Silent confirmation is an arrangement made between:
(1)( ) Beneficiary and Advising Bank
(2)( ) Issuing Bank and Advising Bank
______ is a credit that is added another bank's (usually the advising bank) confirmation to the beneficiary. This constitutes a definite responsibility of ______ in addition to the undertaking of the issuing bank.
Select the most appropriate statement.
(1)( ) The issuing bank must use an advising bank.
(2)( ) The issuing bank may use an advising bank.
(3)( ) Single window credit is not acceptable.
(4)( ) None.
(1)( ) The issuing bank may cancel the L/C anytime.
(2)( ) The issuing bank should seek permission from the advising bank.
(3)( ) The issuing bank must recall the L/C from the advising bank.
(4)( ) The issuing bank must obtain the consent of the beneficiary.
A.A. buyer
B.B. issuing bank
C.C. confirming bank
D.D. advising bank
As per article 13 of UCP 600, a nominated bank can also be termed as
(1)( ) An advising bank.
(2)( ) A transferring bank.
(3)( ) An issuing bank.
(4)( ) A claiming bank.
The banks on the buyer's side on L/C arrangement are( ).
A. issuing bank B. advising bank
C. negotiating bank D. paying bank
Please compare the responsibilities for the advising bank in UCP 500 with those in UCP 600?
The responsibility for the advising bank in UCP 500 is that it will take reasonable care to check the ______ of the credit.
There are two responsibilities for the advising bank in UCP 600 as follows:
(1)It has satisfied itself as to the ______ of the credit or amendment.
(2)Its ______ the terms and conditions of the credit or amendment.
We have pleasure in advising that a ( ) was established in your favour through Bank of China.
A. confirmed credit B. contract
C. way bill D. packing list
(1)( ) Disregard the term.
(2)( ) Seek clarification.
(3)( ) Advise the documentary credit as transferable.
(4)( ) Refuse to advise the documentary credit.
When an advising bank has accepted a Time/Usance draft under an advised documentary credit, they are responsible for effecting payment at maturity when:
(1)( ) they have received funds from the Issuing Bank.
(2)( ) they have received funds from the Reimbursing Bank.
(3)( ) the draft is verified by the applicant.
(4)( ) the draft is presented by the beneficiary.