Letter of Credit Checklist.pdf
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Letter of Credit Checklist Are all required documents included? Will the documents be presented within the expiration date of the letter of credit? Are the documents on their face consistent with each other? Has shipment been made prior to the last shipping date? Are the documents “stale”? Typically, unless otherwise specified, documents presented 21 days or more after the date of transport are considered stale. Are the required number of copies of each document being submitted? On documents where signatures are required, are the appropriate signatures present? Is the transport document consigned to the correct party? Is the notify party on the transport document correct? Is the merchandise description correct? Are the number of units, the unit price and the total price all consistent? If an insurance document is required, is the type and amount of coverage correct? Was it in effect prior to shipment? If partial shipment has been made, is it permitted under the terms of the letter of credit? If transshipment is necessary, does the letter of credit permit this? Review the draft. Does it quote the bank’s letter of credit reference? Is it drawn on the correct party? If necessary, has it been properly signed and endorsed? Is the amount and currency correct? Is the tenor as specified?
Transcript of Letter of Credit Checklist.pdf
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Letter of Credit Checklist
Are all required documents included?
Will the documents be presented within the expiration date of the letter of credit?
Are the documents on their face consistent with each other? Has shipment been made prior to the last shipping date? Are the documents stale? Typically, unless otherwise specified, documents presented 21 days or more after the date of transport are considered stale. Are the required number of copies of each document being submitted? On documents where signatures are required, are the appropriate signatures present? Is the transport document consigned to the correct party? Is the notify party on the transport document correct? Is the merchandise description correct? Are the number of units, the unit price and the total price all consistent? If an insurance document is required, is the type and amount of coverage correct?
Was it in effect prior to shipment? If partial shipment has been made, is it permitted under the terms of the letter of credit?
If transshipment is necessary, does the letter of credit permit this? Review the draft. Does it quote the banks letter of credit reference? Is it drawn on the correct party? If necessary, has it been properly signed and
endorsed? Is the amount and currency correct? Is the tenor as specified?
