A documentary credit which allows partial shipments has the following shipment schedule:

A documentary credit which allows partial shipments has the following shipment schedule:

  1,000 units shipped between 01 June ×××× and 30 June ××××

  2,000 units shipped between 01 July ×××× and 31 July ××××

  2,000 units shipped between 01 August ×××× and 31 August ××××

  3,000 units shipped between 01 September ×××× and 30 September ××××

  The beneficiary shipped the goods and presented documents as follows:

  A. 1,000 units shipped on 15 June ×××× and documents presented on 30 June ××××

  B. 3,000 units shipped on 15 July ×××× and presented on 28 July ××××

  C. 2,000 units shipped on 31 July ×××× and presented on 15 August ××××

  D. 3,000 units shipped on 15 September ×××× and presented on 30 September ××××

  Which of the above sets of documents are complying?

  (1)( )A only.

  (2)( )C only.

  (3)( )A and D only.

  (4)( )A, B and D only.

A documentary credit is received without a stipulation of whether partial shipments are allowed. Which of the following statements is applicable?

A．They are allowed.

B．Refer to the issuing bank.

C．Refer to the beneficiary.

D．They are prohibited.

A documentary credit is issued for an amount of approximately GBP 40, 000. 00 pay- able with drafts drawn at 30 days from date of shipment. Documents are presented on 22 September ×××× with bills of lading dated 01 September ×××× and for value CBP 38, 000. 00. Which of the following drafts would be accepted?

  A．30 days from 01 September ×××× for approximately GBP 40, 000. 00.

  B．30 days from date of shipment-value GBP 38, 000. 00.

  C．Due 01 October ×××× -value GBP 38, 000. 00.

  D．30 days from bill of lading date 01 September ×××× -value GBP 38, 000. 00.

  (1)( )A and B only.

  (2)( )A and C only.

  (3)( )B and D only.

  (4)( )C and D only.

A beneficiary presents complying documents to a confirming bank under a documentary credit available by deferred payment. The beneficiary requests that the confirming bank purchase the documents and prepay against its undertaking. In accordance with UCP 600, which of the following may be the correct course (s) of action for the confirming bank?

  A. ( ) Obtain the issuing bank's agreement prior to paying the beneficiary.

  B. ( ) Refuse the beneficiary's request while undertaking to pay at maturity.

  C. ( ) Prepay the deferred payment undertaking.

  D. ( ) Obtain an agreement for recourse to the beneficiary.

  (1)( ) A only.

  (2)( ) D only.

  (3)( ) B and C only.

  (4)( ) C and D only.

A documentary credit is issued for an amount of GBP 60,000.00 and calls for drafts to be drawn at 30 days from bill of lading date. Documents have been presented with a bill of lading dated 9 November××××. Which of the following tenors on the draft will NOT be acceptable?

  (1)( ) 9 December ××××.

  (2)( ) 30 days from bill of lading date.

  (3)( ) 30 days after 9 November ××××.

  (4)( ) 30 days date, draft dated 9 November ××××.

A documentary credit for USD 120,000.00 calls for shipment of fertiliser in February, March, April and May. Each shipment is to be for about 500 tonnes. Shipment was effected as follows:

  A. 450 tonnes sent 24 February for value USD 27,000.00.

  B. 550 tonnes sent 12 April for value USD 33,000.00.

  C. 460 tonnes sent 30 April for value USD 28,000.00.

  D. 550 tonnes sent 4 June for value USD 33,000.00.

  Which of the above shipments will be honoured on presentation?

  (1)( ) A only.

  (2)( ) A and C only.

  (3)( ) B and D only.

  (4)( ) A, B and C only.

A documentary credit for USD 150,000.00 calls for a full set of bills of lading and an insurance certificate to cover all risks. The bill of lading presented indicates an on board date of 15 December. Which of the following insurance documents are acceptable?

  A. Policy for USD 185.000.00.

  B. Certificate dated 17 December.

  C. Declaration signed by a broker.

  D. Subject to a franchise.

  (1)( ) A and B only.

  (2)( ) A and D only.

  (3)( ) B and C only.

  (4)( ) C and D only.

What is a documentary letter of credit?

A．A conditional bank undertaking to pay an exporter on production of stipulated documentation.

B．A method of lending against documentary security.

C．An international trade settlement system biased in favor of importers.

D．All of the above.

What is a documentary letter of credit?______.

A．A method of lending against documentary security

B．A conditional bank undertaking to pay an exporter on production of stipulated document-tation

C．An international trade settlement system biased in favour of importers

D．All of the above

What should an Advising Bank do if it receives a documentary credit from the Issuing Bank which includes the term "Transmissible" ?

  (1)( ) Disregard the term.

  (2)( ) Seek clarification.

  (3)( ) Advise the documentary credit as transferable.

  (4)( ) Refuse to advise the documentary credit.