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Issuing Revocable Letter Of Credits Under UCP 600

Issuing Revocable Letter Of Credits Under UCP 600 | International Trade Tutorial | Scoop.it
Before the UCP 600, the UCP made a distinction between revocable and irrevocable letter of credits.
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Before the UCP 600, the UCP made a distinction between revocable and irrevocable letter of credits. After reciting that the letter of credit could be revocable or irrevocable, the UCP stressed that the letter of credit should clearly indicate to which category it belonged.

 

But what if the letter of credit was silent on the matter?

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Doctrine Of Separability In A Letter Of Credit

Doctrine Of Separability In A Letter Of Credit | International Trade Tutorial | Scoop.it
“…A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference wha
Tradeguide's insight:

The reason for this doctrine is that should there be disputes on the contract of sale, the bank should not become a kind of arbitrator to resolve disputes between seller and buyer which would definitely lead to extensive delays of payment and would make the letter of credit unattractive as service.

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Great Ways To Create A Newsletter Postcard

Critical Ways So Fix A Letter of credit Postcard: .eGw http://t.co/WwTtVr7o
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Examination Of Documents Under Letter Of Credit

Examination Of Documents Under Letter Of Credit | International Trade Tutorial | Scoop.it
The principle of strict compliance is ruled by articles 14, 15 and 16 of the UCP 600.

Article 14(a) obliges the bank to examine all documents stipulated in the credit to ascertain on the basis of t
Tradeguide's insight:

The principle of strict compliance is ruled by articles 14, 15 and 16 of the UCP 600.

Article 14(a) obliges the bank to examine all documents stipulated in the credit to ascertain on the basis of the documents alone, whether or not they “appear on their face”, to constitute a complying presentation.

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Presenting Abe's 'Super-Secret' Devaluation Plan - Double-Down ...

Presenting Abe's 'Super-Secret' Devaluation Plan - Double-Down ... | International Trade Tutorial | Scoop.it
Since the global financial crisis began in early 2008, USDJPY has tracked remarkably closely with the ratio of Federal Reserve assets to Bank of Japan assets - as the currency wars escalated. Assuming the Fed proceeds with its ...
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Letter Of Credit | The Principle Of Autonomy

Letter Of Credit | The Principle Of Autonomy | International Trade Tutorial | Scoop.it
Autonomy or 'self-governing' is the essence in a letter of credit transaction which means that a letter of credit is separate or independent from the underlying sale contract.

Although a letter of
Tradeguide's insight:

Autonomy or ‘self-governing’ is the essence in a letter of credit transaction which means that a letter of credit is separate or independent from the underlying sale contract.

 

Although a letter of credit is triggered from a sale contract, where both parties mutually agreed that letter of credit is to be used as a method of trade settlement, but it is however, another separate contract which does not at all concerned with the goods or performance.

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