Exercise 4. Translate into Russian:

Dear Sirs,

With reference to your invoice no.21078 of 23 of July , we have to point out that you have made an error in your total. We calculate the correct figure at $237, not $247 as given by you.

Our cheque for the former amount is enclosed and we should be obliged if you would amend the invoice or pass the necessary credit.

Yours fathfully

Lesson 2

Application for documentary credit

Please open on our account a Credit in the following terms:

1. This credit is to be (revocable, irrevocable, irrevocable

and confirmed)

2. and advised

through (Correspondent_______________________________________

3. In favour of (Beneficiary) (Address)

4. To the extent of (in words)

5. The Credit is to expire on _________________________in _________________(State/Town/Country) (Unless previously cancelled-if Credit is revocable)

6. The credit is to be available to the beneficiary’s draft.

Drafts to be drawn/payments to be made for the full invoice value and submitted with the under-mentioned documents attached.

7. Documents required:

• Invoice

• Policy or Certificate of Insurance in the same currency as the Credit for CIF Invoice value plus____________percent covering Marine and War risks.

• Complete set of clean on board Shipping Company’s Bill of Lading made out to order and endorsed in blank marked Freight Payable at Destination. Documents must be presented to the paying/accepting/negotiating bank not later than_______ days after the date of the Bills of Lading or other shipping documents stated herein and within the credit validity.

8. Covering shipment of FOB/C&F/CIF

9. Price

10. Shipment from________________________to_______________________

11. Partial shipment allowed/prohibited

12. Transshipment allowed/prohibited

13. Special Instruction (if any)

14. We give overleaf the information required for Exchange Control purposes and we agree to pay you a commission of____________%

1. The documents and the goods and all proceeds of sales thereof and of insurance thereon and all our rights as unpaid sellers when shall be security to you for all obligations and liabilities incurred by you as Correspondent in connection with this Credit and for all disbursements in connection with the goods or otherwise (which we hereby authorize you to pay for our account) and all other our liabilities to you present and future.

2. You may on payment debit our account with all sums paid in connection with this Credit or the goods, also with any commission and interest, or with the whole or part of the amount of the Credit at any time if you think fit, and on demand we will place you in funds to meet such debts, and we will at the latest place you in funds to meet any acceptances three days before their due date or earlier if required. In case of Credits in foreign currency you may pass any such debits in sterling at you rate of exchange, and if passed after payment, at your rate ruling when you receive advice of payment when otherwise arranged. In the event of any default you may sell the documents or goods before or after arrival and any defect we will pay you on demand, and we will indemnify you against all claims, demands, costs, charges, and expenses incurred in connection with this Credit.

3. Your rights against us hereunder shall not be affected by, and you and/or correspondents shall not be responsible for any loss or damage to the goods however and whenever caused, this quantity, quality, condition or their detention by any person whatsoever and howsoever caused, the loss, validity, sufficiency or accuracy of the shipping, insurance or any other documents or failure from any reason by you. Correspondents or any other person will be at our risk.

4. If the Credit is revocable it may be cancelled by you at any time, but cancellation by you or by us shall be without prejudice to our respective obligations as regards any bills negotiated or accepted or payments made thereunder before notice of such cancellation has been received at the place where the Credit is available.

5. All cables in connection with this Credit shall be dispatched at our risk and cost and you shall not be responsible for any loss caused by mistakes, mutilations or omissions in their transmission coding or decoding or interpretation when received by delay on the part of the cable companies concerned.

6. If two or more parties sign this document the liabilities hereunder are joint and several.

7. This Credit is to be subject to the Union Customs and Practice for Documentary Credits (1974 revision) International Chamber of Commerce Publication No. 290

Accounter’s Name and Signature

Date______________________