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Read the doc.credit and and answer the questions shown below in the answer part:

 

FIN 700 : Issue of a documentary credit. 

Date & Time (YYMMDD HHMM) : 220829 0800

 

 ** Sender : ANZ Bank, 432 Canberra St, Wellington, New Zealand, SWIFT: NZX2344 

** Receiver: Toronto Dominian Bank, 123 Front Street ,Toronto, Canada, SWIFT:CAXX2345 

** :40A form of documentary credit: Irrevocable

 ** :20 documentary credit no: NZANZ-3456789 

** :31C date of issue : 220815

 ** :31D date and place of expiry: 221125, Toronto, Canada. 

** :50 applicant: Samanta Trading Corp. Ltd, 876 Alpha Street, Wellington, New Zealand.-N 98765. 

** :59 beneficiary : Dalton National Products Inc, 5432 Steeles Ave, North York, Toronto, ON-L1H 3G3.Canada.

 ** 57 D advice through bank: Toronto Dominian Bank, 123 Front Street, Toronto. 

** :32B currency code and amount. currency code US DOLLAR, amount # 120,000#

 ** :41D available with/by-swift addr: Toronto Dominian Bank, By Negotiation.

 ** :42C drafts at:: At 30 days sight ** :42A drawee-BIC: . ANZ Bank, New Zealand. 

** :45A descr. goods and/or services: 400 Nos. dining table sets-each set consisting of 4 leather chairs,140x90cm mahogany table @ USD. 300 per set, total US Dollars One Hundred and Twenty Thousand, CIP Wellington, NZ (Incoterms 2020). 

** :46A documents required: 

+ Full set, clean, on-board ocean bill of lading, issued by any conference carrier made out to the order of Issuing Bank, notify applicant, marked freight prepaid. 

+ Packing list, showing PO number, in triplicate. 

+ Signed commercial invoice, showing PO & DC number, in quadruplicate. 

+ Inspection certificate issued by ABS. 

+ Fumigation certificate in triplicate. 

+ Insurance certificate/policy for 120% of CIP value. 

 

** :47A additional conditions. 

+ All documents should show the DC number on the face. 

+ Commercial Invoice to show the freight and insurance amount separately. 

** : 71B charges. Banking charges outside of New Zealand are for the account of beneficiary.

 ** :49 confirmation : Toronto Dominian Bank hereby add our confirmation to this credit. 

** :43P partial shipment: Not allowed 

** :43T transshipment. Allowed.

 ** :44A on board/taking in charge: Any Canadian or USA port.

 ** :44B for transportation to: Wellington, New Zealand. 

** :44C latest date of shipment: 221026 

** 48 period of presentation :. Within 8 days of shipping, but within the validity of the credit. 

** :78 instructions to pay/acc/neg.bk: 

+ We hereby undertake that all drafts and docs in compliance with this credit will be duly accepted on presentation at this office and paid at the maturity date. 

+ Reimbursement, where applicable, will be subject to URR 725. 

 

** :72 sender to receiver information. This credit is subject to ICC publication number 600, 2007 revision. 

** : end of SWIFT message. 

 

 

Questions (30 marks) 

 

7a) Name of the Issuing Bank? (2 marks) 

7b) Payment type within this credit? (2 marks) (Note: simply writing "L/C" is not the answer). 

7c) Drawee of draft under the credit? (2 marks) 

7d) Name of the Nominated Bank ? (2 marks) 

7e) Insurance coverage amount? (3 marks) ( Do not show what percentage, but write the amount) 

7f) Is this a confirmed credit or regular credit? Where did you find that info(Field#)? (2 marks) 

7g) Which company should issue the inspection certificate? ( 2 marks) 

7h) How many original/s and copy/ies of commercial invoice to be included in the presentation of docs? (3 marks) 

7i) Consignee info. as it should appear on the B/L? (4 marks) 

7j) What is the last date beneficiary can present docs to the bank, assuming the shipment was effected on the last date allowed by the credit? (3 marks) 

7k) Briefly explain the steps the beneficiary need to take to get paid, how the ben. gets paid and what docs.need to be presented? (5 marks)

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