LeonardShiroe
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Question 1: Actual L/C
1.1. Please collect an actual L/C and paste it to MS Word (1.0 mark)
1.2. Use the specific contents of your collected L/C to draw the flow chart and present steps of the payment process of the collected L/C. (1.5 marks)
1.3 Identify the form of your L/C based on the following criteria, then analyse the drawbacks (if any) of that form of L/C. (1.5 marks)
+ Based on the cancellation feature of L/C
+ Based on the payment time of L/C
+ Based on the confirmation of L/C
1.4 Based on the collected L/C, please name kinds of documents; number of originals, copies; issuer of each kind; and contents need to be noted for each document required in this L/C which the beneficiary must present for payment. (2.0 marks)
1.5 What is the popular feature of Bill of lading used in L/C payment method? Why? (1.0 mark)
Question 2: Case study (3.0 marks)
2.1. Case 1 (1 mark)
Partial payment is accepted in the collection instruction in which 50% of the amount will be paid under D/P condition and the other 50% under D/A condition.
a. How does the principal set up documents? (0.5 marks)
b. On which conditions does the collecting bank release documents? (0.5 marks)
2.2. Case 2 (2 marks)
L/C: T12345HBI dated 28th April 2021
Amount: USD215,863.75
L/C at sight
Advising Bank: OCBC Shanghai
Beneficiary: Champland Steel Co., Ltd – HongKong
Applicant: Phuc Anh Co., Ltd
Issuing bank: ABC bank, Vietnam
After examining the presented documents, ABC bank advised the applicant about the compliance of documents and then Phuc Anh Co. agreed to pay and receive the documents for taking delivery.
ABC bank debited Phuc Anh’s account and transferred money to the beneciary on Friday 11th June 2021.
In the morning of 12nd July 2021, Phuc Anh completed the imported customs clearance and trucked the container to their warehouse, but when the container went through the scaling machine, the machine showed that the weight of the container was very light, not same as the nature of the ordered goods.
Phuc Anh immediately advised the ABC bank to hold the payment, but it was impossible because the transferring order went out.
According to ABC bank’s recommendation, Phuc Anh asked SGS VN to survey the container while unpacking this container, and the survey report showed that the goods shipped in container were not ones ordered by Phuc Anh.
a. Who bears the above risk? Why?(0.5 marks)
b. Please suggest solutions to protect Applicant’s benefit in future. (0.5 marks)
c. Another shipment (2 containers) which is also paid by at sight L/C sent by Champland will arrive HaiPhong Port in 2 more days, ABC bank is about to examine the documents. In position of ABC bank, what would you do to protect the importer’s benefit?
1.1. Please collect an actual L/C and paste it to MS Word (1.0 mark)
1.2. Use the specific contents of your collected L/C to draw the flow chart and present steps of the payment process of the collected L/C. (1.5 marks)
1.3 Identify the form of your L/C based on the following criteria, then analyse the drawbacks (if any) of that form of L/C. (1.5 marks)
+ Based on the cancellation feature of L/C
+ Based on the payment time of L/C
+ Based on the confirmation of L/C
1.4 Based on the collected L/C, please name kinds of documents; number of originals, copies; issuer of each kind; and contents need to be noted for each document required in this L/C which the beneficiary must present for payment. (2.0 marks)
1.5 What is the popular feature of Bill of lading used in L/C payment method? Why? (1.0 mark)
Question 2: Case study (3.0 marks)
2.1. Case 1 (1 mark)
Partial payment is accepted in the collection instruction in which 50% of the amount will be paid under D/P condition and the other 50% under D/A condition.
a. How does the principal set up documents? (0.5 marks)
b. On which conditions does the collecting bank release documents? (0.5 marks)
2.2. Case 2 (2 marks)
L/C: T12345HBI dated 28th April 2021
Amount: USD215,863.75
L/C at sight
Advising Bank: OCBC Shanghai
Beneficiary: Champland Steel Co., Ltd – HongKong
Applicant: Phuc Anh Co., Ltd
Issuing bank: ABC bank, Vietnam
After examining the presented documents, ABC bank advised the applicant about the compliance of documents and then Phuc Anh Co. agreed to pay and receive the documents for taking delivery.
ABC bank debited Phuc Anh’s account and transferred money to the beneciary on Friday 11th June 2021.
In the morning of 12nd July 2021, Phuc Anh completed the imported customs clearance and trucked the container to their warehouse, but when the container went through the scaling machine, the machine showed that the weight of the container was very light, not same as the nature of the ordered goods.
Phuc Anh immediately advised the ABC bank to hold the payment, but it was impossible because the transferring order went out.
According to ABC bank’s recommendation, Phuc Anh asked SGS VN to survey the container while unpacking this container, and the survey report showed that the goods shipped in container were not ones ordered by Phuc Anh.
a. Who bears the above risk? Why?(0.5 marks)
b. Please suggest solutions to protect Applicant’s benefit in future. (0.5 marks)
c. Another shipment (2 containers) which is also paid by at sight L/C sent by Champland will arrive HaiPhong Port in 2 more days, ABC bank is about to examine the documents. In position of ABC bank, what would you do to protect the importer’s benefit?
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