国际贸易实务期末考试复习资料

⑥The landing account or weight notes (notes on weight) at destination

⑦Any correspondence with the carrier or any other party who could be responsible for the loss or damage

⑧Master?s protest

68. What are the prerequisites for a claim? 答:The prerequisites for a claim are: ① The risks exposed to the goods insured should fall within the insurance coverage stipulated in the insurance policy.

②The claimant should be able to evidence the insurable interest he has in the goods

insured.

③The risks covered should occur within the duration of the insurance liability.

71 After Bank X advised exporter Y of the L/C, the shipment was made. When the cargo was on the way, the importer filed for bankruptcy. Is Y out of luck of collecting the payment? Can the opening bank refuse to make reimbursement to the negotiating bank? Why or why not?

答:No, exporter Y does not need to worry about the payment. Because the payment is by

L/C, the issuing bank is responsible for making payment regardless of the importer?s situation. But the condition is that exporter Y can fulfill all the requirements listed on the L/ C. According to UCP600, a credit constitutes a definite undertaking of the opening bank to pay or to pay at maturity in case of acceptance. Therefore once the stipulated documents are presented to the opening bank and the terms and conditions of the credit are complied with, the opening bank cannot refuse to make reimbursement to the negotiating bank.

72. An L/C does not indicate whether it is revocable or not, is it revocable? Can a revocable credit be transferable?

答:According to UCP600, if an L/C does not indicate whether it is irrevocable or not, it

will be considered as irrevocable. And a transferable L/C must be irrevocable.

73. After a gullible importer paid Bank C against the seemingly correct shipping documents, he went to take the delivery, but found out that the goods were inferior counterfeits. Is Bank C liable under UCP600? Can the importer do anything in order to recover the loss?

答:Bank C is not liable in this case because UCP600 stipulates that in credit operations

all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate. In order to recover the loss, the importer should rely on the sales contract and seek for solution.

74. An exporter, Wu Co., received an L/C issued by Bank B and confirmed by Bank K. After Wu shipped the goods, Bank B declared bankruptcy. Will Wu have sleepless nights?

答:No, Wu Co. does not need to worry about the payment. When the L/C is confirmed,

the confirming bank holds the same definite undertaking as the issuing bank to pay or to pay at maturity in case of acceptance.

75. How does a payment credit differ from a sight credit? 答:A payment credit could be settled by sight payment or deferred payment. In both cases, a draft drawn on the issuing bank may not be necessary. While when a sight credit is used, payment would be made immediately against a sight draft and required commercial documents.

76. Are the following credits transferable?(A) This L/C is assignable; (B) This L/C is transmissible; (C) This L/C is fractionable; (D) This L/C is divisible.

答:According to UCP600, a credit can be transferred only if it is expressly designated as

“transferable” by the issuing bank. Terms such as “divisible”, “fractionable”, “assignable”, and “transmissible” do not render the Credit transferable.

77. Under an anticipatory credit, the exporter made an advance, but disappeared without presenting the documents as required. Who is liable for repayment of the advance?

答:The special clause is required by the applicant, as a result he has to make repayment

of the advances if the beneficiary fails to present documents for settlement.

78. Why is a back-to-back credit needed? Give an example. 答:A back to back credit is normally used by middleperson for the protection of his interest. For example, agent A received a documentary credit from the end buyer B, A can use this credit as a backup to apply for the opening of a new credit in favor of the end supplier C. By doing so A can be sure that neither B nor C would know each other, therefore well protecting A?s business confidentiality.

79. What is the difference between a back-to-back credit and a transferable credit? 答:When a back-to-back credit is used, there actually involve two credits. When a transferable credit is used, operation is based on only one credit.

81. What are the basic requirements for export documentation? 答: Generally speaking, export documentation should meet the following basic requirements: correctness, completeness, conciseness, cleanness and promptness.

①Documents are correct and accurate if the content (including the exact words used)

conforms to that in the letter or credit and format of the documents is in line with the requirement. Aside from these, correctness is met when the right types of documents are prepared and the right number of the originals and duplicates are presented.

②To be complete, all necessary documents ( including the types and number of originals

and duplicates) are prepared and presented in a complete set.

③To achieve concise, the seller shall make sure that all documents should avoid redundant, unnecessary or ambiguous words or expressions.

④To be clean, documents should bear no marks of correction on the face.

⑤To be prompt, the seller should then prepare the documents in time and present them within the time for presentation stipulated in the letter of credit. This lives up to the requirement of promptness.

82. What are the information sources for export documentation?

答:The sales contract, the L/C and original information obtained from the original documents provided by manufacturers may be the prerequisites, i. e. the information criteria for export documentation.

①The sales contract is the basis of any other documents produced and all documents must

be made out in strict conformity with the contractual terms.

②If a transaction is made with payment by L/C, the credit will list all the documents required as the condition for the issuing bank to hold the liability of payment, independent of the importer.

③Contents of documents should be subject to original information obtained from the

original documents provided by manufacturers (e.g. Packing list). These documents become the information bases for documentation.

83. What documents the exporter is normally asked to submit when chartering or booking shipping space?

答:When chartering or booking shipping space for the carriage of export goods, the

exporter is normally asked to submit a booking note. A booking note is a form which is to be filled out by the exporter which provides the carrier or the shipping agent with all the necessary particulars about the shipment. The supporting documents such as copy of the sales contract, invoice and packing list may also be required by the carrier.

84. What are the main documents required for the negotiation of payment?

答:The main documents required for the negotiation of payment settlement generally include the commercial invoice, the packing list, the bill of lading, the insurance policy, etc. Apart from these documents, there are also other types of documents required by the buyer and submitted to the bank for negotiation. In addition to the submission of the above documents, the exporter he may also fill out a bill of exchange (a draft).

85. What should the sellers do to ensure that the documents required can be presented correctly, completely and promptly?

答:Correctness, completeness, and promptness are the basic requirements for export

documentation.

①To achieve correct and accurate if the content (including the exact words used) conforms to that in the letter or credit and format of the documents is in line with the requirement. Aside from these, correctness is met when the right types of documents are prepared and the right

number of the originals and duplicates are presented.

②To be complete, all necessary documents ( including the types and number of originals and duplicates) are prepared and presented in a complete set.

③To be prompt, the seller should then prepare the documents in time and present them

within the time for presentation stipulated in the letter of credit. This lives up to the requirement of promptness.

91. What are the ways to stipulate inspection time and place according to CISG 1980? 答:The inspection of the goods can be conducted at various stages of the trade process. There are generally three ways to stipulate the place and time of inspection in the sales contract: inspection at the factory or at the port of shipment, inspection at the port of destination and inspection at the port of shipment and re-inspection at the port of destination.

92. What are the reasons that cause disputes in international trade?

答:In international trade practice, the main reasons for disputes can be concluded into three categories: breach of contract by the seller, breach of contract by the buyer and breach of contract by both the seller and the buyer.

A seller may be considered to have breached a contract if he fails to make delivery of the goods that are in strict conformity with the contract or the L/C within the contracted shipment time or fails to present the complete and adequate shipping documents within the stipulated time period.

A buyer may breach a contract if he fails to open the relevant L/C in time or fails to accept the goods without sufficient reasons under an L/C payment; or fails to dispatch the vessel or notify the seller under FOB terms.

Breach of contract by both parties may arise due to the misunderstanding or miscomprehension of a contract that is not clearly stipulated.

93. What are the ways to stipulate a claim clause?

答:Normally, there are two ways to stipulate a claim clause in the contract: discrepancy and claim clause and penalty clause. For most transactions, only discrepancy and claim clause is stipulated, while for transactions where goods in substantial quantity or large mechanical equipment are concerned, a penalty clause will be necessary in case one party fails to implement the contract such as non-delivery, delayed delivery, delayed opening of L/ C, etc.

94. What is the main content of the discrepancy and claim clause?

答:The main content of a claim clause include: ①the relevant evidences or proofs to be presented and the relevant authoritative body for issuing the certificate; ②a period within which a claim is lodged; ③ways to settle disputes.

95. What are the differences between arbitration and litigation?

答: Arbitration is applied on the will of both parties concerned. In case no agreement can

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