Certified Documentary Credit Specialist(3)

C Return the documents for amendment by the beneficiary. D Pay the documents as fully complying with the terms of the credit.

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The following 3 questions, 23 – 25,

are ‘stand alone’ analysis questions with no supporting documentation.

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Section B

23. If the CIF or CIP value cannot be determined from the documents, a nominated bank will accept an insurance document, which covers: 1. 110% of the gross amount of the invoice. 2. 100% of the gross amount of the invoice. 3. 110% of the documentary credit amount.

4. 110% of the amount for which payment, acceptance or negotiation is requested under the credit. A 1 and 3 only. B 2 and 4 only. C 1, 2 and 4 only. D 1, 3 and 4 only.

24. A documentary credit for USD 150,000 calls for a full set of bills of lading and an insurance certificate to cover all risks. The bill of lading presented indicates an on board date of 15 December. Which of the following insurance documents are acceptable? 1. Policy for USD 185,000. 2. Certificate dated 17 December. 3. Declaration signed by a broker. 4. Subject to a franchise. A 1 and 2 only. B 1 and 4 only. C 2 and 3 only. D 3 and 4 only.

25. A documentary credit is issued for an amount of approximately GBP 40,000 payable with drafts drawn at 30 days from date of shipment. Documents are presented on 22 September with bills of lading dated 01 September and for value GBP 38,000. Which of the following drafts would be accepted?

1. 30 days from 01 September for approximately GBP 40,000.

2. 30 days from date of shipment – value GBP 38,000. 3. Due 01 October – value GBP 38,000.

4. 30 days from bill of lading date 01 September – value GBP 38,000. A 1 and 2 only. B 1 and 3 only. C 2 and 4 only. D 3 and 4 only.

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Section B Supporting Documentation In-Basket 1

In-Basket 1 should be referred to when answering Questions 26 - 30

Introduction

You are a documentary credit specialist at an advising bank and receive the attached documentation today. The following questions relate to a documentary credit issued on the MT700. CDCS Practice Test

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INCOMING SWIFT MSG 700 FROM ISSUING BANK TO ADVISING BANK

MESSAGE USER REFERENCE 57665602 27 : SEQUENCE OF TOTAL 1/1

40A : FORM OF DOCUMENTARY CREDIT IRREVOCABLE 20 : DOCUMENTARY CREDIT NUMBER 9876543210 31C : DATE OF ISSUE 06 MARCH XXXX

40E: APPLICABLE RULES UCP LATEST VERSION

31D : DATE AND PLACE OF EXPIRY 06 NOVEMBER XXXX USA 50 : APPLICANT XYZ CO 59 : BENEFICIARY ABC CO

32B : CURRENCY AND AMOUNT USD 1,000,000-00 41D : AVAIL. WITH/BY ISSUING BANK BY ACCEPTANCE

42C : DRAFTS AT 120 DAYS SIGHT 42D : DRAWEE XYZ CO

43P : PARTIAL SHIPMENTS PROHIBITED 43T : TRANSHIPMENTS PROHIBITED

44C : LATEST DATE FOR SHIPMENT 06 OCTOBER XXXX 44E: PORT OF LOADING / MUMBAI AIRPORT OF DEPATURE

44F: PORT OT DISCHARGE / SAO PAULO AIRPORT OF DESTINATION

45A : DESCRIPTION OF GOODS ABOUT 1,000,000 PIECES OF FROZEN CHICKEN LEGS AT ONE DOLLAR PER PIECE CIF

46A : DOCUMENTS REQUIRED +SIGNED COMMERCIAL INVOICE IN THREEFOLD +PACKING LIST IN THREE FOLD

+CERTIFICATE OF ORIGIN IN 1 COPY

+BENEFICIARIES

CERTIFICATE STATING THAT FROM THE DOCUMENTS

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REQUIRED UNDER THIS CREDIT THE FOLLOWING HAVE BEEN FORWARDED TO THE XYZ COMPANY WITHIN FIVE DAYS AFTER THE SHIPMENT DATE:

COMMERCIAL INVOICE ONE COPY CERTIFICATE OF ORIGIN ONE COPY INSURANCE CERTIFICATE ONE ORIGINAL BILL OF LADING

+INSURANCE POLICY COVERING ALL RISKS ISSUED IN TWO ORIGINALS +FULL SET OF OCEAN BILLS OF LADING CONSIGNED TO ORDER OF APPLICANT MARKED FREIGHT PAID.

47A : ADDITIONAL CONDITIONS 1 BENEFICIARY MUST PROVIDE APPLICANT WITH DETAILS OF SHIPMENT

2. SHIPMENT MUST BE MADE ON VESSEL BUTTERFLY 3. GOODS MUST BE INSPECTED BY APPLICANT PRIOR TO SHIPMENT 4. GOODS MUST BE OF

INDIAN OR CHINESE ORIGIN

48 : PERIOD FOR PRESENTATION WITHIN 20 DAYS AFTER THE DATE OF SHIPMENT BUT WITHIN CREDIT VALIDITY

49 : CONF INSTRUCTIONS CONFIRM

78 : INSTRUCTIONS ON RECEIPT OF DOCUMENTS BY US IN COMPLIANCE WITH THE CREDIT WE WILL REIMBURSE YOU IN ACCORDANCE WITH YOUR INSTRUCTIONS AT MATURITY

*****MESSAGE PASSED AUTHENTICATION****

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The following 5 questions, 26 – 30,

relate to the supporting documentation from In-basket 1 (above).

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26. Which of the following statements is correct?

A Availability is consistent with the role of a confirming bank. B The confirmation commission is for the beneficiary's account. C The documentary credit amount is subject to a 10% tolerance. D An original certificate of origin must be presented. 27. Which of the following statements are correct?

1. The confirming bank is able to determine the maturity date. 2. Required documents do not conflict with the delivery terms. 3. Conditions of beneficiary's certificate require clarification. 4. Bill of lading is not the appropriate transport document. A 1 and 3 only. B 1 and 4 only. C 2 and 3 only. D 2 and 4 only.

28. Which of the following statements are correct?

1. Description of goods quantity is consistent with the documentary credit amount. 2. The issuing bank needs to send a mail confirmation of the documentary credit. 3. Drawee requirement is inconsistent with the role of a confirming bank.

4. The period for presentation of documents requires clarification. A 1 and 2 only. B 1 and 4 only. C 2 and 3 only. D 3 and 4 only.

29. Which of the following statements relating to the insurance requirements, as specified, are correct?

1. An insurance certificate would be acceptable in lieu of an insurance poli …… 此处隐藏：4763字，全部文档内容请下载后查看。喜欢就下载吧 ……