Letter of Credit
- Business
The Important Documents for an Irrevocable Letter of Credit under UCPDC
The following are the important documents that may he required under a letter of credit: 1. Bill of Exchange: A…
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What is Operative Letter of Credit in Foreign Trade
The rules/procedures under UCP 500 regarding tele-transmission to advise a letter of credit, amendments and preliminary advises. Operative Letter of…
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The Liability of the issuing bank and negotiating bank with reference to UCPDC
For an example, your correspondent bank opened an “operative letter of credit” through your bank by telex, which was duly…
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The circumstances under which the banks can disclaim responsibility and repudiate liability under the provision of UCPDC
Disclaim of Responsibility of Banks. There are certain provisions in the UCP absolving the bank involved in the transactions from…
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lmportance of Article 13(b) of the UCPDC on Reasonable Time
Prior to 1993 revision of UCP, the ‘reasonable time’ allowed to the issuing bank to verify the documents to judge…
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Will the issuing bank be responsible to the negotiating bank for any loss of interest
Under Article 19 (D) the issuing bank will be responsible to the negotiating bank for any loss of interest if…
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What are the duties and responsibilities of the negotiating bank under a letter of credit
Negotiating Bank (i) Unless the negotiating bank is nominated in the credit and it accepts the nomination or it is…
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What are the Duties and Responsibilities of the Confirming Bank and Reimbursing Bank under a letter of credit
(c) Confirming Bank (i) When a bank in the exporter’s country adds its confirmation to the credit, it gives an…
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What are the Duties and Responsibilities of Issuing Bank and Advising Bank in a Letter of Credit
Duties and Responsibilities of Issuing Bank in a Letter of Credit (i) The issuing bank is primarily responsible for payment…
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Distinguish between Guarantee Letter of Credit and a Standby Letter of Credit
Standby Letter of Credit. Article 2 of UCP states that credit includes standby credits but does not define the term.…
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