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)- Gap-filling
Letter of Credit: Notification
5. Notification from the Advising Bank
In practice, all letters of credit are ……irrevocable…...21.
- The advising bank always ……notifies…….22 the seller that the letter of
- The letter of advice always contains an indication of whether or not the advising
bank …confirms…… 24 the credit.
- If the letter of credit is confirmed, then the advising bank must pay the exporter
on exactly the same …amount…25 as the ... issuing........26 bank. That means
- The parties should agree which documents are important to them - not
…leave….31 the decision to the bank.
Key documents
…commercial invoice.32
…transport docs…33.
…insurance docs.34
…certificate of inspection…36
.. special requirements......37
Specification
The letter of credit should state exact/ywhat documents are required
including any special requirements as to:
- …signature……..38
- ..... sources........................ 39
- Notarization ……………...40
- …exact contents……..41
The credit has expired or documents are presented within the required
time 45…...
Shipment was ……short……45 or ……late……47.
A marine bill of fading is required, but the bill does not state that the goods
were 'shipped on board" a ……named………49 vessel.
transport
document.
Inconsistencies among the Documents
Description of the goods …on the invoice………59 and in the credit are
different.
Weights differ between two ……documents.……60
4. The advising bank ……advises……4 the exporter that the letter of credit has
been opened
9. PRESENTING LETTER OF CREDIT
1. Seller …ships……5 the goods and …gets…..6 shipping documents
10.METHOD OF PAYMENT
10.1 SETTLEMENT BY SIGHT PAYMENT
1. The seller …presents….1 the documents to the paying bank
2. The paying bank agrees to pay the seller the face value of the credit when it
…matures.…3..