Best Trade Solution

dear ofei,

thanks for you post. im very sorry for the delay. the draft has already been made not only for 5 but also for 6. but i could not manage time to compile them. may be im too lazy... :oops:

i will do it shortly. i also have to carry out another request from you; forum on collection. please wait a bit. thank you once again for your post. please take care and stay fine

best regards

admin

Dear Ofei,
If you are a CDCS exercise solving hunger pls find below a CDCS test which even if it is based on UCP 500 it seems to be important as CDCS exam looks like this:
Choose the Best Option

1. Bank B confirmed an irrevocable letter of credit issued by in Bank A. The credit was available by beneficiary's draft on the issuing bank at “30 days from the date of negotiation”. Beneficiary presented credit compliant documents to Bank B for negotiation. Which of the following actions by Bank B, is as per the provisions of UCP500?
a) Send documents to issuing bank and pay the beneficiary once the issuing bank pays on maturity date.
b) Send documents to issuing bank and request them to advice the maturity date
c) Pay the beneficiary and send documents to the issuing bank informing them the maturity date
d) Inform the beneficiary that you will pay once the issuing bank accepts the drafts drawn on them.

2. Bank A issued a irrevocable documentary credit with the following terms:
ð Amount – USD 1,000, 000
ð Goods – Tuna - 2000 Cartons of 100 Kgs each.
ð Partial shipment not allowed
ð About 50% of the L/C value can be drawn by the beneficiary prior to shipment by presenting a draft & a declaration that they will ship the goods within stipulated time
ð Remaining upon presentation of shipping documents
Which of the following presentations by the beneficiary are acceptable?

a) First drawing – for USD 450,000 on presentation of draft and declaration as per L/C terms
Second drawing – for USD 500,000 on presentation of documents evidencing
shipment of 1900 cartons of 100 Kgs each

b) First drawing – For 950, 000 on presentation of documents evidencing
shipment of 2000 cartons of 100 Kgs each

c) First drawing – For USD 500, 000 on presentation of draft and declaration as per L/C terms
Second drawing – For USD 450000 on presentation of documents evidencing
shipment of 2000 cartons of 95 Kgs each

d) First drawing - For 525,000 on presentation of draft and declaration as per L/C terms
Second drawing – For USD 425,000 on presentation of documents evidencing
shipment of 2000 cartons of 100 Kgs each

i) A & B
ii) A, C & D
iii) B & C
iv) B & D
3. Which of the following statement is true regarding assignment of proceeds?
a) Beneficiary cannot assign proceeds of a documentary credit which states ‘Non – Transferable’
b) Beneficiary can assign proceeds of a documentary credit which states ‘Non – Assignable’c) Once the assignment is acknowledged by the nominated bank, the assignee is eligible to present documents under the L/C.
d) Once the assignment is acknowledged by the nominated bank, the assignee confirmed of payment under the L/C.

4. Bank A receives documents from its export customer under a documentary credit issued by Bank I, with following details
ð Issue date 01 Mar 06
ð Valid for a period 20 days
ð Available by acceptance with drafts drawn on Bank B at 30 days from B/L date
Which of the following statements is true?
a) The documents must reach Bank B by 21 March, if documents are to be sent to the nominated bank
b) The documents must reach Bank I by 20 March, if the documents are to directly sent to issuing bank
c) If documents are to be sent directly to Bank I, then drafts can be drawn on Bank I
d) If documents are to be sent directly to Bank I, then drafts can be drawn on Bank A

i. A & B
ii. A, & C
iii. B & C
iv. B & D

5. Which of the following statements is true regarding insurance documents?
a) Unless otherwise indicated in the credit, banks will accept a insurance certificate
b)Unless otherwise stipulated in the credit, banks will not accept an insurance document, which indicates that the cover is subject to a franchise or an excess
c) If a documentary credit requires a presentation of insurance policy banks will accept a insurance declaration issued under an open cover policy
d) An insurance document must show the number of originals issued.

6. Which of the following statement is true?
a) Unless otherwise stipulated in the credit, shipment can be effected prior to the issue of the credit
b) Unless otherwise stipulated in the credit, invoice cannot be dated prior to the issue of the credit
c) Unless otherwise stipulated in the credit, all documents can be dated prior to the issue of the credit but shipment must be effected on or after the issue date
d) Unless otherwise stipulated in the credit, banks will accept documents dated after the expiry date of the credit

7. If an L/C calls for insurance to cover “Common Risks”,
a) Insurance must cover all risks
b) Insurance must cover common risks in the trade
c) Insurance must cover risks atleast as per ICC (c)
d) Insurance can cover any risks
8. Which of the following statements is false?
a) If the beneficiary is unable to ship the goods on the last date for shipment due to a strike in the port, banks will accept documents evidencing shipment on the date when the port reopens.
b) If the beneficiary chooses to present documents directly to the issuing bank (after by passing the nominated bank) and is unable to present documents to on the latest presentation date as it is a non-banking day, banks will not accept documents presented on the next banking day
c) If the beneficiary is unable to present documents to the nominated bank on the L/C expiry date as it is a non-banking day, nominated bank will accept documents presented on the next banking day
d) If the beneficiary is unable to present documents to the confirming bank on the L/C expiry date, the confirming bank is obliged to accept documents presented on the day when the bank reopens

i. A & B
ii. A, B & C
iii. B & D
iv. A, B & D

9. A documentary credit is issued with the following terms
ð Partial shipment not allowed
ð Goods:
10000 MT of sugar – EUR 950,000
Freight charges - EUR 50,000
Total CFR - EUR 1,000,000

Which of the following presentations by the beneficiary is acceptable?

a) Documents evidencing shipment of 9500 Mts of sugar for EUR 925000 and freight charges EUR 50000 – Total EUR 975, 000
b) Documents evidencing shipment of 9500 Mts of sugar for EUR 900000 and freight charges EUR 45000 – Total EUR 945,000
c) Documents evidencing shipment of 10200 Mts of sugar for EUR 915000 and freight charges EUR 35000 – Total EUR 950,000
d) Documents evidencing shipment of 10500 Mts of sugar for EUR 997500 and freight charges EUR 52500 – Total EUR 1,050,000

i) A Only
ii) A & B
iii) B, C & D
iv) A & C

10. You receive an L/C with the following conditions:
· Certificate stating that the ship will not sail to any Israeli port
· Quality certificate from a first class agency
Beneficiary presents the following documents
· Beneficiary certificate stating that the ship will not sail to any Israeli port
· Quality and Quantity certificate issued by a subsidiary of the beneficiary
a) Both documents are acceptable
b) Both documents are unacceptable
c) I is acceptable but II is not
d) II is acceptable but I is not

11. Which of the following is not a transport document?
a) Charter party bill of lading
b) Forwarder’s bill of lading
c) House airway bill
d) Forwarder’s cargo receipt

12. What purpose does a inspection certificate serve?
a) Ensures goods are of a certain quality and insured
b) Ensures there is no over invoicing and goods are adequately insured
c) Ensures quality of goods is as per globally acceptable standards
d) Ensure that the goods are of certain quality and that there is no over invoicing

13. Which of the following transport document serves all the three functions listed below
ð Receipt for goods
ð Contract of Carriage
ð Documents of title to goods
Which of the following transport document serves all functions?
a) Air Waybill
b) Sea Waybill
c) Truck Receipt
d) Marine Bill of Lading

14. Applicant requires you to issue a documentary credit requiring shipment from Seller’s warehouse in Hong Kong to Buyer’s warehouse in China. Documents required by the applicant are a) Signed tax invoice in 3 originals & b) Dispatch note in 2 fold. Which of the following incoterms best suit this type of credit?
a) DDP
b) EXW
c) FCA
d) CIP

15. If L/C calls for insurance document to cover all risks. Which of the following statements are true?
a) Insurance can show Institute Cargo Clauses [A] without mentioning ‘All risks’
b) Insurance can show ‘All risks excluding transhipment risks’
c) Insurance can show all risks with a 10% franchise
d) Insurance can show Institute Cargo Clause [C]

1) A Only
2) B & C
3) A, B & C
4) D Only

16. If a documentary credit calls for ‘Ocean bills of lading marked clean on board…’ Which of the following transport documents will be acceptable?
a) Document titled ‘Combined transport Bill of Lading’ showing an on board date
b) A Document titled ‘Ocean bill of lading’ having a on board date and stating ‘2 cartons may be damaged’
c) A document with titled ‘Bill of Lading’ with a dated on board notation and stating ‘Carrier not responsible for the conditions of goods shipped’
d) A document titled ‘Non Negotiable Sea Way bill” marked “Clean on Board”

i) A & B
ii) B & C
iii) A, B & C
iv) A & D

17. An insurance document is presented under a documentary credit showing sum assured as USD 10000. A loss is incurred for a value of USD 1500. Which of the following statements is true?
a) If the insurance is marked 10% franchise, claims payable will be USD 500
b) If the insurance is marked 10% excess deductible, claims payable will be USD 1500
c) If the insurance is marked irrespective of percentage, claims payable will be USD 1500
d) If the insurance is marked irrespective of percentage, claims payable will be USD 10000

18. Which of the following Railway receipt is acceptable?
a) Railway receipt signed by XYZ Ltd – as agent without evidencing the carrier
b) Railway receipt signed by John Bull as Driver
c) Railway receipt authenticated by Chennai Central Railway station
d) Railway receipt signed by Indian Railways without evidencing that they are the carriers

i) A & B
ii) A & D
iii) C Only
iv) C & D
19. Your customer, Pots and Pans Corp, has presented documents with the following discrepancy:
All documents describe goods as copper pans I/O copper pants (as indicated in the L/C)
Your customer says that there was a typographical error on the L/C and quite obviously description of goods should be pans and not pants. Moreover he presents a fax from the applicant stating that applicant will accept all documents bearing description as pans and not pants. Customer wants you to negotiate documents. You would
a) You will request customer to provide new invoice stating description as ‘copper pants’ as only the description of goods on the invoice must correspond strictly with that on the L/C.
b) Negotiate documents as applicant’s fax is proof that documents will be accepted
c) Not negotiate, as description of goods is incorrect and therefore the issuing bank has the right to reject documents
d) Negotiate, because it is quite obvious that the goods cannot be copper pants, so any reasonable issuing bank will accept that it was a typographical error.


20. A L/C calls for a presentation of a Multimodal Transport Document, which of the following is true?
a) MTD should evidence a on board date
b) On board notation in the MTD will be considered as the shipment date, only if it is dated later that the issuance date
c) MTD should evidence shipment on at least two modes of transport
d) A received for shipment B/L without a on board notation will be acceptable


21. Which of the following statement is false with respect to URR 525?
a) Unless otherwise it has issued a reimbursement undertaking a reimbursing bank is not obligated to honor a reimbursement claim.
b) When a bank is not prepared to act in accordance with the reimbursement authorization it should advise the issuing bank without delay.
c) When a bank is not prepared to act in accordance with the reimbursement authorization it should inform the advising bank of the documentary credit without delay.
d) Issuing banks should not require a sight drafts to be drawn on the reimbursing bank.

22. Which of the following is true regarding a reimbursement undertaking
a) It need not indicate the terms and conditions of the undertaking.
b) It must include reimbursing bank’s charges that will be deducted from the claim, if the party to pay the reimbursement-undertaking fee is other than the issuing bank.
c) It need not indicate latest date for presentation of a claim including any usance period.
d) It need not indicate any additional amounts which are payable

23. A documentary credit was issued with the following description of goods “Dials for Watches”, which of the following invoices presented under the credit is not acceptable?
a) Invoice stating ‘Black dials for watches’
b) Invoice stating “Dials for watches and advertising materials’
c) Invoice stating ‘BEST brand black dials for Watches’
d) Invoice stating ‘Dials for ladies Watches”

i) A & B
ii) B only
iii) B, C & D
iv) All are acceptable


24. Which of the following is true regarding eUCP.
a) A credit subject to the eUCP is also subject to the UCP without express incorporation of the UCP.
b) A credit subject to the eUCP is also subject to the UCP only if it expressly incorporates UCP in its text.
c) Where the eUCP applies, its provisions shall prevail to the extent that they would produce a result different from the application of the UCP.
d) If only paper documents are permitted under an eUCP Credit, the UCP alone shall apply.
i) A & C
ii) A & D
iii) B , C & D
iv) A, C & D
25. Under a eUCP credit, if a Bank requests that an electronic record be re-presented
a) the time for examination is suspended
b) the time for examination is not suspended
c) any deadlines are not extended
d) any deadlines are extended

i) A only
ii) A & C
iii) B & C
iv) B & D


26. Under an eUCP credit the nominated bank received electronic data on 30 March 2007. The records were corrupted and hence the bank requested the beneficiary to represent the records. The electronic records were represented on 04 April 2007. The calculation for reasonable period for examination of documents starts on
a) 30 March 07
b) 04 April 07
c) 31 March 07
d) 05 April 07
27. Under an eUCP credit, the beneficiary gave notice that the presentation is complete on 03 April. However the bank’s system was unable to receive the record even tough the bank was open for business. They eventually received the notice on 05 April. The period for examination of documents commences from
a) 03 April
b) 04 April
c) 05 April
d) 06 April

28. Your customer presents documents under an L/C, which states the shipment as be effected in the first half of February. Which of the following statement is true
a) Marine B/L showing dispatch date as 14th Feb
b) A railway bill bearing a reception stamp dated 15th Feb
c) A airway bill dated 16th Feb
d) Such notations are not acceptable and will be ignored


29. An employee of a bank making payment to a beneficiary under a documentary credit should be aware of
a) The extent to which their bank has agreed to act in its role of nominated bank
b) An indemnity has been provided, if the presentation is discrepant
c) Whether the beneficiary has a separate negotiation facility
d) Whether any shipping guarantee have been issued under the credit
i) A & B
ii) A & C
iii) A, C & D
iv) A, B & C

30. Which of the following statement regarding accepting beneficiaries’ indemnities in respect of discrepancies are true?
a) Indemnities can have a counter guarantee from beneficiaries bankers
b) Indemnities must have a counter guarantee from beneficiaries’ bankers
c) Obligations of an confirming bank are not in anyway lessened by the circumstances
d) Indemnity is a matter between the issuing bank and the bank which decides to accept the indemnity
i) A & D
ii) A & C
iii) B & C
iv) B & D

31. Where a presentation has been made by a beneficiary to his bank. Which of the following statement is most suitable?
a) Notice of refusal need not be given
b) Notice of refusal must be given by telecommunication only
c) Oral notice of refusal may be given if the beneficiary is in discussion with the document checker at the counters of the bank
d) Oral notice of refusal may not be given even if the beneficiary is in discussion with the document checker at the counters of the bank as it is disallowed by UCP 500.

32. Your customer has presented documents under a documentary credit which had the following terms
ð Documents required - Certificate of origin issued by chamber of commerce
ð Documents required - Manually signed commercial invoice
ð Special condition - All packages to be marked with country of origin – India
Which of the following statements are most appropriate?
a) A separate certificate or an certification on the invoice stating all packages are marked with country of origin is required
b) Certificate of origin must show all packages are marked with country of origin
c) A separate certificate is not required, if the certificate of origin states all packages are marked with country of origin
d) Special condition can be ignored


33. Which of the following statement regarding Forfaiting is true?
a) It is an arrangement between by means of which the seller receives payment for export receivables from the lender without recourse
b) It is a device used for long term financing
c) Rights to payment under letters of credit are accepted as security
d) It is a guarantee given by the lender to pay the seller in case the buyer defaults
i) A & B
ii) A & C
iii) A, B & C
iv) B, C & D

34. An cumulative revolving L/C is issued for USD 10000, the L/C value is reinstated upon every shipment. The L/C is valid for a period of one year. What is the maximum liability of the issuing bank?
a) USD 10000
b) USD 120000
c) USD 360000
d) Cannot be determined


35. Your customer ‘Frequent Trading Co’ has been trading successfully with a particular buyer for the last two years. The buyer has a good financial record. Your customer wants to dispense use of “documentary credit’ as the method of payment due to higher costs and operational issues alternatively he wishes to use ‘open account trading’ for settlement. What type of L/C would you suggest your customer to use to ensure his risks are covered?
a) Red Clause
b) Standby
c) Revolving
d) Installment

36. For shipment under a non-negotiable Sea Waybill goods will be released to the consignee against
a) Original Sea Waybill
b) Proof of identify of consignee
c) Proof of identity of endorsee
d) As per shipper’s instruction

37. Which are following statement regarding insurance is false?
a) Particular average is borne entirely by the owner or his insurer of the particular property which is lost or damaged, whether a part of the ship of its cargo
b) General average is incurred in the common interest of the ship and cargo in proportion to interests ascertained by average adjusters.
c) Jettison is an example of particular average.
d) None of the above


38. Bank I receives documents on 7th March under a L/C it has issued. Bank finds the documents to be discrepant. Which of the following notice of refusal sent by Bank I is valid?
[7th March is Tuesday, Bank I does not work on Saturdays and Sundays, there are no bank holidays in March]
a) A message sent on 14 March by tele-transmission stating “We received your documents presented under our L/C. However we refuse to pay as the documents are discrepant. Meanwhile we are holding documents at your disposal”
b) A message sent on 16th March by tele-transmission stating “We refuse your presentation as the documents contain the following discrepancies – Late Shipment, partial shipment. We are returning the documents to by courier”
c) A message sent on 9th March through tele-transmission stating “We refuse payment as the documents contain the discrepancy late shipment. We will effect payment when documents are accepted by the applicant”
d) A message sent on 17th March through tele-transmission stating “We refuse payment as the documents contain the discrepancy late shipment. We are holding documents at your risk and disposal”

39. As per eUCP, the period for the examination of documents commences from
a) The day of receipt of data by the bank
b) The day on which the beneficiary started transmission of data to the nominated bank
c) The day the beneficiary gives notice that the presentation is complete
d) The day following the day the beneficiary gives a notice that the presentation is complete.

40. Your customer ‘Worthy Commodities’ presents documents under an export letter of credit with the following clauses
ð Full set of charter party bills of lading consigned to order of shipper and blank endorsed and notify applicant
ð Trade terms - CFR
Which of the following presentations would be most acceptable?
a) An unendorsed charter party bill of lading consigned to order marked freight prepaid
b) A charter party bill of lading consigned ‘To Worthy Commodities’ and blank endorsed by them
c) A Charter party bill of lading marked freight payable, consigned to order of shipper and blank endorsed
d) A Charter party bill marked ‘Free out’ consigned to order of shipper -‘Super Traders’ and blank endorsed by ‘Worthy Commodities’ on behalf of ‘Super Traders’

SETTLEMENT EXERCISE

Your bank is the issuing bank of a documentary credit with the following terms and conditions:
1. Amount USD 500,000.00
2. Expires in China on 31 May
3. Available by drafts at 45 days sight on the issuing bank
4. All charges, including the issuing bank’s, are for the beneficiary’s account
5. Discount interest is payable by the applicant
6. Documents were received at your on the 06 June and checked on 09 June and found to be in order

Assumptions:
A. 04 Jul is the only bank holiday in this period
B. Saturdays and Sundays are NOT business days
C. The discount rate is 5% p.a. on a 360 day basis
D. Issuing bank’s outstanding commissions: -
§ Opening fee – 0.1% (minimum USD 300.00)
§ Acceptance fee – 1.5% p.a. (minimum USD 200.00)

NOMINATED BANK LTD
Shanghai


Our reference: 123456PBLC 03 June

Mail to
Issuing Bank Ltd
New York

Your Reference: IB 9876
Draft Amount: USD500000.00
Tenor - 45 days sight
Maturity date: 15 July 20XX

Re: Your documentary credit No, DLC 5555000 Opened by issuing bank corporation and related references

Bill of exchange Invoice Packing list C/O Insurance certificate Bills of lading
Original Copy Original Copy Original Copy Original Copy Original Copy Original Copy
1 1 1 3 1 3 1 3 1 1 3/3 3
Discount the drafts and remit proceeds by wire transfer as follows
§ USD 50,000 to the beneficiary’s agent Mr. A. Gent, NY
§ Balance to NOMINATED BANK LTD, NY – Routing number 099648751, Account number – 7924681
Draft amount – USD 500,000
Our Charges – USD 800.00
We certify that all terms and conditions have been complied with an the relative documents were presented in accordance with article 44 of UCP.
Very truly yours,

Manager
NOMINATED BANK LTD


Questions:

41. What is the amount payable under the documentary credit?
a) USD 501,300
b) USD 500,000
c) USD 499,125
d) USD 498,625

42. Issuing bank will debit the applicant’s account on
a) 09 June
b) 15 July
c) 20 July
d) 21 July

43. What is the total amount that the issuing bank will debit the applicant’s account?
a) USD 502917
b) USD 505155
c) USD 504355
d) USD 502238


44. Who determines the maturity date?
a) Applicant
b) Issuing bank
c) Beneficiary
d) Nominated bank

45. Which of the following statement is correct?
a) The documents were processes after the expiry of the documentary credit
b) The issuing bank created an acceptance liability by discounting the draft
c) The issuing bank is obliged to pay the agent as instructed
d) The nominated bank was obliged to make reference to the provisions of article 44

I will post the answer in about 1 week.
regards
Cristian

Thanks cristian,
.
For ones preparing for CDCS, what we mostly need is sample questions, which we can hardly find...
.
The problem for me now is that how will I wait 1 week for answers

I am too impatient...

regards

I want all of you to catch this topic and also to answer the questions in fairly enough time.
regards
cristian

Dear Cristain,

Thanks!! You are really great!! Truly appreciated. i will try. but could you please extend the time?

regards

berry

dear cristain,

on a rush now. can only answer this much

1. a) Send documents to issuing bank and pay the beneficiary once the issuing bank pays on maturity date.

2. I think answer is none

3. d) Once the assignment is acknowledged by the nominated bank, the assignee confirmed of payment under the L/C.

4. I am bit confused. On whom should the draft be drawn? A or B? Who is bank B here?

5. a) Unless otherwise indicated in the credit, banks will accept a insurance certificate


6. a) Unless otherwise stipulated in the credit, shipment can be effected prior to the issue of the credit

7. d) Insurance can cover any risks

8. i. A & B

9. None

10. a) Both documents are acceptable


11. d) Forwarder’s cargo receipt

12. a) Ensures goods are of a certain quality and insured

13. d) Marine Bill of Lading

14. b) EXW

15. 2) B & C

16. iii) A, B & C

17. c) If the insurance is marked irrespective of percentage, claims payable will be USD 1500

18. ii) A & D

19. Negotiate, because it is quite obvious that the goods cannot be copper pants, so any reasonable issuing bank will accept that it was a typographical error.


20. c) MTD should evidence shipment on at least two modes of transport



21. c) When a bank is not prepared to act in accordance with the reimbursement authorization it should inform the advising bank of the documentary credit without delay.
.

22. d) It need not indicate any additional amounts which are payable

23. iv) All are acceptable


24. iii) B , C & D


25. ii) A & C

26. d) 05 April 07

27.

28. a) Marine B/L showing dispatch date as 14th Feb

29. iv) A, B & C

30. ii) A & C

Last few days were extremely busy one. in fact feeling very tired. im with berry. dear cristain, please extend the exam result date.

great effort from cristain. i will answer the questions tomorrow. Thank!

could complete only a few

31. c) 32. d) 33. i) 34. d) 35. b) 36. b) 37. c) 38. c) 39. 40. a) 41. b) 42. b) 43. 44. b) 45. a)

Dear all,
Due to many tasks i was assigned to perform this month I have very little time to respond on this forum. However, I managed to post answers to the first 30 questions of the test (pls see answers marked in bold on the original posting) .
I'll be back soon with the rest of the answer.
I want to appologize for this partial answer but have no choice.
best regards to all of you
Cristian

Thank!! i guess its a busy month for many of us, including me even then cristain is always great!!

Hi friends,
I was confused with some of the answers of the a/m test. I’d be glad to discuss them with you if you have time.

1. Bank B confirmed an irrevocable letter of credit issued by in Bank A. The credit was available by beneficiary's draft on the issuing bank at “30 days from the date of negotiation”. Beneficiary presented credit compliant documents to Bank B for negotiation. Which of the following actions by Bank B, is as per the provisions of UCP500?
b) Send documents to issuing bank and request them to advice the maturity date
c) Pay the beneficiary and send documents to the issuing bank informing them the maturity date
Here, I thought the answer be “c”. As I understand from UCP500, 9, if credit is available by negotiation, confirming banks liability is to negotiate (giving value of docs and/or drafts). Therefore, I expect confirming bank “firstly to pay” to beneficiary and inform issuing bank the maturity since it will be calculated from the date of negotiation by confirming bank. How can issuing bank determine maturity?

9. A documentary credit is issued with the following terms
ð Partial shipment not allowed
ð Goods:
10000 MT of sugar – EUR 950,000
Freight charges - EUR 50,000
Total CFR - EUR 1,000,000

Which of the following presentations by the beneficiary is acceptable?

a) Documents evidencing shipment of 9500 Mts of sugar for EUR 925000 and freight charges EUR 50000 – Total EUR 975, 000
b) Documents evidencing shipment of 9500 Mts of sugar for EUR 900000 and freight charges EUR 45000 – Total EUR 945,000
c) Documents evidencing shipment of 10200 Mts of sugar for EUR 915000 and freight charges EUR 35000 – Total EUR 950,000
d) Documents evidencing shipment of 10500 Mts of sugar for EUR 997500 and freight charges EUR 52500 – Total EUR 1,050,000

ii) A & B
iv) A & CMy answer to this question was “A and C”, because as per UCP 600 30,b and (UCP 500 39, b) a tolerance should not exceed %5 more or less. EUR 945.000.- not comply this rule as it is below the limit.

20. A L/C calls for a presentation of a Multimodal Transport Document, which of the following is true?
d) A received for shipment B/L without a on board notation will be acceptable
Can we accept such a document?
.
Regards

Hi all,
Regarding first Navi's question: I believe the answer provided is correct because : THE DRAWEE establish the maturity and not the confirming bank. Regarding last question: i think it is the nature of multimodal BL not to have an onboard date when first leg of carriage is by other means than sea.
Regards
Sunny

dear all,

i think this Thread is getting too long. so i opened a new Thread for discussion. dear all, please post there. dear navi and sunny, i have reposted your opinions there.

http://www.besttradesolution.com/forum/ ... ?f=2&t=344