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 attend a training programme on letters of credit, cargo insurance or Incoterms 2010? Check out the following questions and find out for yourself: What do you understand by the expression ‘terms of shipment’? Which rules of the ICC apply to them?For examining bank: Where there are more details … 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