- •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
1.4 The bank advises the seller that the credit is available (I.E. Confirms the credit)
Impex Bank, Montreal, has sent a copy of the form used by the Buyer to open the L/C to General Bank, London, to authorize the opening of the credit. General Bank advises the Seller by the following letter:
GENERAL BANK 100, Farrington Road, London, EC2M 3HG |
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Our ref. Your ref.
23 July 20__ JBL Netcomps Ltd. 12 a Belgrave London UK
Dear Sirs
Please find enclosed a copy of instructions from Impex Bank to open an irrevocable letter of credit for 10,000.00 dollars in your favour and valid till 15 September 20__.
You are authorized to draw 60 days’ bill on us against this credit for the amount of your invoice as soon as you provide evidence of shipment.
We shall require the documents listed below to be produced by you before we accept your draft, which should include our discount commission at 5% and charges listed on the attached sheet. It is also stipulated by the buyer that the goods covered by this draft be despatched in one shipment.
Yours faithfully A.Handkerchief A.Handkerchief Manager
Enc: (List of documents) |
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1.5 The seller sends the documents to the bank
JBL Netcomps Ltd. 12 a Belgrave, London, UK |
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Our ref. LC/4565/15/10 Your ref.
1 August 20__
General Bank 100 Farrington Road London EC2M 3HG
Dear Sirs
Referring to your advice of 23 July we now have pleasure in enclosing the shipping documents as called for in your letter.
As required by your client, we have included all charges in our invoice, which amounts to 9,685.00 dollars. Our draft on you for this amount is enclosed, and we ask you to discount it, after acceptance, at the agreed rate. Kindly remit the net amount to our No. 567-001 account at the Eastern Bank, Manchester.
We thank you for your assistance in the matter.
Yours faithfully G.Simpson G.Simpson Manager
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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
ROSTRADE Moscow, Mytnaya 17 |
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Our ref. Your ref.
29 September 20__ SCANTRACK Heidelberglaan 2 Stockholm, Sweden
Dear Sirs,
We acknowledge receipt of your letter of 25 September in which you asked us to prolong the time of delivery under Contract No. 12/BC/147 of 12 July 20__ for two weeks owing to some delays on your subcontractors’ part.
We can agree to your request but want to point out that in this case we will have to prolong L/C No. 14/MB/22/00 for USD 12,000.00 opened by us with Midland Bank Ltd., London. This prolongation means that we will have to bear extra charges as all charges connected with any amendment to this L/C are for our account.
We think the following solution might help us: if you undertake to pay the charges connected with this amendment we will agree to your request and advise our bank to amend the L/C.
We are looking forward to hearing from you soon.
Yours faithfully, A.Tugay A.Tugay Manager |
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