Partial Shipment Quiz Question

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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?

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?

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?

Commercial invoice dated 11 June. (B) Signup and view all the answers

What is the purpose of a revolving documentary credit?

To allow for multiple shipments. (B) Signup and view all the answers

What is the effect of the cumulative revolving documentary credit?

Replenishes the credit amount. (B) Signup and view all the answers

Which information must be stated on the bill of lading to comply with the credit terms?

The name and address of the carrier’s agent at the port of discharge (D) Signup and view all the answers

Who must agree in order to amend or cancel an irrevocable confirmed documentary credit?

Beneficiary, confirming bank, and issuing bank only (C) Signup and view all the answers

Which option describes the location requirement for the carrier’s agent as per the document?

Must be located at the port of discharge (D) Signup and view all the answers

What is the minimum percentage of insurance needed for a transferable credit to meet the original documentary credit value?

116% (D) Signup and view all the answers

Which drafts would comply with the given specifications?

1 and 3 only (C) Signup and view all the answers

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?

Verify the vessel's age (D) Signup and view all the answers

What does not constitute partial shipment?

A single courier receipt evidencing receipt of a single package (C) Signup and view all the answers

What is acceptable according to UCP 600?

An insurance policy covering shipment period (C) Signup and view all the answers

Which document is not necessarily signed?

Weight specification (D) Signup and view all the answers

What is a characteristic of partial shipment?

Multiple shipments from the same place to the same destination (A) Signup and view all the answers

What is required for an insurance policy under UCP 600?

The policy must cover the entire shipment period (C) Signup and view all the answers

What is the minimum amount of sports cars the buyer can import per month without being subject to import duties?

100 (C) Signup and view all the answers

If the buyer imports more than 100 cars in a month, what may be imposed?

Import duties (B) Signup and view all the answers

Which of the following shipment schedules would result in the buyer facing import duties?

D 100 cars at the beginning of January, 100 cars at the beginning of February, 100 cars at the beginning of March. (C) Signup and view all the answers

Which of the following would be an acceptable shipment under the given documentary credit?

Place of receipt: Busan, Port of loading: Osaka, Port of discharge: Hamburg, Final destination: Southampton (A) Signup and view all the answers

What would be considered an unacceptable shipment schedule for protecting the buyer from import duties?

50 cars at the beginning of January, 150 cars at the middle of February, 100 cars at the end of March (A) Signup and view all the answers

Which of the following ports would be considered acceptable for loading under the given terms of the documentary credit?

Osaka (B) Signup and view all the answers

In the context of insurance requirements, which statement is correct?

An insurance document stating that risks have been excluded is not acceptable. (A) Signup and view all the answers

Which statement regarding the documentary credit amount is accurate?

The documentary credit amount is subject to a 5% tolerance. (D) Signup and view all the answers

Regarding the confirmation commission, what is true?

The confirmation commission is entirely for the beneficiary's benefit. (B) Signup and view all the answers

Which statement accurately represents the drawee requirement in relation to a confirming bank?

The drawee requirement is consistent with the role of a confirming bank. (B) Signup and view all the answers

Which statement is true regarding the period for presentation of documents?

The period for presentation of documents can vary based on the issuing bank's discretion. (C) Signup and view all the answers

What does an insurance document need to show according to the text?

Claims payable in Brazilian currency. (D) Signup and view all the answers