TTTM 1

1. Any advising bank is responsible for which of the following?
Ensuring that the credit or amendment is genuine
Ensuring that the credit or amendment is apparently authentic
Requesting any amendments of the issuing bank on behalf of the beneííciary

• 1 only
• 2 and 3 only
• 2 only
• 1 and 2 only

The expression “on or about” or similar will be interpreted:

• Five calendar days before until five calendar days after the specified date (both start and end dates included)
• Five calendar days before until five calendar days after the specified date (both start and end dates excluded)
• 10 calendar days after the specified date (both start and end dates included)
• None of the above

With which of the following combinations of incoterms does the delivery risk pass from the seller to the buyer at the same point?

• CIP and DAT
• DaP and DAT
• EXW and FCA
• FOB and CFR

1. Arcording to URC522, 'Commercial documents' including:
Commercial invoice
Bill of exchanges
Bill of lading
Promissory notes

• 1 and 2 only
• 1 and 3 only
• 1 and 4 only
• 2 and 3 only

A Confirmiing bank has advised an amendment but remained silent about confirmation status of that particular amendment. What can be inferred from such action of the confirming bank?

• The amendment is confirmed.
• The amendment is not confirmed.
• Beneficiary must seek clarifĩcation from the confirmiing bank.
• None

The Issuing bank which receives a request or authority to pay againt discrepant documents from a nominated bank

• Need not refer the discrepancies to the applicant, if the discrepancies are acceptable to it
• Must refer the discrepancies to the applicant for their approval
• Must reply to the nominated bank within 05 banking days following the date of receipt of such request
• Is not bound to check documents if it authorizes the nominated bank to pay

A remitting bank sent a D/P sight documents including 3/3 originals B/L to the collecting bank in July.
No payment was made. No reply was ever received from the collecting bank despite several tracers.
The remitting bank found that the goods were release to the drawee against an original B/L in August.
In September the remitting bank requested the collecting bank to return the (unpaid) documents.
In late September, the collecting bank replied that a court injunction had been issued (in mid-September) due to inferior goods and that the injunction prevented them from paying.
Question: Must the collecting bank pay NOW without further delay since they have already delivered the (D/P) documents to the drawee?

• Right, no more delay
• No need to pay as no L/C was involved
• Unable to pay due to the injunction
• None is correct

L/C requires bill of lading showing Place of receipt: London, Port of loading: Felixstowe, Port of discharge: Halifax, Place of delivery: Toronto, marked Freight Prepaid. Which of the following Incoterms is suitable for above bill of lading?

• FOB
• EXW
• FCA
• CPT

According to UCP600, Which condition of the following is not accepted in the request for transfer LC?

• Reduce unit price
• Curtail the expiry date
• Curtail the period for presentation
• Change description of goods

The Beneficiary can always cure a non-complying presentation by making a representation of the documents prior to the expiry of a demand guarantee subject to URDG 758 even if the demand guarantee prohibits partial drawings or multiple drawings

• true
• false