trades and to adjust to technological advances. The focus of this article is upon the Uniform Customs and Practice for Documentary Credits (UCP)‚ which consists of a set of principles which standardise banking procedures for payments byway of documentary credits. These principles do not apply automatically‚ but are in play once traders choose to pay by letter of credit and to incorporate the UCP as part of their contract terms. The UCP was first issued by the International Chamber of Commerce (ICC)
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CHAPTER –I: INTRODUCTION 1.1.0 Background of the study: Banks play an important role in the business sector and promoting industrialization and economic development of a country. Banks provide necessary funds for executing various programs underway in the process of economic development. Basically‚ Bank collects deposit from the customers at lower rate of interest and lends it to the borrowers at higher rate of interest considering the cost of fund. The difference amount indicates the
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the documentary credits. For the purposes of this question‚ we are only dealing with the contract of the documents between Macbeth and the confirming bank‚ Noddy Bank. Noddy bank had been authorized in this case by the issuing bank‚ Toytown Bank to pay the beneficiary‚ also known as the seller‚ Macbeth for the goods he had shipped to Weetocrunch. It is only upon presentation by Macbeth of valid documents that complies with the terms and requirements stated in the Letter of credit that had been opened
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0 Introduction Letter of credit (L/C) can be defined as an “undertaking” whereby the buyer’s bank is committed (on behalf of the buyer) to place an agreed amount of money at the seller’s disposal under some agreed conditions. Since the agreed conditions include‚ amongst other things‚ the presentation of some specified documents‚ the letter of credit is called Documentary Letter of Credit or‚ in short‚ Documentary Credit. The Uniform Customs & Practice for Documentary Credit (UCPDC) published by
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1.1. Profile of Dhaka Bank Limited DHAKA BANK LIMITED (DBL) was incorporated as a public limited Company on 6th April 1995 under the company act. 1994 and started its commercial operation on July 05‚ 1995 as a private sector bank. The bank started its journey with an authorized capital of Tk. 1‚000.00 million and paid up capital of Tk. 100.00 million. Dhaka Bank Limited is the leading Private Sector Bank in Bangladesh offering full range of Personal‚ Corporate Dhaka‚ International Trade‚ Foreign
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BANKING & SHIPPING PROCEDURE IN APPAREL INDUSTRY. BANKING & SHIPPING PROCEDURE IN APPAREL INDUSTRY. Prepared for: Mr. Faruque M. Masud Course Teacher AMM-306 Prepared by: Md. Bhuyan Md.Rubaiat morshed ID- 091011298 Group: B Semester- 2nd May 3‚ 2013 Mr. Faruque M. Masud Course Teacher AMM-306 Sub: Banking And Shipping procedure in apparel industry. Dear Sir‚ We are pleased to enclose our above subject assignment as desired by you. We have tried our
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Import Policy 2009-2012 1. General Provisions for Import Regulation of Import- Import of goods under this Order shall be regulated as follows: * Unless otherwise specified in this order‚ the items banned for import in the list shall not be importable: Provided that‚ those items which are importable on fulfillment of certain conditions specified in the list shall be importable on fulfillment of those conditions. * Except the items specified in the article 3(a)‚ all other items are importable
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most discerning palates on the planet’. PAD is planning its shift to a (re-) exporting mode‚ assessing target markets and considering options related to the financials of the business. While the finance team at PAD have a general awareness of letters of credit and collections products and processes‚ these are generally not very popular instruments – expensive‚ complex‚ prone to error‚ and not generally suited to food and highly perishable products. The company CFO is intrigued by online settlement
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1.11 Bad News Messages Example of a bad news letter Your order for five Canon LPB-8 A1 Laser Printers arrived today. This lightweight‚ rapid-speed‚ letter quality printer is the leading machine in the field. Our main function is to purchase office equipment in large quantities and then resell it to retailers. In order to do this most efficiently‚ we ask that all orders be for at least 12 units. If you will call me at 551-5656 and increase your order to a dozen or more‚ your machines will
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documents as advance payment: (a) One original invoice (b) Bank Guarantee for Advance Payment (10%) (c) Bank Guarantee for Performance / Warranty (90%) 2. Eighty per cent (80%) of the Total Contract price shall be payable by an irrevocable letter of credit (L/C) to be opened by a first class Korean Bank against submission of the following documents upon FOB delivery. The L/C shall be established two (2) months prior to the FOB shipment. (a) One copy of Inspection Certificate for shipping release
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