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Quick guide to the Incoterms® 2020 rules

2019-12-06T07:40:02+00:00December 5th, 2019|

The Incoterms ® rules are published by the International Chamber of Commerce for the interpretation of the most commonly used trade terms in international trade - International Commercial Terms. The main purpose of the Incoterms ® rules is to clearly set out the obligations of the seller and the buyer and the division of costs, risks [...]

Managing the Letters of Credit Process

2018-05-24T15:05:51+00:00October 10th, 2016|

Who do you currently present your letter of credit documents to? Your own bank? Another preferred bank in your own country? Or…… are you being forced to deal with a local office of the issuing bank or their preferred correspondent?  Consider completing and sending to your customer a Letter of Credit Request Template prior to the issuance [...]

A Guide to Letter of Credit Charges

2018-05-24T16:36:17+00:00September 6th, 2016|

In the current global financial climate, many internationally trading companies are turning to letters of credit as a means of securing payment from buyers in new or difficult markets. We regularly hear from internationally trading companies who are shocked by the level of letter of credit charges being deducted by UK based advising or confirming banks. Our popular Letter [...]

Bonds and Guarantees, The Challenges for Exporters

2018-03-12T17:22:19+00:00May 12th, 2016|

As many exporting businesses will be only too aware, it is very common for overseas buyers to insist that a bond or guarantee is provided usually by a bank, as a standard means of securing the terms of the contract and  then usually covering  the exporter's performance of their obligations during the period of the contract. In some instances [...]

Are FOB, CFR and CIF Right for Financing?

2018-05-24T15:24:44+00:00April 8th, 2016|

The Incoterms ® 2010 rules published by the International Chamber of Commerce makes a clear distinction between rules appropriate for any modes of transport and those deemed more suitable for sea and inland waterway transport only. These are classified as follows: Rules for Any Mode or Modes of Transport: EXW, FCA, CPT, CIP, DAT, DAP, [...]

Are Your Transport Documents Late Again?

2018-05-24T15:32:11+00:00February 29th, 2016|

The failure rate of first presentations of documents by exporters under letters of credit continues to be high, with banks quoting these rates at between 60% and 80%. The reasons for these high levels are varied but will include the failure of the beneficiary to initially check the terms of the letter of credit to [...]

My Documents Comply.. So Why Won’t the Bank Negotiate?

2018-05-24T15:36:25+00:00September 10th, 2015|

Over the years it seems that banks in the UK have to some extent lost their appetite to act on their nomination and truly "negotiate" documents presented under unconfirmed letters of credit. It used to be quite commonplace for a beneficiary of such an L/C to ask their bank to negotiate , and this request [...]

A Guide to International Standard Banking Practice (ISBP 745)

2018-05-24T15:43:58+00:00August 12th, 2015|

The ISBP (full title: International Standard Banking Practice for the Examination of Documents under Documentary Credits) is an International Chamber of Commerce (ICC) publication which provides important guidance regarding the examination of documents presented against letters of credit. It is important to note that the ISBP cannot in any way change the UCP 600 rules [...]