit used to facilitate the purchaseand resale of the same goods are called Back -to- Back Letters of Credit. Coordinating...
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An Introduction to Letters of Credit phần 5 pptx
... obligations of a reinsurer to an insurer.Revocable Letters of Credit Most Standby Letters of Credit are issued in irrevo-cable form. However, there are instances where the bank’scustomer wants to retain ... 2Meaning of Credit For the purposes of these Articles, the expressions “Docu-mentary Credit( s)” and “Standby Letter(s) of Credit (here-inafter referred to as Credit( s)”), mean any arrangement,however ... of Credit. A Standby Letter of Credit issuedin favor of a surety company is shown on page 57,Illustration 20.Standby Letters of Credit as a Payment MechanismStandby Letters of Credit used as...
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An Introduction to Letters of Credit phần 6 ppsx
... of conveyance to another means of conveyance, in different modes of trans-port, during the course of carriage from the place of ship-ment to the place of destination stipulated in the Credit. d ... Claiming Bank to supply acertificate of compliance with the terms and conditions of the Credit to the Reimbursing Bank.c An Issuing Bank shall not be relieved from any of its obliga-tions to provide ... 1st to the 10th, the 11th to the 20th, and the 21st to the last day of such month, alldates inclusive.F. TRANSFERABLE CREDIT Article 48 Transferable Credit a A transferable Credit is a Credit...
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An Introduction to Letters of Credit phần 7 pptx
... CONSIDERATIONSThe application and issuance of the credit 1. The terms of a credit are independent of the underlyingtransaction even if a credit expressly refers to that transac-tion. To avoid unnecessary ... arbitra-tion, an appointing authority for he arbitral tribunal, and an administrator for any challenges to the appointment of an arbitrator.How is the arbitral tribunal constituted?1. Number of arbitratorsUnless ... respect of thechallenge and replacement of an arbitrator as provided inthe preceding articles shall apply.Article 14 Repetition of Hearings in the Event of theReplacement of an ArbitratorIf...
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An Introduction to Letters of Credit phần 8 docx
... currency and amount;iii. additional amounts payable and tolerance, if any;iv. Claiming Bank or, in the case of freely negotiablecredits, that claims can be made by any bank. In theabsence of any ... the transport docu-ment.However, if a credit requires a transport document to beissued to order”, to the order of shipper”, to order of the issuing bank”, or “consigned to the issuing bank”, ... description of the goods and/or services;ii. country of origin;iii. place of destination/performance.and if the transaction covers the shipment of merchandise,iv. date of shipment;v.place of shipment.c....
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An Introduction to Letters of Credit phần 9 docx
... and Interpretation of These Rules1.01 Scope and Applicationa. These Rules are intended to be applied to standby letters of credit (including performance, financial, and direct paystandby letters ... Customs andPractice for Documentary Credits (UCP) and the UniformRules for Demand Guarantees (URDG) do for commercial letters of credit and independent bank guarantees.The formulation of standby ... afinancial standby without regard to a default. An “Insurance Standby” supports an insurance or reinsur-ance obligation of the applicant.A “Commercial Standby” supports the obligations of an applicant...
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An Introduction to Letters of Credit phần 10 docx
... mode of transportation.Transferring Bank - A bank authorized by the IssuingBank by nomination in the Letter of Credit to effect atransfer of the Issuing Bank’s Letter of Credit. Underlying Transaction ... claims.8. 04 Bank -to- Bank ReimbursementAny instruction or authorization to obtain reimbursementfrom another bank is subject to the International Chamber of Commerce standard rules for bank -to- bank ... evidenc-ing shipment of merchandise and often is used in lieu of bid bonds, performance bonds or payment guarantees to secure a transaction or the performance of anotherparty.Letter of Credit, Straight...
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