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What are the special features of a marine Bill of lading? The marine bill of lading is special; if the parties so wish, it can be made a negotiable doc; in other words, it can be bought or sold. The person buy BL because the person who holds a BL owns the good described. This is an imp aspect of commodity trading. The word ‘Order’ makes the bill of lading negotiable. That means the shipper must endorse the bill by signing it on the back. To be acceptable as a shipping document under a letter of credit, it must bear the notation that the goods have been shipped on board a named vesse 3. How does LC protect both buyer and seller? Autonomy: LC is an agreement by a bank to pay money against docs. The bank is obliged to pay whatever the disputes btw the buyer and the exporter. Strict compliance: The bank will pay only if the shipping docs are exactly in line with the buyer’s instructions 4. What are the differences between time LC and deferred payment LC? Deferred payment LC : after delivery, shipper forward documents to the importer bank, while a sight draft is presented at a later date; Khác nhau với ng bán: Time draft : after delivery, shipper forward documents to the importer bank, but instead of paying the seller, the bank accepts the draft making it a bankers acceptance and return it to the seller. This banker acceptance have liquidity while deffered payment dont have this characteristi 5. What are the differences between revocable LC and stand by LC? revocable LC is an LC which can be amended or cancelled without notifying to any party. Standby LC is an LC for assuring one party perform the contract. If Buyer perform their duty, standby LC is automatically cancelled. If Buyer not, issuing bank of Standby LC has the duty to pay 6. What are the similarities and differences between a guarantee and a warranty? Warranty: A commitment of the seller to take certain actions in case of defects Guarantee: is a triangle rlt btw principal (Buyer), beneficiary (Seller) and the bank in which the guarantor promise to pay money to the beneficiary if the principle breaks its promise. 7. What are the principles of an enforceable contract? An enforceable contract is any legal contract which carries the force of law behind it. It is a legal agreement between two parties which is legal binding. An enforceable contract is any legal agreement between two parties which is not restricted by any laws.