K G KHULLAR PRESENTS

LETTER OF
CREDIT
SUMMARISED E-BOOK

K G KHULLAR
EX-BANK OF INDIA,PSB
(JAIIB,CAIIB,MCA)
 CONTENTS
1 BUYER AND SELLER CONCERN

2 WHAT IS LETTER OF CREDIT?

3 ADVANTAGES TO IMPORTER

4 ADVANTAGES TO EXPORTER

5 PARTIES TO LETTER OF CREDIT

6 LETTER OF CREDIT PROCESS

7 TYPES OF LETTER OF CREDIT

8 DOCUMENTS UNDER A LETTER OF CREDIT

9 UCPDC-600

10 INCOTERMS 2010

OBLIGATIONS OF BUYER AND SELLER

11 UNDER INCOTERMS

12 UCPDC 600 IMPORTANT RULES

13 QUESTION BANK

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 LETTER OF CREDIT

CHAPTER ONE

BUYER
AND SELLER
CONCERN

K G KHULLAR
 CHAPTER ONE

BUYER AND SELLER CONCERN

SELLER CONCERN

An assurance that he would be paid in full and on time.

Receipt of his dues at his own bank or through a bank in
his own country.
Finance to purchase the goods that he sells
Advice and help in handling the documents to effect the
sale.

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BUYER CONCERN
la
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An assurance that the goods that he receives are of the
same quality as the samples that he has approved.
Kh

Confirmation that he does not need to pay for the goods

until the seller has met his commitments.
Credit to enable him to pay for the goods after he has sold
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them.
Guidance and help in handling complex documentation
K

and dealing with specific important procedures and

requirements.

05 K G KHULLAR
 LETTER OF CREDIT

CHAPTER TWO

WHAT IS
LETTER OF
CREDIT?

K G KHULLAR
 CHAPTER TWO

WHAT IS LETTER OF CREDIT?

A letter of credit is a promise by a bank on behalf of the

buyer (customer/importer) to pay the seller
(beneficiary/exporter) a specified sum in the agreed
currency, provided that the seller submits the required
documents by a predetermined deadline.
A key principle underlying letter of credit (L/C) is that
banks deal only in documents and not in goods.

r
la
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Kh
G
K

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K G KHULLAR
 LETTER OF CREDIT

CHAPTER THREE

ADVANTAGES
TO IMPORTER

K G KHULLAR
 CHAPTER THREE

ADVANTAGES TO IMPORTER

ADVANTAGES TO IMPORTER
Importer is assured that the exporter will be paid only if
all terms and conditions of the Letter of Credit have been
met.
Importer is able to negotiate more favourable trade terms
with the exporter when payment by Letter of  Credit is
offered.
If the exporter is willing to grant extended terms to

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importer, importer may arrange for a Letter of Credit
la
which is payable at a future date (i.e., 60 or 90 days after
presentation of complying documents).
ul
Through the use of Banker’s Acceptances, importer may
finance the goods until they are marketed
Kh

By  the  documents called   for,  the importer can seek to

minimize the risks in not receiving the goods ordered.
G

DISADVANTAGES TO IMPORTER
K

A Letter of Credit does not offer protection to the

importer against the exporter shipping inferior quality
goods and/or a lesser quantity of goods.
It is necessary for the importer to have a line of credit
with a bank before the bank is able to issue a Letter of
Credit. The amount outstanding under each Letter of
Credit issued is applied against this line of credit from the
date of issuance until final payment.

10 K G KHULLAR
 LETTER OF CREDIT

CHAPTER FOUR

ADVANTAGES
TO EXPORTER

K G KHULLAR
 CHAPTER FOUR

ADVANTAGES TO EXPORTER
ADVANTAGES TO EXPORTER
The risk of payment relies upon the creditworthiness of
the Issuing Bank and the political risk of the
Issuing Bank’s domicile, and not the creditworthiness of
the importer.
Exporter agrees in advance to all requirements for
payment under the Letter of Credit. If the Letter of Credit
is not issued as agreed, the exporter is not obligated to
ship against it.

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Exporter can further reduce foreign political and bank
credit risk by requesting confirmation of the Letter
la
of Credit by a bank.
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The exporter may be able to obtain financing for the
purchase or manufacture of goods that will be shipped
Kh

under the Letter of Credit.

Under Banker’s Acceptance financing, the exporter may
receive funds shortly after shipment, despite having
granted credit terms to importer, or exporter may receive
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funds prior to export. The decision is typically based on

the exporter’s cash flow position.
K

DISADVANTAGES TO EXPORTER
Documents must be prepared and presented in strict
compliance with the requirements stipulated in the
Letter of Credit.
Some importers may  not  be  able  to open Letters of
Credit due to the lack of credit facilities with their bank
which consequently inhibits export growth.
Exporter is exposed to the commercial risk that the bank
providing its undertaking is willing and able to perform.
Exporter is exposed to the commercial risk that the bank
providing its undertaking is willing and able to perform.
12 K G KHULLAR
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 LETTER OF CREDIT

CHAPTER FIVE

PARTIES TO
LETTER OF
CREDIT

K G KHULLAR
 CHAPTER FIVE

PARTIES TO LETTER OF CREDIT

1. APPLICANT-BUYER-IMPORTER-OPENER :
He is the person who applies to bank for Letter of Credit
2. ISSUING BANK :
The bank which opens the Letter Of Credit on the request of
applicant/Buyer.

3.BENEFICIARY-EXPORTER-SELLER :
The person who is entitled to receive the benefit under Letter
of Credit.

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4. ADVISING BANK / NOTIFYING BANK :
la
The bank in the Beneficiary/Exporters Country through
which the letter of credit is advisedto the beneficiary.
ul
5. NEGOTIATING BANK :
Kh

The bank in the Beneficiary/Exporters Country which

negotiate the bills (i.e. make payments on the billsdrawn by
the seller and accepts the documents.) If the LC specifies a
bank then that bank is the Negotiating Bank and is also called
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the Nominated Bank / Paying Bank. If the LC however does

K

not specify the bank, than any bank can be negotiating bank.

6. CONFIRMING BANK:
The advising bank is only required to advise the credit to
the beneficiary. If however in addition toadvising the credit
the advising bank were to confirm it, then the advising bank
will also become confirming Bank.

7. REIMBURSING BANK :
It is the bank which is appointed by the Issuing Bank to make
reimbursement to the Negotiating, Payingor confirming
Bank.

15 K G KHULLAR
 LETTER OF CREDIT

CHAPTER SIX

LETTER OF
CREDIT
PROCESS

K G KHULLAR
 CHAPTER SIX

LETTER OF CREDIT PROCESS

17 K G KHULLAR
 LETTER OF CREDIT

CHAPTER SEVEN

TYPES OF
LETTER OF
CREDIT

K G KHULLAR
 CHAPTER SEVEN

TYPES OF LETTER OF CREDIT

ACCEPTANCE CREDIT :
Ordinary Letters of Credits are usually sight credits, i.e.
immediate payment should be made of the bills drawn by the
beneficiary. Such letters of credit under which usance bills
can be drawn is an Acceptance Credit or Time Credit.e is the
person who applies to bank for Letter of Credit
REVOCABLE CREDIT :
A revocable LC is a credit that can be amended / cancelled by
the issuing bank without prior notice to the beneficiary.
However, if any negotiating bank has acted on the credit

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prior to receipt of the notice of amendment/cancellation then
la
the issuing bank is bound to reimburse the negotiating bank.
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IRREVOCABLE CREDIT :
is a credit that can neither be amended nor cancelled without
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the consent of the beneficiary

CONFIRMED CREDIT :
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WITH RECOURSE AND WITHOUT RECOURSE

CREDITS :
when beneficiary draws a bill under a LC he is liable if the
K

drawee fails to make payment. These kind of bills are called

recourse LCs. The beneficiary can exclude liability by adding
to the bill following words “without recourse”
TRANSFERABLE CREDITS :
As such the rights under an LC cannot be transferred and is
vested in the beneficiary. A transferable credit is one under
which the beneficiary can transfer his rights to third parties.
Unless specifically stated an LC is not transferable.

If a bank advising the credit to beneficiary adds its own

confirmation to the credit, then the credit would be called a
confirmed credit. Only irrevocable credit can be confirmed
19 K G KHULLAR
 CHAPTER SEVEN

BACK-TO-BACK CREDITS :
The beneficiary in whose favor an LC is issued uses the same
to obtain another credit from his(beneficiary’s ) bank in favor
of the supplier. There are three banks involved in this type of
LC. (Issuing Bank, Advising Bank, Third bank which issued an
ancillary credit against the security of the original credit

ANTICIPATORY LETTER OF CREDIT
- RED CLAUSE LETTER OF CREDIT -
In a usual LC transaction the beneficiary will be entitled to
receive payment only on his handing over the documents
and bills drawn under the LC to the negotiating bank.

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However, in certain credits the beneficiary will be entitled to
la
get and advance of the price. These credits contains a “Red
Clause” which authorizes an intermediary bank to make an
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advance to the beneficiary before shipment.
- GREEN CLAUSE LETTER OF CREDITS –
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This is refinement of the “Red Clause”. This type of LC not

only permits preshipment advance but also permits advances
to the exporter to cover storage at the port of shipment. The
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Red Clause and Green Clause credit are called Anticipatory

Credits.
K

REVOLVING LETTER OF CREDIT :
In this type of credit though amount is fixed, it can be
renewed as soon as the earlier bills have been paid.

20 K G KHULLAR
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K G KHULLAR
 LETTER OF CREDIT

CHAPTER EIGHT

DOCUMENTATION
UNDER LC

K G KHULLAR
 CHAPTER EIGHT

DOCUMENTATION UNDER LC

COMMERCIAL INVOICE:
The billing for the goods and services. It includes
a description of merchandise, price, FOB origin, and name
and address of buyer and seller. The buyer and seller
information must correspond exactly to the description in
the letter of credit. Unless the letter of credit specifically
states otherwise, a generic description of the merchandise is
usually acceptable in the other accompanying documents.

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BILL OF LADING la
A document evidencing the receipt of goods for shipment
and issued by a freight carrier engaged in the business of
ul
forwarding or transporting goods. The documents evidence
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control of goods. They also serve as a receipt for the

merchandise shipped and as evidence of the
carrier's obligation to transport the goods to their proper
destination.
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WARRANTY OF TITLE
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a warranty given by a seller to a buyer of goods that states

that the title being conveyed is good and that the transfer is
rightful. This is a method of certifying clear title to product
transfer. It is generally issued to the purchaser and issuing
bank expressing an agreement to indemnify and hold both
parties harmless.
LETTER OF INDEMNITY
specifically indemnifies the purchaser against a certain stated
circumstance. Indemnification is generally used to guaranty
that shipping documents will be provided in good order
when available.

23 K G KHULLAR
 LETTER OF CREDIT

CHAPTER NINE

UCPDC 600

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K G KHULLAR
 CHAPTER NINE

UCPDC 600

Uniform Customs and Practice for Documentary Credit

(UCPDC).
Set of predefined rules established by the International
Chamber of Commerce (ICC) on Letters of Credit.
The International Chamber of Commerce (ICC)was
established in 1919 headquartered at Paris.
The first UCPDC published in 1933 and has been revised
from time to time in 1951, 1962,1974,1983,1993 and recently

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in 2007. la
The updated UCPDC in 2007 is called as UCPDC 600. And
ul
it has been implemented w.e.f 1-7-2007.
39 articles
Kh
G
K

26 K G KHULLAR
 LETTER OF CREDIT

CHAPTER TEN

INCOTERMS
2010

K G KHULLAR
 CHAPTER TEN

INCOTERMS 2010

Incoterms are a standard set of terminology used to define

key parts of freight forwarding and international commercial
transactions.
Incoterm is a short way to say International Commercial
Terms.
Incoterms are always a 3-letter acronym, intended to clarify
tasks and risks associated with the transportation and delivery
of goods.

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EXW: EX WORKS (AIR OR OCEAN)
1 la
Seller makes goods available at their facility
Buyer bears all costs & risks thereafter
ul
FCA: FREE CARRIER (AIR OR OCEAN)
2 Seller is responsible for getting goods loaded onto a
Kh

truck for transport

Buyer bears all costs & risks thereafter
FAS: FREE ALONGSIDE SHIP (OCEAN)
3
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Exporter is responsible for clearing goods at customs

and delivering them to the vessel at point of origin.
K

NOTE: Not generally used for containerized goods.

FOB: FREE ON BOARD (OCEAN)
4 Seller is responsible for getting the goods to the port of
export & loaded on the vessel
Buyer takes on all costs & risks thereafter
FCA: FREE CARRIER (AIR OR OCEAN)
5 Seller is responsible for delivery of goods form their
warehouse to the agreed destination port, including
paying for transportation, delivery and clearing
customs.

28 K G KHULLAR
 CHAPTER TEN

CIF: COST, INSURANCE & FREIGHT

6 Seller has more responsibility and they will arrange
transportation, freight duties and insurance.
RISKS supplier chooses insurance (likely to choose
cheapest most basic insurance)
CPT: CARRIAGE PAID TO (AIR OR OCEAN)
7 Relatively uncommon incoterm except for large
importer who have own port agents
While seller pays for transport of goods, buyer
assumes risk (and insurance) once goods leave
country or port of seller.

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CIP: CARRIAGE AND INSURANCE PAID TO
8 (AIR OR OCEAN)
la
Seller pays for transportation, insurance and export
ul
clearance form point of origin to end destination.
DAT: DELIVERY AT TERMINAL (AIR OR
9
Kh

OCEAN)
Seller responsible for the goods up until the end
destination. Buyer pays for customs clearance and
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taxes at destination.
DAP: DELIVERED AT PLACE (AIR OR OCEAN)
10
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Seller is responsible for getting the goods to a named

place agreed upon by the buyer
Buyer takes control of the goods after arrival at the
named place: excluding Customs clearance
DDP: DELIVERED AUTY PAID (AIR OR OCEAN)
11 Seller is responsible for delivering the goods to the
buyer’s door including Customs clearance

29 K G KHULLAR
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K G KHULLAR
 LETTER OF CREDIT

CHAPTER ELEVEN

OBLIGATIONS
OF BUYER
AND SELLER
UNDER
INCOTERMS

K G KHULLAR
 CHAPTER ELEVEN

OBLIGATIONS OF BUYER AND

SELLER UNDER INCOTERMS

The chart on next page is a general summary of obligations

of the buyer and seller based on the 11 INCOTERMS.

The International Chamber of Commerce created Incoterms

as a worldwide standard to be used in contracts of sale for
expressing the rights and obligations of buyers and sellers -

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specifically, regarding the delivery of the goods.
la
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Kh
G
K

32 K G KHULLAR
 OBLIGATIONS OF BUYER AND SELLER UNDER INCOTERMS

Unloading of Loading charges Carriage (Sea Unloading Carriage to Import Import

Incoterm Export-Customs Carriage to port Loading on truck
truck In port of Freight/Air Freight) Charges in port of Pace of Insurance Customs taxes
2010 declaration Of export In port of import
In port of export export to port of import importt destination clearance

EXW Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer

FCA Seller Buyer or Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer

FAS Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer

FOB Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer

CFR Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer

CIF Seller Seller Seller Seller Seller Seller Seller Buyer Seller Buyer Buyer

CPT Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer

CIP Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer

DAT Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer

DAP Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer

DDP Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller
 LETTER OF CREDIT

CHAPTER TWELVE

UCPDC 600
IMPORTANT
RULES

K G KHULLAR
 CHAPTER TWELVE

UCPDC 600 IMPORTANT RULES

Article 1 Application of UCP 

Article 2 Definition
Article 3 Interpretations
Article 4 Credits v. Contracts
Article 5 Documents v. Goods, Services or Performance
Article 6 Availability, Expiry Date and Place for Presentation
Article 7 Issuing Bank Undertaking 

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Article 8 Confirming Bank Undertaking
Article 9
la
Advising of Credits and Amendments
Article 10 Amendments
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Tele transmitted and Pre-Advised Credits and
Article 11
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Amendments
Article 12 Nomination
Article 13 Bank-to-Bank Reimbursement Arrangements
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Article 14 Standard for Examination of Documents

Article 15 Complying Presentation
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Article 16 Discrepant Documents, Waiver and Notice

Article 17 Original Documents and Copies
Article 18 Commercial Invoice
Article 19 Transport Document Covering at Least Two
Different Modes of Transport
Article 20 Bill of Lading
Article 21 Non-Negotiable Sea Waybill
Article 22 Charter Party Bill of Lading
Article 23 Air Transport Document

35 K G KHULLAR
 CHAPTER TWELVE

Road, Rail or Inland Waterway Transport  

Article 24 Documents

Article 25 Courier Receipt, Post Receipt or Certificate of Posting

“On Deck”, “Shipper’s Load and Count”. “Said by
Article 26 Shipper to Contain” and Charges Additional to
Freight

Article 27 Clean Transport Document

Article 28 Insurance Document and Coverage
Extension of Expiry Date or Last Day for
Article 29
Presentation

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Article 30
Prices
la
Tolerance in Credit Amount, Quantity and Unit
ul
Article 31 Partial Drawings or Shipments
Article 32 Instalment Drawings or Shipments
Kh

Article 33 Hours of Presentation

Article 34 Disclaimer on Effectiveness of Documents
G

Article 35 Disclaimer on Transmission and Translation

Article 36 Force Majeure
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Article 37 Disclaimer for Acts of an Instructed Party

Article 38 Transferable Credits
Article 39 Assignment of Proceeds

36 K G KHULLAR
 CHAPTER TWELVE

ARTICLE 1
APPLICATION OF UCP
rules that apply to any documentary credit

ARTICLE 2
DEFINITIONS
Advising bank means the bank that advises the credit at the
request of the issuing bank.

Applicant means the party on whose request the credit is issued.

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Banking day means a day on which a bank is regularly open at 
la
the place at which an act subject to these rules is to be
performed.
ul
Beneficiary means the party in whose favour a credit is issued.
Kh

Complying presentation means a presentation that is in

accordance with the terms and conditions of the credit, the
applicable provisions of these rules and international standard
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banking practice.
K

Confirmation means a definite undertaking of the confirming

bank, in addition to that of the issuing bank.

Confirming bank means the bank that adds its confirmation to

a credit upon the issuing bank’s authorization or request.

Honour means:
a. to pay at sight if the credit is available by sight payment.
b. to incur a deferred payment undertaking and pay at maturity
if the credit is available by deferred payment.
c. to accept a bill of exchange (“draft”) drawn by the beneficiary
and pay at maturity if the credit is available by acceptance.
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K G KHULLAR
 CHAPTER TWELVE

Issuing bank means the bank that issues a credit at the

request of an applicant or on its own behalf.

Negotiation means the purchase by the nominated bank of

drafts and/or documents under a complying presentation, by
advancing or agreeing to advance funds to the beneficiary on
or before the banking day on which reimbursement is due to
the nominated bank.

Nominated bank means the bank with which the credit is

available or any bank in the case of a credit available with any

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bank. la
 
Presentation means either the delivery of documents under a
ul
credit to the issuing bank or nominated bank or the
documents so delivered.
Kh

 
Presenter means a beneficiary, bank or other party that
makes a presentation.
G

ARTICLE 3
K

INTERPRETATIONS
A credit is irrevocable even if there is no indication to that
effect.
A document may be signed by handwriting, facsimile
signature, perforated signature, stamp, symbol or any other
mechanical or electronic method of authentication.
Branches of a bank in different countries are considered
to be separate banks.
The terms “beginning”, “middle” and “end” of a month shall be
construed respectively as the 1st to the 10th, the 11th to the 20th
and the 21st to the last day of the month, all dates inclusive.

39 K G KHULLAR
 CHAPTER TWELVE

ARTICLE 4
CREDITS V. CONTRACTS
a. A credit by its nature is a separate transaction from the sale
or other contract on which it may be based. Banks are in no
way concerned with or bound by such contract, even if any
reference whatsoever to it is included in the credit.
Consequently, the undertaking of a bank to honour, to
negotiate or to fulfil any other obligation under the credit is
not subject to claims or defences by the applicant resulting
from its relationships with the issuing bank or the
beneficiary.

r
A beneficiary can in no case avail itself of the contractual
la
relationships existing between banks or between the applicant
and the issuing bank.
ul
b. An issuing bank should discourage any attempt by the
applicant to include, as an integral part of the credit, copies of
Kh

the underlying contract, proforma invoice and the like.

ARTICLE 5
G

DOCUMENTS V. GOODS, SERVICES OR
PERFORMANCE
K

Banks deal with documents and not with goods, services or

performance to which the documents may relate.

ARTICLE 7
ISSUING BANK UNDERTAKING
a. Provided that the stipulated documents are presented to
the nominated bank or to the issuing bank and that they
constitute a complying presentation, the issuing bank must
honour.
b. An issuing bank is irrevocably bound to honour as of the
time it issues the credit.

40 K G KHULLAR
 CHAPTER TWELVE

c. An issuing bank undertakes to reimburse a nominated bank

that has honoured or negotiated a complying presentation and
forwarded the documents to the issuing bank.

ARTICLE 8
CONFIRMING BANK UNDERTAKING
a. Provided that the stipulated documents are presented to
the confirming bank or to any other nominated bank and
that they constitute a complying presentation, the confirming
bank must:
b. A confirming bank is irrevocably bound to honour or
negotiate as of the time it adds its confirmation to the credit.

r
c. A confirming bank undertakes to reimburse another
la
nominated bank that has honoured or negotiated a
complying presentation and forwarded the documents to the
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confirming bank.
d. If a bank is authorized or requested by the issuing bank to
Kh

confirm a credit but is not prepared to do so, it must inform

the issuing bank without delay and may advise the credit
without confirmation.
G

ARTICLE 9
ADVISING OF CREDITS AND AMENDMENTS
K

a. A credit and any amendment may be advised to a

beneficiary through an advising bank.
b. By advising the credit or amendment, the advising bank
signifies that it has satisfied itself as to the apparent
authenticity of the credit or amendment and that the advice
accurately reflects the terms and conditions of the credit or
amendment received.
c. An advising bank may utilize the services of another bank
(“second advising bank”) to advise the credit and any
amendment to the beneficiary.

41 K G KHULLAR
 CHAPTER TWELVE

d. If a bank is requested to advise a credit or amendment but

elects not to do so, it must so inform, without delay, the bank
from which the credit, amendment or advice has been
received.
e. If a bank is requested to advise a credit or amendment but
cannot satisfy itself as to the apparent authenticity of the credit,
the amendment or the advice, it must so inform, without delay,
the bank from which the instructions appear to have been
received.

ARTICLE 10
AMENDMENTS

r
a. Except as otherwise provided by article 38, a credit can
la
neither be amended nor cancelled without the agreement of
the issuing bank, the confirming bank, if any, and the
ul
beneficiary.
b. An issuing bank is irrevocably bound by an amendment as
Kh

of the time it issues the amendment. A confirming bank may

extend its confirmation to an amendment and will be
irrevocably bound as of the time it advises the amendment.
G

c. The terms and conditions of the original credit (or a credit

incorporating previously accepted amendments) will remain
K

in force for the beneficiary until the beneficiary

communicates its acceptance of the amendment to the bank
that advised such amendment.
d. A bank that advises an amendment should inform the bank
from which it received the amendment of any notification of
acceptance or rejection.
e. Partial acceptance of an amendment is not allowed and will
be deemed to be notification of rejection of the amendment.
f. A provision in an amendment to the effect that the
amendment shall enter into force unless rejected by the
beneficiary within a certain time shall be disregarded.

42 K G KHULLAR
 CHAPTER TWELVE

ARTICLE 12
NOMINATION
a. Unless a nominated bank is the confirming bank, an
authorization to honour or negotiate does not impose any
obligation on that nominated bank to honour or negotiate,
except when expressly agreed to by that nominated bank and
so communicated to the beneficiary.
b. By nominating a bank to accept a draft or incur a deferred
payment undertaking, an issuing bank authorizes that
nominated bank to prepay or purchase a draft accepted or a
deferred payment undertaking incurred by that

r
nominated bank.
la
c. Receipt or examination and forwarding of documents by a
nominated bank that is not a confirming bank does not make
ul
that nominated bankliable to honour or negotiate, nor does it
constitute honour or negotiation.
Kh

ARTICLE 13
BANK-TO-BANK REIMBURSEMENT
ARRANGEMENTS
G

a. If a credit states that reimbursement is to be obtained by a

K

nominated bank (“claiming bank”) claiming on another party

(“reimbursing bank”), the credit must state if the
reimbursement is subject to the ICC rules for bank-to-bank
reimbursements in effect on the date of issuance of the
credit.
b. If a credit does not state that reimbursement is subject to
the ICC rules for bank-to-bank reimbursements, the
following apply:
       i. An issuing bank will be responsible for any loss of
interest, together with any expenses incurred, if
reimbursement is not provided on first demand by a
reimbursing bank in accordance with the terms and
conditions of the credit.
43 K G KHULLAR
 CHAPTER TWELVE

c. An issuing bank is not relieved of any of its obligations to

provide reimbursement if reimbursement is not made by a
reimbursing bank on first demand.

ARTICLE 14
STANDARD FOR EXAMINATION OF DOCUMENTS
a. A nominated bank, a confirming bank and the issuing bank
must examine a presentation to determine, whether or not
the documents appear on their face to constitute a complying
presentation.
b. A nominated bank, a confirming bank and the issuing bank
shall each have a maximum of five banking days following

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the day of presentation to determine if a presentation is
complying.
la
c. A presentation including one or more original transport
ul
documents must be made by or on behalf of the beneficiary
not later than 21 calendar days after the date of shipment as
Kh

described in these rules, but in any event not later than the
expiry date of the credit.
d. Data in a document, when read in context with the credit,
G

the document itself and international standard banking

practice, need not be identical to, but must not conflict with,
K

data in that document, any other stipulated document or the

credit.
e. In documents other than the commercial invoice, the
description of the goods, services or performance, if stated,
may be in general terms not conflicting with their description
in the credit.
f. If a credit requires presentation of a document other than a
transport document, insurance document or commercial
invoice, without stipulating by whom the document is to be
issued or its data content, banks will accept the document as
presented if its content appears to fulfil the function of the .

44 K G KHULLAR
 CHAPTER TWELVE

required document and otherwise complies with sub-article 14

(d)
g. A document presented but not required by the credit will be
disregarded and may be returned to the presenter.
h. If a credit contains a condition without stipulating the
document to indicate compliance with the condition, banks will
deem such condition as not stated and will disregard it.
i. A document may be dated prior to the issuance date of the
credit, but must not be dated later than its date of presentation.
j. When the addresses of the beneficiary and the applicant
appear in any stipulated document, they need not be the same

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as those stated in the credit or in any other stipulated
la
document, but must be within the same country as the
respective addresses mentioned in the credit.
ul
k.The shipper or consignor of the goods indicated on any
document need not be the beneficiary of the credit.
Kh

l. A transport document may be issued by any party other than

a carrier, owner, master or charterer provided that the
transport document meets the requirements of articles 19, 20,
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21, 22, 23 or 24 of these rules.

ARTICLE 15
K

COMPLYING PRESENTATION
a. When an issuing bank determines that a presentation is
complying, it must honour.

ARTICLE 16
DISCREPANT DOCUMENTSWAIVER AND NOTICE
a. When a nominated bank, a confirming bank or the issuing
bank determines that a presentation does not comply, it may
refuse to honour or negotiate.
b. When a nominated bank, a confirming bank or the issuing
bank decides to refuse to honour or negotiate, it must give a
single notice to that effect to the presenter.

45 K G KHULLAR
 CHAPTER TWELVE

c. The notice required in sub-article 16 (c) must be given by

telecommunication or, if that is not possible, by other
expeditious means no later than the close of the fifth banking
day following the day of presentation.

ARTICLE 17
ORIGINAL DOCUMENTS AND COPIES
a. At least one original of each document stipulated in the
credit must be presented.
b. A bank shall treat as an original any document bearing an
apparently original signature, mark, stamp, or label of the
issuer of the document, unless the document itself indicates

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that it is not an original.
la
c. Unless a document indicates otherwise, a bank will also
accept a document as original if it:
ul
      i. appears to be written, typed, perforated or stamped by
the document issuer’s hand; or
Kh

      ii. appears to be on the document issuer’s original

stationery; or
      iii. states that it is original, unless the statement appears
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not to apply to the document presented.

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ARTICLE 18
COMMERCIAL INVOICE
a. A commercial invoice:
      i. must appear to have been issued by the beneficiary
      ii. must be made out in the name of the applicant
      iii. must be made out in the same currency as the credit;    
           and
      iv. need not be signed.

ARTICLE 20
BILL OF LADING

46 K G KHULLAR
 CHAPTER TWELVE

a. A bill of lading, must appear to:

  i. indicate the name of the carrier and be signed by:
the carrier or a named agent for or on behalf of the carrier,
or
the master or a named agent for or on behalf of the master.
  ii. indicate that the goods have been shipped on board a
named vessel at the port of loading stated in the credit by:
pre-printed wording, or
an on board notation indicating the date on which the goods
have been shipped on board.
  iii. indicate shipment from the port of loading to the port of

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discharge stated in the credit.
la
ARTICLE 27
CLEAN TRANSPORT DOCUMENT
ul
A bank will only accept a clean transport document. A clean
transport document is one bearing no clause or notation
Kh

expressly declaring a defective condition of the goods or their

packaging.
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ARTICLE 28
INSURANCE DOCUMENT AND COVERAGE
K

a. An insurance document, such as an insurance policy, an

insurance certificate or a declaration under an open cover,
must appear to be issued and signed by an insurance
company.
b. When the insurance document indicates that it has been
issued in more than one original, all originals must be
presented.
c. Cover notes will not be accepted.
d. An insurance policy is acceptable in lieu of an insurance
certificate or a declaration under an open cover.

47 K G KHULLAR
 CHAPTER TWELVE

e. The date of the insurance document must be no later than

the date of shipment, unless it appears from the insurance
document that the cover is effective from a date not later than
the date of shipment.
f. i. The insurance document must indicate the amount of
insurance coverage and be inthe same currency as the credi.      
ii. A requirement in the credit for insurance coverage to be for
a percentage of the value of the goods, of the invoice value or
similar is deemed to be the minimum amount of coverage
required.
If there is no indication in the credit of the insurance coverage

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required, the amount of insurance coverage must be at least
la
110% of the CIF or CIP value of the goods.
When the CIF or CIP value cannot be determined from the
ul
documents, the amount of insurance coverage must be
calculated on the basis of the amount for which honour or
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negotiation is requested or the gross value of the goods as

shown on the invoice, whichever is greater.
iii. The insurance document must indicate that risks are
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covered at least between the place of taking in charge or

shipment and the place of discharge or final destination as
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stated in the credit.

ARTICLE 29
EXTENSION OF EXPIRY DATE OR LAST DAY FOR
PRESENTATION
a. If the expiry date of a credit or the last day for presentation
falls on a day when the bank to which presentation is to be
made is closed for reasons other than those referred to in
article 36, the expiry date or the last day for presentation, as
the case may be,will be extended to the first following
banking day.

48 K G KHULLAR
 CHAPTER TWELVE

b. If presentation is made on the first following banking day, a

nominated bank must provide the issuing bank or confirming
bank with a statement on its covering schedule that the
presentation was made within the time limits extended in
accordance with sub-article 29 (a).
c. The latest date for shipment will not be extended as a result
of sub-article 29 (a).

ARTICLE 30
TOLERANCE IN CREDIT AMOUNT, QUANTITY
AND UNIT PRICES
a. The words “about” or “approximately” used in connection

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with the amount of the credit or the quantity or the unit price
la
stated in the credit are to be construed as allowing a tolerance
not to exceed 10% more or 10% less than the amount, the
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quantity or the unit price to which they refer.
b. A tolerance not to exceed 5% more or 5% less than the
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quantity of the goods is allowed, provided the credit does not

state the quantity in terms of a stipulated number of packing
units or individual items and the total amount of the
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drawings does not exceed the amount of the credit.

c. Even when partial shipments are not allowed, a tolerance
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not to exceed 5% less than the amount of the credit is allowed,

provided that the quantity of the goods, if stated in the credit,
is shipped in full and a unit price, if stated in the credit, is not
reduced or that sub-article 30 (b) is not applicable.

ARTICLE 31
PARTIAL DRAWINGS OR SHIPMENTS
a. Partial drawings or shipments are allowed.
b. A presentation consisting of more than one courier receipt,
post receipt or certificate of posting will not be regarded as a

49 K G KHULLAR
 CHAPTER TWELVE

partial shipment if the courier receipts, post receipts or

certificates of posting appear to have been stamped or signed
by the same courier or postal service at the same place
and date and for the same destination.

ARTICLE 33
HOURS OF PRESENTATION
A bank has no obligation to accept a presentation outside of
its banking hours.

ARTICLE 34
DISCLAIMER ON EFFECTIVENESS OF

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DOCUMENTS
la
A bank assumes no liability or responsibility for the form,
sufficiency, accuracy, genuineness, falsification or legal effect
ul
of any document, or for the general or particular conditions
stipulated in a document or superimposed thereon; nor does
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it assume any liability or responsibility for the description,

quantity, weight, quality, condition, packing, delivery, value
or existence of the goods, services or other performance
represented by any document, or for the good faith or acts or
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omissions, solvency, performance or standing of the

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consignor, the carrier, the forwarder, the consignee or the

insurer of the goods or any other person.

ARTICLE 35
DISCLAIMER ON TRANSMISSION AND
TRANSLATION
A bank assumes no liability or responsibility for the
consequences arising out of delay, loss in transit, mutilation
or other errors arising in the transmission of any messages or
delivery of letters or documents, when such messages, letters
or documents are transmitted or sent according to the
requirements stated in the credit, or when the bank may have

50 K G KHULLAR
 CHAPTER TWELVE

taken the initiative in the choice of the delivery service in the

absence of such instructions in the credit.
A bank assumes no liability or responsibility for errors in
translation or interpretation of technical terms and may
transmit credit terms without translating them.

ARTICLE 36
FORCE MAJEURE
A bank assumes no liability or responsibility for the
 consequences arising out of the interruption of its business
by Acts of God, riots, civil commotions, insurrections, wars,
acts of terrorism, or by any strikes or lockouts or any other

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causes beyond its control.
la
A bank will not, upon resumption of its business, honour
or negotiates under a credit that expired during such
ul
interruption of its business.
Kh

ARTICLE 37
DISCLAIMER FOR ACTS OF AN INSTRUCTED
PARTY
a. An issuing bank or advising bank assumes no liability or
G

responsibility should the instructions it transmits to another

bank not be carried out, even if it has taken the initiative in
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the choice of that other bank.

ARTICLE 38
TRANSFERABLE CREDITS
a. A bank is under no obligation to transfer a credit except to
the extent and in the manner expressly consented to by that
bank.
b. For the purpose of this article:
Transferable credit means a credit that specifically states it is
“transferable”.

51 K G KHULLAR
 CHAPTER TWELVE

c. Unless otherwise agreed at the time of transfer, all charges

(such as commissions, fees, costs or expenses) incurred in
respect of a transfer must be paid by the first beneficiary.
d. A credit may be transferred in part to more than one second
beneficiary provided partial drawings or shipments are
allowed.
e. Any request for transfer must indicate if and under what
conditions amendments may be advised to the second
beneficiary.
f. The transferred credit must accurately reflect the terms and
conditions of the credit, including confirmation, if any, with

r
the exception of:
la
the amount of the credit,
any unit price stated therein,
ul
the expiry date,
the period for presentation, or           
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the latest shipment date or given period for shipment

g. The first beneficiary has the right to substitute its own
invoice and draft, if any, for those of a second beneficiary for
G

an amount not in excess of that stipulated in the credit, and

upon such substitution the first beneficiary can draw under the
K

credit for the difference, if any, between its invoice and the
invoice of a second beneficiary.

52 K G KHULLAR
 LETTER OF CREDIT

CHAPTER THIRTEEN

QUESTION
BANK

K G KHULLAR
 CHAPTER THIRTEEN

QUESTION BANK

1) Mr. Mohapatra, a resident of Puri in Orissa, issued an LC

from his bank. On receipt of LC, the exporter dispatched the
consignment to Mr. Mohapatra and thereby sending all
necessary documents to the issuing bank via negotiating bank.
The documents reached Delhi where they were held due to
severe cyclone Fani in the state of Orissa. The documents
reached Orissa but the operations of issuing bank were severely
affected due to the cyclone and was out of operation for 10
days. Since documents were not handed over to Mr. Mohapatra

r
on time, he suffered major loss in the business. Mr. Mohapatra
sued the bank over this delay.
la
a) Mr. Mohapatra is correct and bank should reimburse for
ul
the losses.
b) Bank is not liable for the losses.
Kh

c) Bank will only reimburse 10% of the LC value.

d) Bank will ask Mr. Mohapatra to settle his issue in the court.
Expalanation- Correct option B 
Article36-Force Majeure
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A bank assumes no liability for the consequences arising out of the

interruption of its business by Acts of God, riots, civil commotions,
K

wars, or any other causes beyond its control.

A bank will not upon resumption of its business, honour or negotiate
under a credit that expired during such interruption of its business.

2) Which of the following is correct Under UCP 600 generic set

of rules that applies to all transport documents (other than
charter party bills of landing)?
I)The document must indicate the name of the carrier and be
signed by: (a) the carrier or named agent for or on behalf of the
carrier; or (b) the master or named agent for or on behalf of the
master.

54 K G KHULLAR
 CHAPTER THIRTEEN

II) Any signature by the carrier, master or agent must be

identified as that of the carrier, master or agent.
III) Any signature of an agent must indicate whether the agent
has signed for or on behalf of the carrier for or on behalf of the
master.
IV) Name of master is must on all transport documents.
a) Only I,II
b) Only I,II,III
c) Only IV
d) All of the above viz. I,II,III,IV
Explanation - Correct option B
Under UCP 600 a generic set of rules generally applies to all

r
transport documents (other than charter party bills of landing).
la
These include the following:
ul
The document must indicate the name of the carrier and be signed
by: (a) the carrier or named agent for or on behalf of the carrier;
Kh

or (b) the master or named agent for or on behalf of the master.

Any signature by the carrier, master or agent must be identified
as that of the carrier, master or agent.
Any signature of an agent must indicate whether the agent has
G

signed for or on behalf of the carrier for or on behalf of the master.

There is no need to name of the master.
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3) An LC, covering shipment of 1000 cartons consisting of

15000 pieces of shirts, (readymade garments), from Chennai
port to Dubai port, provides that partial shipment is not
allowed.
The beneficiary hands over 500 cartons of Shirts, to the
shipping company on 15.7.2018 and another 500 cartoons on
18.7.2018. The shipping Company issues Bill of Landing for the
first 500 cartons on 17.7.2018 and another Bill of Landing
covering 500 cartoons on 19.7.2018. Both the consignments are

55 K G KHULLAR
 CHAPTER THIRTEEN

to be shipped by a vessel that is due to leave Chennai port on

21.7.2018. Thus the total goods under the LC, i.e. 1000 cartons,
are shipped on a single vessel, but with two Bill of Ladings.
The LC issuing bank, on receipt of documents partial shipment,
which is not permitted under the Lc. The issuing bank, informs
the negotiating bank that goods are held at their disposal and
further instructions are awaited.
a) The issuing bank is correct in rejecting the documents
since these don’t comply with the instruction under Lc. 
b) The issuing bank is not correct since all 1000 cartons are
sent on the same means of transport and has same journey.
c) The Chennai exporter is at fault of not sending all 1000

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cartons under same one BL and thus he should reimburse the
la
importer losses.
ul
d) The negotiating bank should reimburse the applicant since
they didn’t check the documents before sending and missed
Kh

this important error is documents, i.e. two Bill of ladings

Explanation- Correct option B
Article 31 – Partial Shipment
A presentation of documents consisting of more than one set of
G

transport documents, covering shipment of goods on the same means

of transport and has same journey, will not be considered as partial
K

shipment, even if they indicate different dates of shipment.

4) The LC issuing bank on receipt of documents on 15.9.2019

(Tuesday) took two days to examine the same and referred the
documents to the applicants for their acceptance on 17.9.2018
(Thursday).
The applicants came up with a discrepancy in documents, on
22.9.2018 (Tuesday) evening, stating that the documents need to
be rejected as the Bill of Lading was not stamped with “On
board” stamp and initialed by the shipping company. With
21.09.2018 holiday on account of Dussehra.

56 K G KHULLAR
 CHAPTER THIRTEEN

The issuing bank sent a swift message of rejection to the

negotiating bank on 23.9.2018. On receipt of Swift message
from the issuing bank, informing rejection of documents and
discrepancy, as informed by the applicant, the negotiating bank
referred the matter back to the opening bank stating that the
message of refusal and notification of discrepancy was not
received within the time period of 5 working days, and as such
claimed to be reimbursed as per LC terms.
a) The negotiating bank is correct, and issuing bank should
reimburse the claims as per LC terms.
b) The issuing bank has notified the discrepancy well within
stipulated 5working days. 19th and 20th being Saturday and

r
Sunday and 21st being holiday on account of dusshera.
la
c) The negotiating bank will accept the rejected documents
but with a penalty on issuing bank for the delay, Since 21st
ul
was not a holiday in negotiating banks country.
d) The issuing bank will impose a penalty on the applicant for
Kh

not informing it well on time.

Explanation- Correct option B
Article 16 d of UCPDC 600
G

The notice of refusal and discrepancy must be given latest by the

closing hours of the 5th working day from the date of presentation.
K

5) An exporter sells goods overseas on FOB and CIF Incoterms,

respectively.
Who is responsible for the freight charges in each?
a) FOB – importer / CIF – exporter
b)  FOB – importer / CIF – importer
c) FOB – exporter / CIF – importer
d)  FOB – exporter / CIF – exporter
Explanation - Correct option A. 
Under FOB terms, the importer is responsible for the freight
charges, and under CIF, the exporter.

57 K G KHULLAR
 CHAPTER THIRTEEN

6) Bank of Madurai issued an LC to Ramaeshwar& Co. The

company on receiving goods from the Chinese manufacturer
asked the bank not to honour the LC as the goods are not as per
Performa invoice which was agreed by both buyer
and seller in their contract. The bank should
a) Refuse to honour the request of Rameshwar and Co
b) Honour the request of Rameshwar& Co.
c) Bank should ask to settle the issue in International Court of
Justice.
d) Honour the request of Rameshwar& Co. in case the
Chinese manufacturer refuses to comply with Performa

r
invoice as per contract between buyer and seller
Explanation- Correct option A
la
Article4-LC by its nature is separate from the sale or other contract on
ul
which it is based and banks are in no way concerned with or bound by
such contracts.
Issuing bank must discourage any attempt by the applicant to include the
Kh

details of the contact proforma invoice, etc, as an integral part of the LC.
Article 5 of UCPDC 600, states that banks deal in documents and not in
goods and services.
G

Some reasons for refusal of document acceptance-

a) Goods not as per proforma invoice
K

b) Obtain stay against the opening bank to honour payment of the

documents, due to the reason that the beneficiary has not sent the goods
as per agreement.

7) Under FOB terms and UCP 600, a bill of lading would be

required tostate which of the following?
a) Shipped on board and freight paid
b) Received for shipment and freight paid
c) Shipped on board and freight payable at destination
d)Received for shipment and freight payable at destination

58 K G KHULLAR
 CHAPTER THIRTEEN

Explanation - Correct option C. 

UCP 600, article 23, requires the bill of ladingto indicate that the
goods have been shipped on board. Use of the FOBIncoterm means
that freight is payable at destination.

8) Which of the following are protections given to banks under

UCPDC 600?
I)Banks do not assume any responsibility for genuineness of the
documents submitted or any discrimination in the contents
mentioned in the documents
II)Banks are not responsible for any loss arising due to delay in
transmission or loss of messages, documents, or

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telecommunication. No responsibility is taken by the banks for
la
errors in translation/interpretation of technical terms
III) Banks also do not take responsibility for any loss arising due
ul
to close of their business by the acts of god, commotions, civil
riots, floods or any other causes beyond their control
Kh

IV)Banks do not take any responsibility for the acts of the

correspondent banks, whether the bank was chosen by the
applicant or by itself. The applicant is liable to pay the charges,
if the charges were on account of the third party and could not
G

be collected
a) Only II        
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b) Only III                 
c) Only IV                   
d) All of the above viz. I,II,III,IV
Explanation - Correct option D

9) ‘A bank receives a documentary credit in which it is

requested to addits confirmation. When reviewing its terms and
conditions, the bank is not in agreement with one or more
conditions. It decides not to add its confirmation and informs
the issuing bank the next day. The bank is not required to
advise the documentary credit on an unconfirmed basis.’ Is this
statement true or false?

59 K G KHULLAR
 CHAPTER THIRTEEN

a) True
b)  False
Explanation - Correct option A. 
UCP 600, sub-article 8(d), states that the bank mayadvise the credit
without confirmation. There is no obligation to advise it.

10) Which of the following criteria will a bank not usually

review whendetermining whether a documentary credit falls
within the structure ofa credit facility granted to the issuing
bank?
a) The expiry date

r
b) The payment terms
c) The presentation period
la
d) The amount
ul
Explanation - Correct option C. 
A presentation period has no impact on a credit Facility
Kh

11) An LC is going to expire on 11.05.2019 (Saturday). The issuing

bank receives the documents for compliance on 11.05.2019
G

(Saturday) but due annual general elections the bank was closed.
The course of action on behalf of issuing bank is-
a) Extend the date of presentation to next working day i.e.
K

13.05.201 (Monday)
b) Return the documents to the negotiating bank, with the
covering – “Documents received beyond schedule”
c) Issuing bank will have to honour the documents on same day
i.e. 11.05.2019
d) Honour the documents on 12.02.2019 i.e. Sunday
Explanation- Correct option A.
Article 29 – Extension of Expiry Date or Last Day for Presentation
a) If the expiry date of a LC or the last day for presentation falls on a
day when the bank to which presentation is to be

60 K G KHULLAR
 CHAPTER THIRTEEN

made is closed for reason other than those referred to in article 36,
the expiry date or the last day for presentation, as the case may be,
will be extended to the first following banking day.
b) If presentation is made on the first following banking day, a
nominated bank must provide the issuing bank or confirming bank
with a statement on its covering schedule that the presentation was
made within the time limits extended in accordance with sub-article
29 (a)
c) The latest date for shipment will not be extended as a result of
sub-article 29 (a).

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la
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61 K G KHULLAR
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