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Questions and Answers
What would be the confirming bank's advice to the beneficiary regarding the presented documents?
What would be the confirming bank's advice to the beneficiary regarding the presented documents?
- Late presentation only.
- Documentary credit has expired and late shipment.
- Late shipment only.
- Documentary credit has expired and late presentation. (correct)
What is the liability of the issuing bank after the March drawing?
What is the liability of the issuing bank after the March drawing?
- USD10,000.
- USD75,000. (correct)
- USD95,000.
- USD25,000.
If the bank was closed on 10 June due to a national holiday, what would be the consequence for the presented documents?
If the bank was closed on 10 June due to a national holiday, what would be the consequence for the presented documents?
- The documents are discrepant. (correct)
- The documents are late.
- The documents are incomplete.
- The documents are compliant.
What would be a discrepancy in the presented documents?
What would be a discrepancy in the presented documents?
What is the purpose of a revolving documentary credit?
What is the purpose of a revolving documentary credit?
What is the effect of the cumulative revolving documentary credit?
What is the effect of the cumulative revolving documentary credit?
Which information must be stated on the bill of lading to comply with the credit terms?
Which information must be stated on the bill of lading to comply with the credit terms?
Who must agree in order to amend or cancel an irrevocable confirmed documentary credit?
Who must agree in order to amend or cancel an irrevocable confirmed documentary credit?
Which option describes the location requirement for the carrier’s agent as per the document?
Which option describes the location requirement for the carrier’s agent as per the document?
What is the minimum percentage of insurance needed for a transferable credit to meet the original documentary credit value?
What is the minimum percentage of insurance needed for a transferable credit to meet the original documentary credit value?
Which drafts would comply with the given specifications?
Which drafts would comply with the given specifications?
If a confirming bank receives a documentary credit with the condition 'carrying vessel must not be older than 15 years', what is the confirming bank's responsibility?
If a confirming bank receives a documentary credit with the condition 'carrying vessel must not be older than 15 years', what is the confirming bank's responsibility?
What does not constitute partial shipment?
What does not constitute partial shipment?
What is acceptable according to UCP 600?
What is acceptable according to UCP 600?
Which document is not necessarily signed?
Which document is not necessarily signed?
What is a characteristic of partial shipment?
What is a characteristic of partial shipment?
What is required for an insurance policy under UCP 600?
What is required for an insurance policy under UCP 600?
What is the minimum amount of sports cars the buyer can import per month without being subject to import duties?
What is the minimum amount of sports cars the buyer can import per month without being subject to import duties?
If the buyer imports more than 100 cars in a month, what may be imposed?
If the buyer imports more than 100 cars in a month, what may be imposed?
Which of the following shipment schedules would result in the buyer facing import duties?
Which of the following shipment schedules would result in the buyer facing import duties?
Which of the following would be an acceptable shipment under the given documentary credit?
Which of the following would be an acceptable shipment under the given documentary credit?
What would be considered an unacceptable shipment schedule for protecting the buyer from import duties?
What would be considered an unacceptable shipment schedule for protecting the buyer from import duties?
Which of the following ports would be considered acceptable for loading under the given terms of the documentary credit?
Which of the following ports would be considered acceptable for loading under the given terms of the documentary credit?
In the context of insurance requirements, which statement is correct?
In the context of insurance requirements, which statement is correct?
Which statement regarding the documentary credit amount is accurate?
Which statement regarding the documentary credit amount is accurate?
Regarding the confirmation commission, what is true?
Regarding the confirmation commission, what is true?
Which statement accurately represents the drawee requirement in relation to a confirming bank?
Which statement accurately represents the drawee requirement in relation to a confirming bank?
Which statement is true regarding the period for presentation of documents?
Which statement is true regarding the period for presentation of documents?
What does an insurance document need to show according to the text?
What does an insurance document need to show according to the text?
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