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payment risk
non-payment/insolvency - buyers creditworthiness
secured payment
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2. Payment systems
Advance payment
Cash
Transfer
Cheque
Deferred payment
Transfer or Cheque at a fixed date
Draft at a fixed date
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Annex 2
EXPORTER in a
strong position and/or
inspiring
full confidence
BALANCE OF
POWER
BALANCE
OF POWER
DOCUMENTARY COLLECTION
DELAY OF PAYMENT OCCASIONING A RISK ON THE IMPORTER, THE EXPORTERS
CLAIMS ARE MATERIALISED BY COMMERCIAL DOCUMENTS
IMPORTER in a
strong position and/or
inspiring
full confidence
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For Exporter
Risk
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5
4
3
Cost
1. Advance payment
6. Open account
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For Importer
Risk
1
Cost
1. Advance payment
6. Open account
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4. Documentary collection
Definition
Scheme & routing
Types
Remarks
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Buyer
Payment/
Acceptance
(5)
Comm.docs +
collection
instructions (2)
Payment/
Acceptancenotice (7)
Comm.docs +
Collection-instructions(3)
Presenting
bank
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Payment/
(6)
Acceptance-notice
Remitting
bank
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5. Documentary credit
Definition
Types
Scheme & routing
Remarks
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Unconfirmed
Confirmed
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Seller
contract
(1)
Request to open a
Documentary Credit
(3)
advising
Opening/Issuing
(2)
Issuing bank
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Advising bank
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Seller
contract
(1)
Request to open a
Documentary Credit
(3)
Confirmation
Opening/Issuing
(2)
Issuing bank
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Confirming bank
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Buyer / Applicant
Seller / Beneficiary
(1)Goods shipped
(4 bis) debit +
documents
(2) documents
(3 bis)
payment
(3) documents
(4) reimbursement
Issuing bank
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Advising or
Confirming bank
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Important Principles:
Banks stick exclusively to the text of the documentary credit
Banks only take full account of the documents, never take
into consideration the goods.
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7. Documents
Commercial invoice
Transport document
Insurance
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7. Documents
Commercial invoice
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BENEFICIARYSNAMEANDADDRESS
INVOICE
A...APPLICANT
DESCRIPTIONOFGOODS
(complyingwithLCterms)
Amount
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7.1.Documents : Commercial invoices Must appear on their face to be issued by the beneficiary
Must be made out in the name of the applicant
Need not be signed ( unless otherwise stipulated in the Credit)
Amount in excess of the amount permitted by the Credit
Description of the goods must correspond with the description in the
Credit
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7. Documents
Commercial Invoice
Transport document:
Bill of Lading
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BILLOFLADING
SHIPPER
CONSIGNEE
NOTIFY
OCEANVESSEL
PORTOF
DISCHARGE
MARKS
PORTOFLADING
NUMBERORIGINAL
DESCRIPTIONGOODS
NOLINESLTD
WEIGHT
SHIPPEDinapparentgoodorder...
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Appears on its face to indicate the name of the carrier and to have
been signed
Indicates that the goods have been loaded on board or shipped on a
named vessel
Indicates the port of loading and discharge stipulated in the Credit
Sole original , or full set
Appears to contain all the terms and conditions of carriage
Contains no indication that it is subject to a charter party
Meets the stipulation of the credit ...
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7. Documents
Commercial Invoice
Transport document:
Bill of Lading
CMR
Airway Bill
Railway Bill (duplicate)
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7. Documents
Commercial Invoice
Transport document:
Bill of Lading
CMR
Airway Bill
Railway Bill (duplicate)
Insurance
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7. Documents
Packing list
Certificate of origin
Inspection certificate
Weight list
........
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INCOTERMS
EXW
FCA
FAS
EXW = EX WORKS
FOB
CFR/CIF
DES
DEQ
DDU
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Credit expired,
Late presentation,
Late shipment,
Incomplete shipment (not all goods delivered) ,
Buyers name/address not correct,
Documents not presented,
Incomplete documents,
Documents not corresponding with each other,
Certificates not signed
Incomplete remarks/ not in conformity with,
Different weights,
Incorrect and incomplete description of goods,
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Discrepancies: Insurance
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Conclusion
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Your Contact:
Carina SUTERA SARDO
Senior Trade Finance Manager
Global Trade Services
Tel: + 32 (81) 245 315
Mobile: + 32 (0)479.99.61.47
carina.suterasardo@fortis.com
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