(2) The beneficiary of a standby L/C is the issuer.
A. Right. B. Wrong. C. Doesn’t say.
(3) A commercial L/C is a method of payment that anticipates a positive event. A. Right. B. Wrong. C. Doesn’t say.
(04) A bill of lading acts as a document of title to goods shipped. The goods will be related from the port only against production of one of the original bills of lading. Original bills of lading are usually issued in sets of two or three (the number of originals will be indicated on the bill of lading.) As any one original bill of lading will enable the possessor to obtain the goods, possession of a complete set is required before control of the goods is assured. Shipping companies often issue unsigned copies of the bill of lading for record purposes. These unsigned copies are not documents of title.
(1) A bill of lading is a quasi negotiable document.
A. Right. B. Wrong. C. Doesn’t say.
(2) A bill of lading acts as a receipt of the goods from the shipping company to the shipper.
A. Right. B. Wrong. C. Doesn’t say.
(3) The number of originals (2 or 3) will be indicated on the bill of lading. A. Right. B. Wrong. C. Doesn’t say.
(4) Any one bill of lading will enable the possessor to obtain the goods. A. Right. B. Wrong. C. Doesn’t say.
(04) It is a matter of negotiation between the exporter and the importer as to who is responsible for insuring the goods during their journey from the exporter’s hands to the importer’s hands. In some transactions, it may be agreed that the seller will insure the whole journey and in others it may be on the buyer, it is also possible for the agreement to say that the seller must cover part of the journey, and the buyer must cover the rest.
When an exporter sells goods on a regular basis, he will normally arrange an open policy of insurance to cover all his exports during a specific period. This provides insurance cover at all times within agreed terms and conditions. Each time a shipment is made, the exporter will declare the details and pay a premium to the insurer. A certificate of insurance is them issued by the exporter who sends one copy to the insurance company for their record.
The benefit to the open cover system is that it avoids the need to negotiate insurance terms each time a shipment is made, and it avoids the necessity of issuing a separate policy for each individual shipment. If an exporter sells goods on a one-off basis, them he will negotiate terms with the insurers and an insurance policy will be issued. In many countries, an insured person must have a policy before he can take legal action against an insurer. A certificate alone is insufficient evidence on which to base a legal action. This legal problem is only important if the buyer needs to go to court because the insurance company has challenged a claim. (1) The benefit to the open cover system is that ( ).
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A. it avoids the issuing of a separate policy for each individual shipment only
B. it only avoids the need to negotiate insurance terms each time a shipment is made C. an exporter sells goods on a one-off basis
D. it avoids both of the issuing of separate policies for individual shipment and the need to negotiate insurance terms each time a shipment is made
(2) It is a matter of negotiation between the exporter and the importer as to ( ). A. who is responsible for insuring the goods during their journey from the exporter’s hands to the importer’s hands
B. who is responsible for insuring the goods during their journey from the importer’s hands to the exporter’s hands
C. the exporter is responsible for insuring the goods during their journey D. the importer is responsible for insuring the goods during their journey (3) An insurance certificate alone ( ).
A. is an important evidence on which to base a legal action B. is sufficient evidence to base a legal action in many countries C. is in sufficient evidence to base a legal action in many countries D. is an important evidence to base a legal action in many countries
(4) ( ) to cover the exports during a specific period when he sells goods regular basis.
A. The importer will normally arrange an open policy of insurance B. The exporter will normally arrange an open policy of insurance
C. The shipping company will normally arrange an open policy of insurance D. The producer will normally arrange an open policy of insurance (5) A certificate of insurance can be issued after ( ). A. the buyer pays a sum of money to the insurer
B. the exporter declares the details of the company and pays a premium
C. the exporter declares the details of the goods and pays a premium to the insurer D. the importer pays a premium to the insurer
(05) If the supplier insists on a documentary credit, the middleman may apply to his bankers for them to issue one on his behalf. If the middleman’s bankers are satisfied with his creditworthiness, they will issue the credit in the normal way and no other formalities will apply. However, the “back-to-back” aspect comes into play if the middleman’s bankers insist that the middleman obtain a documentary credit in his favor from the ultimate buyer as security for one which the middleman has applied for in favor of the seller.
(1) A documentary credit is a credit that goes together with documents. A. Doesn’t say. B. Right. C. Wrong.
(2) A If the middleman’s bankers are satisfied with his credit worthiness, “back-to back” credit is usually not necessary.
A. Doesn’t say. B. Right. C. Wrong. (3) The documentary credit is first in the middleman’s favor.
A. Doesn’t say. B. Right. C. Wrong.
(05) The importer will require full set of bills of lading in order to obtain the goods
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from the overseas port. The bills of lading can only be obtained by payment of the bill of exchange (D/P), or by acceptance (D/A). Therefore, the importer cannot obtain the goods without paying or accepting the bill of exchange, and conversely an exporter retains control of the goods until payment or acceptance of the bill of exchange. When goods are sent by air, the airway bill could show the importer’s bank as consignee. Once again the importer must pay or accept a bill of exchange to be able to obtain the goods. Once the importer has paid or accepted the bill of exchange, the importer’s bank will issue a delivery order. The delivery order is an authority, signed on behalf of the bank, authorizing the airport to release the goods to the named importer. An exporter should obtain the prior agreement of the importer and the importer’s bank before he consigns goods to that bank. In practice, the importer’s bank will not agree to be named as consignee, unless its own customer is of major importance.
(1) Bills of lading are documents for obtaining goods.
A. Doesn’t say. B. Right. C. Wrong.
(2) There are two conditions for obtaining bills of lading, i.e. D/P or D/A. A. Doesn’t say. B. Right. C. Wrong. (3) The delivery order is issued by the importer to release the goods. A. Doesn’t say. B. Right. C. Wrong. (4) Usually, the consignee is not the importer’s bank but the importer. A. Doesn’t say. B. Right. C. Wrong.
(05) The following chart is part of the procedure of an outward collection. Please examine the chart and answer the following questions.
① shipping exporter importer line ② documents of title
③ ⑤ ⑥documents
④ collection instruction and documents collecting bank ⑦ remitting bank funds to remitting bank forcredit to the exporter’s account (1) What’s from the exporter to the shipping line in procedure? (2) What’s from the exporter to the remitting bank in procedure? (3) What’s from the importer to the collecting bank in procedure?
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