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·Original bill of lading or other transport document ·Commercial invoice ·Packing list
·Certificate of Loss(Survey) ·The landing account or weight notes(notes on weight) at destination ·Any correspondence with the carrier or any other party who could be responsible for the loss or damage
·Master’s protest.
Chapter 7
1. 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 luck of collecting the payment? Can the opening bank refuse to make reimbursement to the negotiating bank? Why or why not? 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.
2. An L/C does not indicate whether it is revocable or not. Is it revocable? Can a revocable credit be transferable?
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. 3. 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?
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. 4. 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?
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.
5. Does a payment credit differ from a sight credit?
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. 6. Are the following credits transferable? (A)This L/C assignable; (B)This L/C is transmissible; (C)This L/C is fractionable; (D)This L/C is divisible.
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.
7. 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? 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. 8. Why a back-to-back credit is needed? Give an example.
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. 9. What is the difference between a back-to-back credit and a transferable credit?
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.
Chapter 5
1. The price quoted by an exporter was “USD38 per case FOB Liverpool”. The importer requested a revised CFR Liverpool price. If the size of each case was 50cm*40cm*30cm, gross weight per case was 40kg, freight basis was W/M and the quotation for London is USD100 per ton of carriage, plus 20% bunker adjustment factor (BAF) and 10% currency adjustment factor (CAF), what would be the CFR price?
W=40kg=0.04M/T M=50cm*40cm*30cm=0.5*0.4*0.3=0.06cm3 M>W M will be used as freight basis for freight calculation.
Freight per case=M*basic freight*( 1+BAF rate)=0.06*100*(1+20%)=USD 7.2 Total freight per case=7.2*(1+10%)=USD 7.92 CFR=FOB+Freight=38+7.92=USD 45.92
The CFR price would be USD 45.92 per case CFR Liverpool
2. There is one consignment of 10 cartons of leather shoes, measurement of each carton is 50*50*50cm, gross weight of each is 15KG. The air freight are quoted for the flight required is USD1.3KG. How much air freight should be paid to the carrier? W=15kg M= (50*50*50)/6000=20.83kg M>W Freight=USD 1.3/kg*20.83*10 cartons=USD 270.79 The air freight is USD 270.79
3. Suppose: Company A exports 1000 cases of Commodity Y to London. The volume per case is 40cm x 30cm x 20cm, and the gross weight is 30kg per case. For Commodity Y, the freight rate basis is W/M, and the Freight Tariff (China —London) is USD230, with a 10% port surcharge. How much is the total freight?
Total weight: 0.03 M/T*1000 cases=30M/T Total measurement: 0.4x0.3x0.2*1000 cases=24M3
W > M, “W” is the freight basis
Total Freight=Total weight× Basic Freight Rate×(1+ Surcharge)=30×230×(1+10%)= USD 7590 The total freight cost is USD7590.
4. Company A wants to send one consignment to Sydney, Australia. The goods are packed in 50 cartons, each weighing 15kgs, with measurement as 50 x 40 x 30cm. The air freight rate is quoted at USD2.00/KG (W/M). How much would the total air freight cost?
W: 15 kg M: (50x40x30)/6000=10kg W> M, so W will be adopted for the calculation of air
freight
Air freight=Total Quantity× Basic Freight Rate=50 cartons×15kg×USD2.00/kg =USD 1500 The total air freight cost is USD 1500.
5. Suppose the working period at Port X is 8 hours a day and 7 days in a week. If there are four rainy hours unable for loading and unloading in a week, how many standard days are there under the above three methods of stipulation for lay time respectively? Days or Running Days or Consecutive Days=7 days
1 Weather Working Days of 24 Hours=8*7- 4(rainy hours)=52 hours=2 days
65 Weather Working Days of 24 Consecutive Hours=7*24-4=164 hours=6 days
6Chapter 6
11. A Chinese company offered to a British counterpart at USD500 per case FOB Shanghai. The British importer asked the exporter to offer a CIF price. Suppose the freight is USD 50 per case and premium rate is 0.6%, what would the new offer be? CIF=(FOB+F)/(1-110%*R)=(500+50)/(1-110%*0.5%)=USD 533 The new offer is USD 533 per case CIF Shanghai.
12. Company A transacted with Company B, exporting frozen food under CIF. The total amount of the invoice value was USD 10 000. The premium rate was 0.4% and the goods were insured for FPA with a markup of 10%. Please calculate the insurance amount and insurance premium respectively?
Insurance amount=CIF*(1+markup rate)=10 000*110%=USD 1100
Insurance premium=CIF insurance amount*insurance rate=1100*0.4%=USD 44
The insurance amount and insurance premium are USD 1100 and USD 44 respectively. 13. Our exporting company offered light industrial products to a British importer at GBP10 000 per metric ton CIF London (insurance for All Risks with 10% markup and 1% premium rate). However, the importer intended to effect insurance by himself, as a result, he count-offered CFR price. What is the CFR price? How much premium should the exporter need to deduct from the CIF price?
CFR=CIF*(1-110%*R)=10 000*(1-110%*1%)=GBP 9890 Insurance premium=CIF-CFR=10 000-9890=GBP 110
The CFR price is GBP 9890 per metric ton CFR London and the exporter need to deduct
GBP 110 from the CIF price as the premium.
14. Suppose a cargo vessel loaded with cargo of Party A and Party B stranded in transit. To save the vessel as well as the goods on it, the master ordered to throw 1000 cases of goods to the sea. The value of the goods thrown overboard for Party A is 20% of his goods (the total value of his goods is CNY20000) and that for Party B is 10% of his goods (the total value of his goods is CNY60000). Extra wages for the seamen to perform the act amounted to CNY5000. The value of the vessel is about CNY5000000. Based on the information above what is the G.A. contribution for each party involved?
Total GA loss=20000x20%+60000x10%+5000=CNY 15000
Total GA contributory value=20 000x 80%+ 60 000x90%+5 000 000+15 000= CNY 5 080 000
GA percentage = (Total GA loss / GA Total Benefit) x 100%=(15 000/5 080 000)x100%=0.295%
GA Contribution by Party A=20 000 x 0.295% = CNY 59 GA Contribution by Party B=60 000 x 0.295% = CNY 177
GA Contribution by the Carrier=5 000 000x0.295% =CNY 14750
15. Suppose the CIF invoice value is USD50 000 and goods are insured against All Risks and War Risks with premium rate to be 0.5% and 0.05% respectively. If markup rate is 10%, the insurance premium will be:
Insurance Premium (I)=50 000*(1+10%)*(0.5%+0.05%)=55 000*0.0055=USD 302.5
Chapter 5
1. ABC Co. signed a contract to export 200 M/T of beans. The letter of credit stipulated, “Partial shipment not allowed”. When the shipment was being made, the exporter loaded 100 M/T each on board the same vessel for the same voyage at the port of Shanghai and the port of Dalian. The shipment document was clearly marked with the ports of shipment and the dates of shipment. Did the exporter violate the terms of the L/C?
析:No, 卖方没有违反信用证“不允许装船” 的规定。答题切入点：对转船的定义和相关规定的理解。UCP600 Article 31, “…transportation documents, which appear on their face to indicate that shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as covering a partial shipment, even if they indicate different dates of shipment or different ports of loading, places of taking in charge or dispatch.”
2. Dee co. signed a large export contract stipulating, “shipment will be made during August of 2008”. But due to the problems with the vessel, the shipment was not made until September 13. Upon Dee?s request, the carrier ante-dated the B/L to August 31. (1) What could be the consequence of ante-dating?
(2) What would be the right thing to do in case of a possible shipment delay?
析:(1)倒签提单是一种严重的合谋欺诈行为，托运人和承运人都可能被追究法律责任，如使收货人蒙受损失，还会被追讨赔偿。Changing the date of shipment on B/L is a forgery. Both the seller and carrier are liable. In the worst case, the vessel and goods could be impounded. Because
according to UCP 600, the B/L shall be presented within 21 days after issuance, unless otherwise stipulated in the credit.
(2)与买方磋商，寻求双方都能接受的解决办法。1）延期信用证的有效期和船期，2）买方同意向银行（开证行）和卖方开出保函，保证接受签发日期迟于信用证规定日期的提单。Honesty is the best policy. The seller should contact the buyer immediately about remedy measures. Even if the buyer does not cooperate, the penalty for the shipment delay is not likely to be largely.
3. A Chinese exporter signed a CIF contract with a foreign importer. Payment was to be made by irrevocable sight L/C. ……Finally the exporter accepted the claim and made compensation as requested, as he thought that he, as the person booking the vessel, should be liable for the carrier?s unauthorized transshipment. (1) Do you think the settlement of this case appropriate? (2) Who should bear the loss? Why?
(3) Who should be liable for the damage? Why? (4) What should the seller do?
析:本题的解题要点：a. 信用证规定不允许转船； b. 卖方与承运人签订的运输合同是要求直达船运输的，有直达提单为证； c. 承运人中途卸货转船是其单方面的违约行为。 （1）答案：No。 卖方不应赔偿买方的损失。
答题切入点： a. CIF的性质和卖方的责任 b. 中途卸货转船的责任人。 （2）答案：买方自己而不应由卖方承担损失。 答题切入点：贸易术语CIF风险的转移。 （3）答案：承运人应对货损负责。
答题切入点：a. Direct B/L的含义 b. 造成货损的直接原因及其责任方。 （4）答案：卖方可建议并协助买方直接向承运人交涉并索赔。
答题切入点：卖方不是货损的责任人。 Chapter 6
1. X Company signed a CIF contract to export candies. The cargo was insured for “all risks”. Due to the long voyage, candies absorbed sweating in the ship?s hold, and thus softened and degraded. Was the insurance company liable for the damage? Why or why not?
析:NO. “due to … Degraded”,这说明candies变软的原因在于长时间海上运输，吸收了船舱的热气所致。保险公司不应给予赔偿的原因有三：a. 在货物运输保险中没有”长时间运输”这一风险。b. Candy变软是由于其本身的货物特性决定的，糖果即使在常温下摆放一段时间都会变软，因此可认为是糖果的内在瑕疵(inherent vice)所导致的。c.虽然一般附加险中包含了”heating and sweating”这一险种，但此险种是指由于某种意外的原因（如船上的制冷设备坏了）导致船舱内温度、湿度突然变化， 造成货物品质变化的情况下，本案例不属于此情况。This is inherent vice, is exclusions of the insurance company. Heating and Sweating Risk: Under this coverage is the risk of loss of or damage to the goods by sweating and heating as a result of the sudden change of temperature or the ventilation on the vessel being out of order. All Risks shall in no case be deemed to extend to cover loss, damage or expense caused by heating and sweating.
2. A cargo was insured for “all risks”. On a night voyage, the ship had to sail without lights due to air attacks. As a result, it collided with another ship and sank. Was the loss covered by the insurance policy? Why or why not?
析:YES. 货物损失的是船只相撞造成的，失事船只只在夜间熄灯航线是为了躲避空袭，但空袭对船只并没有造成事实上的损失，因此不能在近因原则框架内分析。本批货物只投保了All Risks, 其中包括了船只相撞(collision)这种风险，因此，保险公司应该赔付。This belongs to fortuitous accident, so it belongs to FPA. All Risks means that the insurer shall undertake the liabilities under FPA and WPA.
3. An exporter signed an FOB contract with a French company and a CIF contract with a British Company. Both cargoes were insured for marine cargo insurance. But in transit from the exporter?s factory to the port of shipment, the goods were damaged. Under each deal, who should obtain insurance? Who should take the loss?
析:1）FOB下，进口商法国公司投保，CIF下出口商投保。因为FOB下，风险在船舷转移，买方承担主要航程的风险，因此通常是买方去投保，但在CIF下，卖方有购买保险的责任，卖方是投保人。2）FOB下，出口商承担损失，CIF下出口商承担损失，但如果风险在承保范围内，出口商可以向保险公司索赔。两种术语下，风险转移都是在船舷，受损发生在之前，卖方是受损方，因此卖方提起索赔，但索赔要满足三个条件：如果投保人或受益人投了保，且风险在承保范围内，又对受损货物有可保利益the Interest Principle，同时又能满足仓至仓条款W/W Clause，索赔人就可以向保险公司索赔。
4. On a voyage the cargo ship had an accidental fire. To save the ship, the captain ordered to have water poured into the compartment. The fire was put out. 7. For party X,…10% of USD 0.5 million cargo. 8. For party Y,…20% of USD 1 million cargo. 9. For the carrier,…10% of USD 50 million ship 10. Extra wages for the seamen totaled USD50 000. Based on the information above, indicate 1) Which is PA? 2) Which is GA?
3) What is the GA contribution for each party? 析:1) party X, Carrier. 2) party Y, Extra wages. 3) Total GA loss=1*20%+0.05=0.25 million
Total GA contributory value=1+0.5*90%+ 50*90%=46.45 million GA percentage=(0.25/46.45)*100%=0.54%
GA contributory by party X=0.5*90%*0.54%=USD 2430 GA contributory by party Y=1 000 000*0.54%=USD 5400 GA contributory by carrier=50*90%*0.54%=USD 243 000
11. An importer signed an FOB contract with an Australian company, importing a batch of woolen blanket.…WPA and War Risks…4 cm in diameter…Comment on this case and work out the solution.
析:1）卖方的损失？本案例中卖方已经按合同和术语要求完成了交货，货物受损是在风险转移之后，因此损失应该有买方负责。2）保险公司负责理赔？案例中”the exporter suggested the importer lodge a claim against the insurer for compensation”一说不正确。进口商虽然投保了WPA和战争险，但损失是由于集装箱的问题造成的，属于第三方的责任，买方没有理由向保险公司索赔。3）谁是第三责任方？货物受损是由于承运人提供的集装箱出问题而导致的，因此承运人应该负担责任，买方应该向承运人索赔。 Chapter 7
6. On September 1, X Company signed a contract to export goods to the US. On September 30, City Bank sent an irrevocable L/C with an amount of USD30,000. The L/C stipulated shipment during October, and Bank of Tokyo to be the reimbursing bank. On October 2, Bank of China advised X of the L/C. But ten days later, X learnt that the import was near bankruptcy. How should X deal with the situation?
析: a案例中X公司收到的是一份不可撤销的信用证（an irrevocable L／C），说明X 公司在满足信用证所列条件的情况下，可以直接从开证行或开证行指定银行获得货款，而 不需考虑进口商的状况。