Charter party and bill of lading are integral components within the shipping industry. They ensure smooth operations, protect stakeholders’ interests, and provide necessary documentation for various purposes. common features and details of charter Party bill of lading: While the specific features may vary depending on the terms of the charter party and the needs of … Read more
Charter party shipments involve signing a charter party contract between the owner of the vessel and the charterer (usually the applicant or the beneficiary, depending on the Incoterm that is used in the documentary credit). Charter Party Bill of Lading (CPBL’s) are issued subject to the terms and conditions of a charter party. A CPBL is … Read more
A charter party bill of lading is a specialized document used in international shipping and operates within the context of a charter party agreement. Here, the party chartering(renting) the vessel hires a vessel in order to take its goods from port A to port B within a certain period of time. Charter party shipments are … Read more
The process to handle discrepancies in documents for an unconfirmed letter of credit (LC) involves careful consideration and communication. Understanding Discrepancies: Types of Discrepancies: Consult Relevant Parties: Authorized Personnel: Article 14 of UCP 500: Remember that handling discrepancies requires clear communication, attention to detail, and collaboration among all parties involved in the LC transaction. Always … Read more
In any international trade transaction, the issuing bank or the confirming bank must pay the credit amount to the beneficiary, when they determine that the presentation is complying. Under a discrepant presentation, the beneficiary can get the payment, only if the applicant accepts the discrepant documents. The most common mistakes exporters make is overseeing the discrepancy … Read more
International trade finance is associated with payment risks under different circumstances and conditions. The the LCs were modified with the objective to serve the traders of the international market to deal with different types of demands and conditions and different types of LCs were invented.
The exporter is guaranteed payment with a confirmed letter of credit,(LC) even if the issuing bank of the importer defaults in paying, the Confirming Bank of the exporter will complete the payment in full to the exporter.
A bill of exchange is a financial instrument used in international trade and commerce. Bills of exchange are similar to checks and promissory notes—they can be drawn by individuals or banks and are generally transferable by an endorsement. the key differences between a bill of exchange and a promissory note:
