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By Acceptance, Deferred, Mixed, Negotiation, Payment
Posted: Tue Dec 30, 2014 3:48 pm
by Sohel Rana
Can you explain what does mean " By acceptance,deferred, mixed,negotiation,payment"?
Your any explanation will be highly appreciated.
.
Regards
Sohel
tenor
Posted: Sun Jan 04, 2015 9:18 pm
by thutrang9591
I got only 8 month of exeperience in this field so my knowledge about this still narrow. However, I can distinguish some terms for you based on UCP 600, art. 2
* By acceptance: require draft(s) to be presented and pay at maturity
* By def. Pmt: not require any draft, pay at maturity
* Mixed pmt: there are many tenor of pmt in one L/C, for eg: L/C at sight for 10pct of Inv value, other 90pct will be paid at 180 days after date of shipment.....
* nego: advancing fund to ben for complying docs. If avalable with any bank by negotiation, any bank can nego. docs. If available with bank X by nego., only bank X has right to decide nego. docs or not.
* Payment: pay at sight