| CDCS* UCP 600 Practice Exercises 1 | WARNING! Disclaimer * CDCS means "Certified Documentary Credit Specialist", a certification from ICC Paris, administered by IFSA for the USA, Canada, and Mexico, whilst for the rest of the world by IFS School of Finance. * CDCS is a registered trade mark of ifs School of Finance registered with the EU Community Trade Mark office under number 000858704. The Bad News A. We declare our copyright for the following CDCS Exam Exercises and Model Answers (the Exercises). Please understand that you may face serious legal consequences for unauthorised use of our exercises. B. Some of our Exercises are tricky ones and you have to read them carefully and think twice before you finish your …show more content…
Should the issuing bank follow the instructions from the applicant? 7. Is this refusal notice acceptable for a DC subject to UCP 600? "We refuse to pay you due to the following three discrepancies: 7. The commercial invoice does not meet the terms and conditions of the DC. 8. Third party B/L presented. 9. Unclean B/L presented. Meanwhile we are holding the documents at your disposal and risk." 8. A DC subject to UCP 500 issued by Bank I was confirmed by Bank C expiring on 1 September 2002. There was no restriction on the presentation. The beneficiary presented the documents to Bank I on 29 August 2002. Is this the best practice? What are the risks? If the DC were subject to UCP 600, would your answer be the same? 9. A presenting bank had the following messages in its covering letter/schedule dated 24 July 2007 presented against a DC subject to UCP 600. "We have found the following discrepancies in the documents: 10. The port of discharge in the B/L is not the same as that stated in the DC. 11. Presentation after expiry. 12. Corrections in the certificate of origin are not authenticated by the issuer. The documents are now presented for collection. Please approach the applicant for a waiver and give us your authority to negotiate by SWIFT message." The issuing bank sent its refusal notice as follows: "After consulting the applicant, we determine to refuse the documents due to the
C. Qualification: There was a physical training class which is similar to gym class, when I was in high school. I could not able to perform some exercises and, for that matter, my instructors always sarcastic to me to try harder. Also, he deducts points in some exercises that I unable to perform. This is one of the reasons why I urge to exclude grade point average of the gym class to count in grade point average.
III. Now that I have explained the equipment and some basic fundamentals, I am going to tell you about a
B. The links to the video and article recommend very specific ways to use willpower.
B. Claim about Reading 1 (state what is the claim that you will be making about your first reading.)
B 3. C 4. C 5. D 6. A 7.
C. So you may still ask, what does this have to do with me, well let me ask, do you breath?
C. As upcoming freshman, many of you are probably not aware of what we do in college, so it is important for me to explain to you what we do in college, as well as the
b. I will primarily engage students in critical thinking by asking students higher level questions, whether that be in general discussion, in bellwork, or through document based questions.
FASB (1981).Statement of Financial Accounting Standards No. 51. Retrieved on November 7, 2011 from: http://www.fasb.org/pdf/fas51.pdf
b. I have character and integrity that will carry me though when I face difficult moral choices.
b. It’s useful when students want to do a compare and contrast to the theory they are studying. It gives students various perspectives to view an issue.
When processing more difficult letter of credit requests, I seek out opportunities to engage other associates, relationship managers, in house counsel or outside counsel to identify potential issues before the transactions are completed. Reviewing all documentation related to the L/C processes begins with the credit reports, DMS and the applications. I keep peers updated on pending items. This allows internal controls to mitigate bank risk, to ensure consistency and to prevent errors. This allows me to issue the letters of credit timely and in accordance with all standard banking practices. Always keeping in mind to adhere to the Service Level Agreement (SLA) and uphold the Key Performance Indicators (KPI). I assisted internal audit with the
The funding came with several conditions: the application of International Financial Standards (IFS) by several large companies; the requirement to be audited against IFS and International Standards of Auditing; the requirement for the Ministry of Finance to issue guidance for the implementation of IAS; and the creation of the institution responsible for the activity of financial auditing (p.159).
C. It is hard to understand and track if some problems happen in hardware element.