Multimodal / Combined Bill of Lading in Letters of Credit Transactions
Letter of credit is a payment method based on documents only. Transport documents are very important in letter of credit transactions. Multimodal / Combined Bill of Lading have special rules in UCP 600 latest letter of credit rules.
www.letterofcredit.biz is your gateway to International Trade Finance World designed & developed by a Certified Documentary Credit Specialist. keep reading…
What is Multimodal Bill of Lading ?
A multimodal transport document (MT document) means a document evidencing a multimodal transport contract and which can be replaced by electronic data interchange messages insofar as permitted by applicable law and be,
(a) issued in a negotiable form or,
(b) issued in a non-negotiable form indicating a named consignee.
Discrepancies : Biggest trouble for everyone in lc business
Perhaps discrepancies is one of the most complicated and “blurred” field in all letters of credit terminology. One bank finds tons of discrepancies on a document yet the same document found to be complying by another bank. Almost all of the ICC opinions issued so far are related to complaints about “unfairly found discrepancies”. What we can see from the results of the ICC opinions is that ICC Banking Committee does not agree with banks in most cases.
According to ICC Trade Finance Surveys on average %70 of letter of credit presentations found to be discrepant on first presentation. This is a very frustrating result. Everyone in letter of credit business should understand huge negative effects of such a high volume of discrepant presentations.
You want to know more about discrepancies in letters of credit transactions. Keep reading…
Whether you are an internation trade professional or a student at the social sciences Incoterms is one of the most frequently encountered terms you should deal with. On this short article you can find some core questions and answers regarding the Incoterms 2000.
INCOTERMS is an abbreviation of International Comercial Terms. INCOTERMS are standard commercial terms prepared by ICC (International Chamber of Commerce) and are regularly amended as trade practices changed over time.
URDG 458 have been revised by ICC. Below you can find the official announcement from the ICC website.
URDG 758 – Revised Uniform Rules for Demand Guarantees
The revised ICC Uniform Rules for Demand Guarantees (URDG) were adopted by the ICC Executive Board at its meeting of 3 December 2009 in New Delhi. The revision was meticulously prepared over a period of more than two years and is the result of a collective effort by a number of ICC constituent groups, including ICC National Committees and the ICC network.
It is particularly significant that the present revision of URDG does not merely update the existing rules first published in 1992, but is the result of an ambitious project to create a new set of rules for the twenty-first century that is clearer, more precise and more comprehensive. They contain new definitions and interpretation rules to provide greater clarity and precision as well as the solution to non-documentary conditions, asymmetrical guarantees and counter-guarantees.
In addition, practitioners will find comprehensive coverage of advice of guarantees, amendments, electronic documents, transfers and other aspects in guarantee practice.
The new book includes a clear layout of the examination of the demand process and a check list of drafting recommendations and ready-to-use model forms.
The revision of the rules that were first published in 1991 was developed as a joint project by The ICC Banking Commission and the ICC Commission on Commercial Law and Practice.
ICC announced today that an updated version of its Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) will take effect on 1 October 2008.
Also known as URR 725, the update was necessary to bring the URR rules into conformity with the UCP 600, ICC’s universally used rules on letters of credit. An updated version of the UCP 600 took effect on 1 July last year.
First published in 1995 under the title URR 525, the URR rules are the most widely-referenced rules of their kind. They clarify a number of issues in bank-to-bank reimbursements, such as expiry and conditions under which claims can be authenticated.
The updated rules were approved at a meeting of ICC’s Banking Commission held on 16 April.
URR 725 will be used by practitioners who elect to incorporate the updated URR into their letters of credit. The updated rules contain several important technical changes that bring the language into line with the UCP 600, such as “express indication”, and “operative reimbursement authorization”.
URR 725 is now available as a four-page leaflet and is sold in sets of 10. A bilingual edition in English and French will be available soon.
Other ICC publications related to the URR include: “URR 525 – A Commentary” (1995), and “ICC Guide to Bank-to-Bank Reimbursements under Documentary Credits, A Practical Guide to Daily Operations” (1997).
Sometimes one picture can explain more than thousand words. This is also true in international trade . As an exporter you should have to respond lots of customer requests as a part of your daily job routine. With proforma invoices you can collect all the necessary information into one page and send it to your customer conveniently.
Export-Import Research –
If you are considering a possible entry to Turkish market as an exporter or else, if you would like to expand your supplier base as an importer we can assist you with very important market data which will enlight your way . Here is the main protifable points you will get with Export-Import Basic Research package. Please contact us with the details .
International trade view of the sector.
List of required documents for Turkish customs. ( 6 digit HS code base )
Import requirements based on HS Tarif Code. ( 6 digit HS code base )
Special import requirements
List of organizations related to your product range in Turkey.
List of exporters & importers related to your product range in Turkey.
List of international fairs related to your product range held in Turkey.