- •Banking 1 documentary credit
- •1.1 The importer applies to the bank for opening the credit
- •1.2 The buyer places an order and informs the seller of the opening of the l/c
- •1.3 The seller receives the order and confirms it
- •1.4 The bank advises the seller that the credit is available (I.E. Confirms the credit)
- •1.5 The seller sends the documents to the bank
- •Documentary credit part II
- •2.1 The buyer replies to the seller’s request to prolong the time of delivery and discusses amendments to the l/c
- •2.2 The buyer advises the bank of the amendment agreed upon with the seller
- •3.1 The buyer informs the seller of discrepancies in the documents
- •3.2 The buyer advises the seller of payment and asks to comply with the requirements of the credit
- •4 The bank advises the buyer of payment
- •Part II
- •Vocabulary
- •Part II
- •Part II
- •Banking 2 documentary collection. Some aspects of commercial banking
- •1.1. The collection order of a bank
- •1.2 Documents are presented for collection
- •1.3 A collection order is not acknowledged
- •1.4 Returning the accepted drafts
- •1.5 Payment guarantee granted by the bank
- •2 Letter of guarantee
- •2.1 Correspondance on letter of guarantee
- •2.2 Payment guarantee granted by the bank
- •2.3 Performance guarantee granted by the bank
- •Part II
- •3 Some aspects of commercial banking
- •3.1 Opening a current account
- •3.2 Problems on standing order
- •3.3 Request for an overdraft
- •3.4 Advice of granting an overdraft
- •Vocabulary
- •Part II
- •Part II
- •Transportation
- •1.1 Request for a quotation for delivery by road
- •Quotation for delivery by road
- •1.3 Advice of delivery from consignor to consignee
- •1.4 Waybill
- •2.1 Delivery by rail
- •2.2 Consignor's reply
- •2.3 Railway bill
- •3.1 Delivery by air. Enquiry for freight rates
- •3.2 Quotation for delivery by air
- •3.3 Airway bill
- •1.4 Waybill
- •2.3 Railway bill
- •3.3 Airwaybill
- •Consignment; to consign
- •Vocabulary
- •Marine transportation
- •Request for freight rates and sailings
- •Shipping company’s reply
- •1.3 Shipping instructions sent to a shipping company
- •1.4 Instructions to a forwarding agent
- •1.5 Advice of despatch
- •1.6 Bill of lading
- •2.1 Telex enquiry for a time-charter
- •2.2 Enquiry for a time-charter
- •2.3 Offer of a vessel for carrying ore
- •2.4 Shipbroker’s reply confirming the fixture of a vessel
- •2.5 General charter
- •1.6 Bill of lading
- •2.5 General charter
- •Liner vs tramp
- •Cargo, freight, load
- •Shipping conference
- •Baltic Exchange
- •Loading dates
- •Vocabulary
- •Packing and marking
- •1.1 Enquiry to a container company
- •1.2 Container company’s reply
- •2.1 Customer’s instructions to packer
- •2.2 Packer’s information to customer
- •3 Information about marking
- •Barrel, cask, hogshead, keg
- •2. Paint vs dye
- •3. Stevedore, stevedores
- •Vocabulary
- •Contract of carriage
- •Carnet; tir Carnet; tir; cmr
- •Vocabulary
- •Insurance
- •Request for marine insurance quotation
- •1.2. Quotation for marine insurance
- •1.3. Claim
- •1.4. Reply to claim
- •2.1. Request for open cover
- •2.2. Quotation for open cover
- •2.3 Notification of shipment under open cover
- •Indemnification vs indemnity
- •Average
- •Average adjuster, average adjustment
- •4. Assessor
- •5. Underwriter
- •6. Interest
- •Vocabulary
Part II
3 Some aspects of commercial banking
Apart from dealing with exporters and importers, please note that banks also provide commercial services to clients in home banking. Here are some aspects of commercial banking.
3.1 Opening a current account
Opening a current account for a company the bank is interested in certain details of the business, which include its address, legal status, its activities, connected companies etc. The bank also needs to know the names and signatures of the owners of the business and who has the right to sign cheques. Sometimes the company may want two signatures on each cheque.
Messrs. Nolestru & Nolestru 67 Eastern Road, Birmingham
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Our ref. Your ref.
4 November 20__ South Bank South bank House Borough Road London SE1 0AA
Dear Sir,
With reference to the telephone conversation of today’s date I would ask you to open a current account in the trading name of Messrs. Nolestru & Nolestru, 67 Eastern Road, Birmingham.
Cont. - 2-
I enclose specimen signatures of the partners, either of whom may sign documents on behalf of the company. You may apply for references about my financial standing to Brawn & Co. banking with your branch. A cheque for 1,000.00 pounds and a paying-in slip are attached hereto.
Yours faithfully, A.Putley A.Putley Finance Manager
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3.2 Problems on standing order
Standing order is an instruction of the payer to a bank to make regular payments to the payee on a particular day every month. Standing orders are useful for regular outgoings such as rent, electricity, gas and telephone bills. They are also used for large monthly items over long periods such as mortgage payments or car purchase.
Messrs. Nolestru & Nolestru 67 Eastern Road, Birmingham
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Our ref. Your ref.
7 November 20__ South Bank South Bank House Borough Road London SE1 0AA
Dear Sir, Account No. 9661510
Our landlords, Thomson & Lartinet, inform us that by the present moment they have not received the money due for the two months’ rent.
With reference to the above account we would kindly ask you to give your debit entries for £450.00 and £450.00 on 2 April and 2 May respectively – for the monthly rent payment by standing order established with your bank.
Your earliest reply will be appreciated.
Yours faithfully, A.Putley A.Putley Finance Manager |
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