B letter of indemnity C performance guarantee D shipping company guarantee 55 A

B letter of indemnity c performance guarantee d

This preview shows page 13 - 16 out of 38 pages.

B.letter of indemnity. C.performance guarantee. D.shipping company guarantee. 55. A third-party supplier requires a notice of assignment of proceeds from the nominated bank prior to shipping the goods. This notice of assignment: 56. To clear the goods in the absence of an original bill of lading, which document should the applicant request from the issuing bank?
Background image
57. Under a confirmed credit established in favour of a corporate beneficiary on a syndicated basis, all of the following aspects will be commonly covered by the syndicate agreement except: 58. Which of the following statements is correct when an assignment of proceeds has been effected under a documentary credit issued in accordance with UCP 600? The: A.assignee must present complying documents to receive payment. B.assignee will receive payment of the proceeds directly from the applicant. C.value of the documentary credit is reduced by the amount of the assignment. D.beneficiary has assigned its rights to the stated amount of proceeds to the assignee. 59. Which of the following statements would not be included in an applicant's counter indemnity when requesting a delivery order? The applicant: 60. An issuing bank issued a USD 10,000,000 standby letter of credit requiring documents to be presented to them. In order to reduce its risk, the issuing bank contacted two other banks who each agreed to purchase a 20% portion of the liability. The applicant was not aware of this arrangement. According to ISP 98, this standby involves:
Background image
61. A documentary credit for USD 150,000 calls for a full set of bills of lading and an insurance certificate to cover all risks. The bill of lading presented indicates anon board date of 15 December. Which of the following insurance documents are acceptable?
Background image
Image of page 16

You've reached the end of your free preview.

Want to read all 38 pages?

  • Spring '16
  • Contract Law, Legal documents, Bill of lading, Trade finance, Letter of credit

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture