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Online resource for trade finance information

Dealing with trade finance products can often lead to a minefield of problems and issues. Collyer Consulting Global Ltd can supply the answers through a number of different media, ranging from supplying updates on current initiatives and trends, to providing clarification or answers to burning questions. Questions are submitted daily by banks, importers, exporters and logistics organisations alike.

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Recent News

ICC releases 2017 ICC Trade Register Report 08/02/2018

The ICC state that the 2017 report, based on 2008-2016 data, draws on information from 22 member banks to present a global view of the credit risk profiles of trade and export finance transactions...more

CDCS & CITF Registration for April 2018 examinations 29/01/2018

REMEMBER - the application and payment for sitting the April 2018 CDCS or CITF examination must be received by LIBF no later than 31 January 2018...more

Latest Question

Let's take a credit, which has been amended and where the beneficiary has not given any notification of acceptance or refusal. 1) If the beneficiary makes a presentation which complies with the amended credit, then according to article 10, the beneficiary will be deemed to have accepted the amendment. Do you agree with me? 2) ) If the beneficiary makes a presentation which does not comply with the amended credit, It does not imply that the amendment has been rejected nor accepted (I would say that the situation is undetermined). Do you agree with me? 3) Now, let's take the following cases: a) A credit is opened for a maximum amount of USD100,000 with partial shipments allowed. We are going to suppose that an amendment decreases the amount from USD100,000 to USD50,000. If the beneficiary does not agree with the amendment but fails to give any notification of acceptance or refusal and subsequently makes a presentation for an amount of USD40,000 then as, the presentation complies with the amended credit, it means that the beneficiary will be deemed to have accepted the amendment. Do you agree with me? b) Same question - the latest date of shipment of the same credit is shortened (by an amendment), let's say from the 15th of March to the 28th of February. If the beneficiary does not agree with the amendment but fails to give any notification of acceptance or refusal and subsequently makes a presentation showing as the date of shipment (on the bill of lading): the 20th of February, as this presentation complies with the amended credit it means that the beneficiary will be deemed to have accepted the amendment. Do you agree with me? c) if an additional document is required in the same credit, by amendment, (let's say an inspection certificate) and if the beneficiary makes a presentation including this additional document, it means that the intent of the beneficiary is to accept the amendment. Now, if this presentation is discrepant for any reason (although the additional document has been presented), in that case, the presentation is not a complying presentation, then one cannot say that the amendment has been accepted whereas the intent of the beneficiary was clearly to accept the amendment. Do you agree with me?