The letter of credit mainly includes the following contents. ① Description of the letter of credit itself: such as the letter of credit number, opening date, expiration date and place of expiration, and the deadline for presentation of documents. ② Payment method: whether it is immediate payment, deferred payment, acceptance or negotiation. ③ Type of…
At present, the main cross-border logistics methods are: international express, postal EMS, international dedicated line, ocean transport, railway transport, air transport, international multimodal transport, etc. The methods used more in my country’s foreign trade are ocean transport and container transport. 1 International Express International express mainly refers to the four well-known express companies UPS, Fedex,…
The payment and collection procedures of letters of credit must go through application, opening, notification, negotiation, claim, reimbursement, and redemption. Taking the most common sight documentary negotiation letter of credit as an example, we will briefly explain its payment and collection procedures and the specific contents of each link. The specific contents of each link…
1. Sea Waybill A sea waybill, also known as a sea waybill (WB), is a non-negotiable document that proves the contract for the carriage of goods by sea and that the goods have been taken over or loaded by the carrier, and that the carrier guarantees that the goods will be delivered to the designated…
1. Principle of Insurable Interest Insurable Interest, also known as insurable interest, refers to the legally recognized interest of the insured in the subject matter of insurance. The principle of insurable interest means that the insured should have an insurable interest in the subject matter of insurance. If the insured does not have an insurable…
1. Insurer, insured, policyholder The insurer, also known as the underwriter, is a person who collects insurance premiums and pays the agreed compensation (insurance amount) to the other party after the insurance accident occurs. It is usually an insurance company. The insured is a person who suffers damage and has the right to receive compensation…
Combined Transport Documents (CTD) is a transport document used when multiple modes of transport are used to transport goods. Although this document is similar to the combined transport bill of lading in ocean transportation, its nature is different from that of the combined transport bill of lading. 1. Scope of use of combined transport bill…
Things to note when setting the shipment date (1) Give full consideration to the supply of goods. If the supply is sufficient, the shipment date can be set earlier; if the supply is tight, the factory is short of funds, has difficulty in financing, or it is difficult to purchase raw materials, the shipment date…
1 Reimbursing bank. The reimbursing bank of a letter of credit is also called a letter of credit clearing bank. It refers to a bank that, under the instruction or authorization of the issuing bank, pays the claims of the paying bank or negotiating bank. The reimbursing bank accepts the entrustment or authorization of the…
1. Revolving L/C A revolving L/C is a L/C in which the beneficiary can use the specified amount within a certain period of time and then restore the original amount of the L/C and use it again, over and over again, until the specified number of times or the cumulative total amount of the L/C…