UCP 600

UCP 600 FOR A LETTER OF CREDIT

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Definition of Letter of Credit

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  Types of Letters of Credit (LC) Various types of Letters of Credit (LC) prevail in trade transactions. In this post, we are classifying them by their purpose. Commercial, Export / Import, Transferable and Non-Transferable, Revocable and Irrevocable, Standby, Confirmed, and Unconfirmed, Revolving, Back-to-Back, Red Clause, Green Clause, Sight, Deferred Payment, and Direct Pay LC. A Letter of Credit  is an essential financial tool in trade transactions. In domestic and international markets, trades use the LC to facilitate payments and transactions. A bank or a financial institution acts as a third party between the buyer and the seller and assures the cost of funds on completing certain obligations. Definition of Letter of Credit An LC is a financial document provided by a third party (with no direct interest in the transaction), mainly a bank or a financial institution, that guarantees the payment of funds for goods and services to the seller once the seller submits the r...
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DCCI MEMBERSHIP PROCESS

  Eligibility of Membership Persons, firms, companies (including multinational companies), and corporate bodies (including sector corporations, banks, insurance, etc.) engaged in trade, industry, or any other kind of business are eligible for membership in the Dhaka Chamber of Commerce & Industry (DCCI). FOREIGN COMPANIES:  Foreign Companies, Corporate Bodies operating in Bangladesh shall also be eligible for membership in the Dhaka Chamber of Commerce & Industry. MEMBERSHIP APPLICATION:  Every candidate for membership shall sign and deliver the prescribed form to the Secretary-General, duly proposed by a member and seconded by another, of the class to which the candidate wants to be admitted with admission fee and annual subscription. The DCCI authority holds the right to admit or decline a candidate for admission as a Mem ber as they may think fit. Benefits of being a Member: The desired economic growth is stimulated and encouraged through the professional servi...
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Types of Bill of Lading

  Classification of Bill of Lading | Types of Bill of Lading Classification of Bill of Lading The Bill of Lading can be divided based on different attributes. Let us discuss the types of bills of lading.   Based on carrier 1. Master Bill of Lading (MBL):  Once goods are received by the shipping line/carrier and the vessel is sailed, the shipping line issues a Bill of Lading to the booking party (in case of direct booking, the booking party is the shipper, but if house B/L is involved then booking party will be a freight forwarder), that Bill of Lading is known as the Master Bill of Lading.   2. House Bill of Lading (HBL):  Once goods are received by the shipping line, and the vessel is sailed, the shipping line issues a Master Bill of Lading to the freight forwarder, and the freight forwarder issues a House Bill of Lading to the shipper. For each HBL there is an MBL. Based on payment & condition of goods 3. Clean Bill of Lading:   Carrier issu...
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