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This book covers basic concepts of international trade and local trade practices. It addresses the evolution of electronic commerce and financial technology,including the use of blockchain technology letter of credit and Internet of Things.
- List of Abbreviations
- Preface to the Third Edition
- Chapter Summaries
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1 Terms of Payment in International Trade
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1 Terms of Payment in International Trade
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1.1 Cash in Advance
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1.2 Documentary Credit (D/C)
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1.3 Diagrammatic Explanation of Various Steps in the Operation of a Documentary Credit
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1.4 Salient Features of a D/C to the Beneficiary
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1.5 Salient Features of a D/C to the Applicant
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1.6 Collection: Introduction
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1.7 Reasons for the Growth of Collection
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1.8 Open Account
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2 Different Types of Documentary Credit
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2.1 Red Clause Credit
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2.2 Revolving Credit
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2.3 Transferable Credit
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2.4 Back-to-Back Credit
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2.5 Standby Credit
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2.6 Confirmed Letter of Credit
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3 Advantages and Disadvantages of Documentary Credit and Collection to Importers and Exporters
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3.1 Advantages of D/C to an Importer
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3.2 Disadvantages of D/C to an Importer
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3.3 Advantages of D/C to an Exporter
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3.4 Disadvantages of D/C to an Exporter
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3.5 Advantages of Collection to an Importer
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3.6 Disadvantages of Collection to an Importer
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3.7 Advantages of Collection to an Exporter
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3.8 Disadvantages of Collection to an Exporter
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Revision Questions
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Further Reading
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2 Shipping Documents in International Trade
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1 Financial Documents
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1.1 Bill of Exchange
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1.2 Promissory Note
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2 Commercial Documents
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2.1 Commercial Invoice
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2.2 Pro-forma Invoice
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2.3 Consular Invoice
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2.4 Packing List
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2.5 Weight List (Weight Note)
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3 Transport Documents
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3.1 Bill of Lading
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3.2 Air Waybill
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3.3 Sea Waybill
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3.4 Parcel Post (Postal Receipt)
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3.5 Railway Cargo Receipt
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3.6 Forwarder’s Cargo Receipt
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4 Insurance Documents
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5 Other Documents
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Notes
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Revision Questions
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Further Reading
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3 Shipping Terms Used in International Trade
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1 Introduction
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2 Purpose of Incoterms (Shipping Terms)
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2.1 Division of Costs, Risks and Responsibilities under Incoterms 2020
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3 Incoterms 2020 and Their Abbreviations: A Snapshot
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3.1 Ex Works (EXW…named place of delivery)
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3.2 Free Carrier (FCA…named place of delivery)
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3.3 Carriage Paid To (CPT…named place of destination)
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3.4 Carriage and Insurance Paid To (CIP…named place of destination)
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3.5 Delivered at Place (DAP…named place of destination)
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3.6 Delivered at Place Unloaded (DPU…named place of destination)
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3.7 Delivered Duty Paid (DDP…named place of destination)
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3.8 Free Alongside Ship (FAS…named port of shipment)
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3.9 Free On Board (FOB…named port of shipment)
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3.10 Cost and Freight (CFR…named port of destination)
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3.11 Cost, Insurance, Freight (CIF…named port of destination)
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4 Variants in Incoterms
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Revision Questions
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Further Reading
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4 Documentary Collection
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1 Parties to a Collection
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1.1 Principal
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1.2 Remitting Bank
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1.3 Collecting Bank
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1.4 Presenting Bank
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1.5 Drawee
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2 Collection Instruction
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3 Direct Collection and Indirect Collection
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3.1 Direct Collection
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3.2 Indirect Collection
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4 Bank Considerations in Remitting Bills (Outward Collection)
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5 Bank Considerations in Collecting Bills (Inward Collection)
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6 Roles and Responsibilities of a Collecting Bank
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7 Procedures for Presenting Documents to Buyer against Payment/Acceptance/Other Terms
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7.1 Documents against Payment (D/P)
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7.2 Documents against Payment with a Tenor Draft (D/P Usance)
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7.3 Documents against Acceptance (D/A)
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7.4 Documents Released against Other Terms and Conditions
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8 Advice of Fate
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9 Procedures for Dealing with Goods Consigned to the Collecting Bank
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10 Procedures for the Protection of Goods in the Event of Dishonor
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11 Note and Protest in the Event of Dishonor
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12 Case-of-Need
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Revision Questions
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Further Reading
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5 Documentary Credit
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1 Parties to a Documentary Credit (D/C)
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1.1 D/C Applicant
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1.2 Issuing Bank
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1.3 Advising Bank
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1.4 Beneficiary
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1.5 Confirming Bank
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1.6 Negotiating Bank
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1.7 Reimbursing Bank
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2 Revocable and Irrevocable Credits
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3 Issue, Amend
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3.1 Principal Contents of a Documentary Credit
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4 Liability of Issuing Bank in Various Forms of Documentary Credit
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4.1 A Sight Payment Credit
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4.2 A Deferred Payment Credit
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4.3 An Acceptance Credit
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4.4 A Negotiation Credit
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5 Bank Considerations in Issuing a Documentary Credit
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6 Bank Considerations in Examination of Import Documents
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7 Standards for Examination of Documents
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8 Techniques and Procedures for Checking Import Documents
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8.1 Draft
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8.2 Invoice
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8.3 Packing List
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8.4 Bill of Lading
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8.5 Insurance Policy/Insurance Certificate
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8.6 Inspection Certificate
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9 Obligation of Issuing Bank to Pay/Accept
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10 Reimbursement under a Documentary Credit
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11 Procedures for Handling Irregular Import Documents
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12 Outcome If Issuing Bank Does Not Follow the Aforementioned
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13 Notes for the Exporter upon Receipt of a Documentary Credit
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14 Bank Considerations in Examination and Negotiation of Export Documents
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15 Discrepancies and Indemnities
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16 Documentary Credit Dispute Expertise System (DOCDEX)
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17 Certified Documentary Credit Specialist (CDCS)
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Note
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Revision Questions
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Further Reading
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6 Banking Facilities and Services for Exporters and Importers
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Export Facilities and Services
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1 Overdraft Facilities (O/D)
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2 Negotiation of Export Bills under Documentary Credit
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3 Negotiation under Documentary Collection
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4 Bills Advance
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5 Documents Presented for Negotiation Without Recourse
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6 Documents Presented for Negotiation With Recourse
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7 Bills Discounted under Documentary Credit Available by Acceptance
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8 Usance Draft Payable at Sight Basis under Documentary Credit
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9 Acceptance Credit Facility under Documentary Collection
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10 Performance Bond
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11 Letter of Indemnity
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12 Standby Letter of Credit
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13 Red Clause Credit
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14 Packing Loan
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15 Factoring
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Import Facilities and Services
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16 Loan against Imports (LAI)
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17 Trust Receipt (T/R)
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18 Shipping Guarantee
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19 Overdraft
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20 Documentary Credit
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Notes
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7 Export Credit Insurance
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1 Export Credit Insurance
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2 Corporate Background: Hong Kong Export Credit Insurance Corporation (HKECIC)
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2.1 Mission Statement
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3 Roles of HKECIC, Scope of Services, and Advantages of Having HKECIC Cover
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3.1 Roles of HKECIC
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3.2 Scope of Services
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3.3 Advantages of Having HKECIC Cover
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4 Types of Export Credit Insurance Policies Offered by HKECIC
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Cover on Export of Goods
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Cover on Export of Services
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Medium- and Long-term Policies
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Notes
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References
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8 Important Trade Promotion Institutions in the Guangdong–Hong Kong–Macao Greater Bay Area
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Hong Kong Special Administrative Region
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1 Hong Kong Trade Development Council (HKTDC)
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2 Chambers of Commerce
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3 Trade and Industry Department
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Macao Special Administrative Region
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4 Commerce and Investment Promotion Institute (IPIM)
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5 Economic and Technological Development Bureau (DSEDT)
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6 Macau Imports and Exports Association
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Guangdong Province
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7 China Foreign Trade Centre (CFTC)
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8 China Import and Export Fair (Canton Fair)
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Shenzhen Special Economic Zone
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9 China Council for the Promotion of International Trade Shenzhen Municipal Committee (CCPIT Shenzhen)
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10 Investment Promotion Bureau of Shenzhen Municipality
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Central Government
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11 China Council for the Promotion of International Trade (CCPIT)
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Notes
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References
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9 Contractual Relationship of Various Parties in a Documentary Credit Operation
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1 Buyer vs. Seller
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1.1 Buyer’s Rights and Duties
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1.2 Seller’s Rights and Duties
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2 D/C Applicant vs. Issuing Bank
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2.1 Applicant’s Rights and Duties
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2.2 Issuing Bank’s Rights and Duties
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3 Issuing Bank vs. Beneficiary
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3.1 Rights and Duties of Issuing Bank
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3.2 Rights and Duties of Beneficiary
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4 Issuing Bank vs. Advising Bank
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4.1 Rights and Duties of Issuing Bank
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4.2 Rights and Duties of Advising Bank
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4.3 Advising Bank vs. Beneficiary
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4.4 Rights and Duties of Advising Bank
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4.5 Rights and Duties of Beneficiary
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5 Issuing Bank vs. Confirming Bank
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5.1 Rights and Duties of Issuing Bank
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5.2 Rights and Duties of Confirming Bank
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5.3 Confirming Bank vs. Beneficiary
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5.4 Rights and Duties of Confirming Bank
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5.5 Rights and Duties of Beneficiary
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6 Beneficiary vs. Negotiating Bank
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10 Transferable Credit (Letter of Transfer)
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1 Characteristics of a Transferable Credit
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1.1 Characteristics
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2 Explanation of the Operation of a Transferable Credit
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3 Types of Transfer: Partial Transfer, Full Transfer (Total Transfer)
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4 Checklist for the Transferring Bank in a Transfer
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5 Checklist for the Transferring Bank upon Receipt of Supplier’s Documents
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6 Possible Risks to the Transferring Bank in Effecting a Transfer
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7 Rights of the Transferring Bank
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8 Points to Note for the Ultimate Buyer
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9 Points to Note for the Supplier
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10 Sample of a Transferable Credit
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11 Back-to-Back Credit and Bridge Credit
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1 Meaning of a Back-to-Back Credit (B/B Credit)
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2 Various Steps in the Operation of a B/B Credit
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3 Illustration of an Issue of a B/B Credit
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4 Risks to the B/B Credit Issuing Bank
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5 Considerations and Precautions in the Issue of a B/B Credit
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6 Meaning, Characteristics and Risk in the Issue of a Bridge Credit
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7 Illustration of an Issue of a Bridge Credit
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8 Practical Points to Note in the Issue of a Bridge Credit
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9 Back-to-Back Credit vs. Transferable Credit
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9.1 Similarities
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9.2 Differences
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12 Red Clause Credit, Revolving Credit and Standby Credit
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1 Meaning of a Red Clause Credit
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2 Additional Risks to the Issuing Bank in the Issue of a Red Clause Credit
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3 Steps Taken by the Issuing Bank to Protect Its Own Interest
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4 Green Clause Credit
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5 Meaning of a Revolving Credit
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5.1 Circumstances for Issuing a Revolving Credit
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6 Revolving Credit: Steps Taken by the Issuing Bank to Protect the Applicant
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7 Meaning of a Standby Credit
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8 Possible Protection to be Added by the Issuing Bank in a Standby Credit
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9 International Standby Practices ISP 98 ICC Publication N°590
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9.1 Introduction
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9.2 Similarity in ISP and UCP
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9.3 Differences between ISP and UCP
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9.4 Uses and Various Types of a Standby Credit
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Note
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13 Various Types of Bonds in International Trade
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1 Tender Guarantee/Bid Bond/Tender Bond
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1.1 Characteristics of a Tender Guarantee (Bid Bond)
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2 Advance Payment Guarantee/Advance Payment Bond
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3 Performance Guarantee/Performance Bond
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4 Warranty Bond
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5 Conclusion: Types of Bond
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6 Standby Credit as an Alternative to Various Bonds
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6.1 Standby Credit: Case 1
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6.2 Standby Credit: Case 2
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Further Reading
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14 Financial Technology and International Trade Finance
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1 Financial Technology and International Trade Finance
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1.1 Introduction
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1.2 Introduction to Fintech
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1.3 Theoretical/Academic Support for Banks’ Shift to the Fintech Ecosystem
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1.4 Evolution of Electronic Commerce and Fintech Relating to International Trade Finance
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2 Central Bank Digital Currency: Playing a Crucial Role in Facilitating Cross-border Payments
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2.1 Introduction to Central Bank Digital Currency (CBDC)
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2.2 CBDC: Classification and Nature
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2.3 Strategic Significance of CBDC and the Way Forward
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2.4 Regulatory Challenges of CBDC
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2.5 CBDC: Development Progress for Cross-border Payment in Hong Kong
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2.6 Essential Infrastructures for Digitalizing Cross-border Trade in Hong Kong
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3 Tokenization: A Process Effectively Facilitating Cross-border Payment
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3.1 Introduction
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3.2 Strategic Significance of Tokenization
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3.3 Regulatory and Operational Challenges in Tokenization
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4 Examples of Platforms Driving the Digitalization of Cross-border Trade
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5 Blockchain-enabled Trade Financing Service: Blockchain L/C, a Paradigm Shift on Using Conventional Letters of Credit
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5.1 Ten Steps in the Workflow of a BTLC with a Smart Contract
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5.2 Conclusion and Recommendation
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Notes
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References
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15 ICC Uniform Rules for Collections: URC 522 and eURC Version 1.1
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Uniform Rules for Collections (URC 522)
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Article 1 Application of URC 522
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Article 2 Definition of collection
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Article 3 Parties to a Collection
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Article 4 Collection instruction
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Article 5 Presentation
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Article 6 Sight/Acceptance
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Article 7 Release of commercial documents
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Article 8 Creation of documents
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Article 9 Good faith and reasonable care
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Article 10 Documents vs. goods/services/performances
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Article 11 Disclaimer for acts of an instructed party
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Article 12 Disclaimer on documents received
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Article 13 Disclaimer on effectiveness of documents
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Article 14 Disclaimer on delays, loss in transit and translation
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Article 15 Force majeure
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Article 16 Payment without delay
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Article 17 Payment in local currency
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Article 18 Payment in foreign currency
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Article 19 Partial payments
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Article 20 Interest
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Article 21 Charges and expenses
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Article 22 Acceptance
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Article 23 Promissory notes and other instruments
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Article 24 Protest
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Article 25 Case-of-need
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Article 26 Advices
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Uniform Rules for Collections for Electronic Presentation (eURC) Version 1.1
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Article e1 Application of the eURC
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Article e2 Scope of the eURC
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Article e3 Relationship of the eURC to the URC
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Article e4 Definitions
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Article e5 Electronic records and paper documents v. goods, services or performance
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Article e6 Format
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Article e7 Presentation
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Article e8 Advice of non-payment or non-acceptance
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Article e9 Determination of a due date
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Article e10 Release of electronic records
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Article e11 Data corruption of an electronic record
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Article e12 Additional disclaimer of liability for presentation of electronic records under eURC
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Article e13 Force majeure
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16 ICC Uniform Customs and Practice for Documentary Credit: UCP 600 and eUCP Version 2.1
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Uniform Customs and Practice for Documentary Credits (UCP 600)
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Article 1 Application of UCP
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Article 2 Definitions
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Article 3 Interpretations
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Article 4 Credits v. contracts
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Article 5 Documents v. goods, services or performance
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Article 6 Availability, expiry date and place for presentation
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Article 7 Issuing bank undertaking
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Article 8 Confirming Bank Undertaking
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Article 9 Advising of credits and amendments
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Article 10 Amendments
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Article 11 Teletransmitted and pre-advised credits and amendments
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Article 12 Nomination
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Article 13 Bank-to-Bank Reimbursement Arrangements
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Article 14 Standard for examination of documents
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Article 15 Complying presentation
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Article 16 Discrepant documents, waiver and notice
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Article 17 Original documents and copies
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Article 18 Commercial Invoice
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Article 19 Transport document covering at least two different modes of transport
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Article 20 Bill of lading
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Article 21 Non-negotiable sea waybill
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Article 22 Charter party bill of lading
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Article 23 Air transport document
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Article 24 Road, rail or inland waterway transport documents
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Article 25 Courier receipt, post receipt or certificate of posting
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Article 26 “On deck”, “shipper’s load and count”, “said by shipper to contain” and charges additional to freight
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Article 27 Clean transport document
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Article 28 Insurance document and coverage
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Article 29 Extension of expiry date or last day for presentation
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Article 30 Tolerance in credit amount, quantity and unit prices
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Article 31 Partial drawings or shipments
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Article 32 Instalment drawings or shipments
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Article 33 Hours of presentation
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Article 34 Disclaimer on effectiveness of documents
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Article 35 Disclaimer on transmission and translation
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Article 36 Force majeure
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Article 37 Disclaimer for acts of an instructed party
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Article 38 Transferable credits
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Article 39 Assignment of proceeds
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Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) Version 2.1
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Article e1 Scope of the Uniform Customs and Practice for Documentary Credits (UCP 600) supplement for electronic presentations (“eUCP”)
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Article e2 Relationship of the eUCP to the UCP
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Article e3 Definitions
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Article e4 Electronic records and paper documents v. goods, services or performance
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Article e5 Format
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Article e6 Presentation
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Article e7 Examination
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Article e8 Notice of refusal
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Article e9 Originals and copies
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Article e10 Date of issuance
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Article e11 Transport
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Article e12 Data corruption of an electronic record
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Article e13 Additional disclaimer of liability for presentation of electronic records under eUCP
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Article e14 Force majeure
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- 17 Questions and Answers
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