By Rupnarayan Bose Introduction: Is UCP 600 Article 10 flawed? It took nearly 4 years and several rounds of meetings by the Drafting Group of the ICC, with 92+ countries contributed through their respective National Committees, to revise the UCP. Twelve years have passed since UCP 600 was launched. Yet, only now, the following article … Continue reading The confusing world of confirmed credits
Do you or your staff need to upgrade their skill in documentary credits, cargo insurance or Incoterms 2010? Here are a few simple questions to help you judge for yourself (care: there are a few 'googlies'): Is there any relation between CIP Incoterms 2010 and Institute Cargo Clause C? How are these two linked?LC 'place … Continue reading How well you know your letters of credit (LC) or Incoterms?
The exporter should check the LC immediately on receipt - NOT later. Make sure that you are OK with all the terms. Are they as agreed with your counter-party? Do you understand all the terms absolutely clearly? Can you perform them within the time permitted by the LC? Can you identify the hidden land mines … Continue reading Exporter’s Check-list for LCs