RBC Royal Bank1000

RBC Royal Bank1000 - E-FORM 1000(12/2010 DOCUMENTARY CREDIT...

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DOCUMENTARY CREDIT E-FORM 1000 (12/2010) Application and Agreement HERE'S HOW TO COMPLETE THE APPLICATION AND AGREEMENT ACTION: EXPLANATORY NOTES a) if beneficiary requests credit to be transferable b) how you want bank to issue the credit 1. 2. 3. 4. 6. 7. 8. 9. 10. 11. 5. 12. 13. 14. 15. 16. 17. 19. 20. 18. 21. For further information, contact: Your Royal Bank account manager or one of our trade experts at your regional International Trade Centre. Trade Service Centre Help line: 1-800-757-4525 Guidelines for Completion of 22. transferable: if you allow credit to be transferred to another supplier/beneficiary. Irrevocable: can only be cancelled or amended with the consent of all parties involved in the credit. If you have any doubt about the beneficiary's responsibility, obtain a credit report before submitting this application. mail: by post / courier Swift/Tel full particulars: full text to go by telex. usually your company Beneficiary: the party this credit is payable to (usually the seller) this date may be identical to the latest date for shipment (refer to 11b below) or about 7-10 days later to facilitate presentation of documents. e.g. sight: as soon as documents are presented usually 100% features of 3 more common terms are: CIF : seller quotes price, including cost of goods, insurance and freight. Transport document is marked "Freight prepaid". Seller arranges insurance. CFR : seller quotes price including freight charges, and transport document is marked "Freight prepaid". Your company arranges insurance separately FOB : seller quotes price loaded on board excluding freight & insurance charges. Transport document is marked "Freight collect". Your company arranges insurance separately. container shipment: Goods are shipped in containers partial shipment: Goods are supplied in more than one shipment transshipment: Goods unloaded and re-loaded from vessel to vessel, plane to plane, truck to truck during the course of transport. avoid excessive detail as this will delay processing of documents by bank Other: state document required refer to Explanatory Notes in 7 above usually your custom broker or your company this document should always be requested as it is the basis for determining the value of the shipment country to which goods are shipped may require this document to clear goods from customs refer to Explanatory Notes in 7 above. Beneficiary must provide insurance certificate for CIF shipments. usually all risks including war risks usually 10% more than invoice or CIF/CIP value usually invoice value or CIF/CIP value (Refer to Explanatory Notes in 7 above) usually country of importer e.g. certificate of origin, health certificate e.g. Airshipment to be effected by (name of airline). Documents required must evidence these conditions Allow the beneficiary some time to present documents to the bank. If not stated, this period will be considered to be 21 days. The final date for presentation of documents cannot extend beyond the Expiry date of credit as per 5 above. either your company or the beneficiary
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This note was uploaded on 08/16/2011 for the course ITS 403 taught by Professor Dz during the Spring '10 term at Seneca.

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RBC Royal Bank1000 - E-FORM 1000(12/2010 DOCUMENTARY CREDIT...

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