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Lecture notes

Commercial Law and Practice WS03 D3

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Commercial Law and Practice WS03 D3

Institution
City University (City)
Module
Commercial Law and Practice

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LEGAL PRACTICE COURSE


Consolidation of Documentary Letters of Credit (LC) Process

1. Importer (Buyer) and Exporter (Seller) negotiate terms of International Supply Agreement

2. Importer instructs its bank, the Issuing Bank, to open a LC in favour of the Exporter

3. Importer’s bank (the Issuing Bank) issues the LC to the Exporter’s bank – the Confirming
Bank (also known as the Advising Bank)

4. LC is received by Confirming Bank which checks the LC then passes it to the Exporter

5. Goods are shipped by Exporter

6. Shipping documents are prepared and submitted to Confirming Bank by Exporter

7. Confirming Bank checks documents. If they comply with LC, Confirming Bank sends
documents to Issuing Bank and may pay Beneficiary/Exporter in advance of being
reimbursed by Issuing Bank

8. Issuing Bank checks documents again. If correct, they are released to Importer and
Importer’s account is debited (9.)

10. Issuing Bank reimburses Confirming Bank

11. Payment sent to Beneficiary/Exporter if this didn’t happen at Stage 7.




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Institution
City University (City)
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City University
Module
Commercial Law and Practice

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Written in
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Law LLB and LPC Notes

I list a variety of law notes for LLB and the LPC. I have studied the courses at City University, but have tailored these notes to make them perfectly suitable for other universities. These notes have been shared with Ulaw and BPP students who have achieved distinctions using these notes solely for their revision, so they are perfect for all universities. If you do have any Qs, feel free to contact me.

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