An Introduction to Letters of Credit phần 7 pptx

... CONSIDERATIONS The application and issuance of the credit 1. The terms of a credit are independent of the underlying transaction 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 arbit...

Ngày tải lên: 10/08/2014, 07:21

... of Credit. A Standby Letter of Credit issued in favor of a surety company is shown on page 57, Illustration 20. Standby Letters of Credit as a Payment Mechanism Standby Letters of Credit used as ... Bonds Standby Letters of Credit are used to enhance the credit rating of municipal and other bonds and notes and may be structured as either a guarantee type or p...

Ngày tải lên: 10/08/2014, 07:21

... Letters of Credit 31 Transferable and Back -to- Back Letters of Credit 31 Transferable Letters of Credit 31 Back -to- Back Letters of Credit 34 Assignment of Proceeds 35 Simplified Letters of Credit ... Currency Letters of Credit 24 Chapter 5 Letters of Credit – Special Types 29 Revolving Letters of Credit 30 Installment Letters of Credit...

Ngày tải lên: 10/08/2014, 07:21

... identity of one party from another, a Transferable Letter of Credit or a Back- to- Back Letter of Credit may permit the transaction to go forward. Transferable Letters of Credit – When a Letter of Credit issued ... provide financial assistance in the form of grants, loans, subsidies and guarantees. Grants, loans and subsidies are forms of direct agency assistance. G...

Ngày tải lên: 10/08/2014, 07:21

... in any commercial or financial transac- tion. With a Standby Letter of Credit, the Issuing Bank substitutes its creditworthiness for that of its customer, the Applicant. The Standby Letter of Credit ... CREDIT Standby The banking industry has found it useful to distinguish between Commercial Letters of Credit, used to pay the purchase price for the shipment of goods, an...

Ngày tải lên: 10/08/2014, 07:21

... 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 a certificate of compliance with the terms and conditions of the Credit to the Reimbursing Bank. c An Issuing Bank shall not be relieved from...

Ngày tải lên: 10/08/2014, 07:21

... currency and amount; iii. additional amounts payable and tolerance, if any; iv. Claiming Bank or, in the case of freely negotiable credits, that claims can be made by any bank. In the absence of any ... the transport docu- ment. However, if a credit requires a transport document to be issued to order”, to the order of shipper”, to order of the issuing bank”, or “consigned to...

Ngày tải lên: 10/08/2014, 07:21

... and Interpretation of These Rules 1.01 Scope and Application a. These Rules are intended to be applied to standby letters of credit (including performance, financial, and direct pay standby letters ... Customs and Practice for Documentary Credits (UCP) and the Uniform Rules for Demand Guarantees (URDG) do for commercial letters of credit and independent bank guarantees. Th...

Ngày tải lên: 10/08/2014, 07:21

... mode of transportation. Transferring Bank - A bank authorized by the Issuing Bank by nomination in the Letter of Credit to effect a transfer of the Issuing Bank’s Letter of Credit. Underlying Transaction ... 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 an...

Ngày tải lên: 10/08/2014, 07:21