A credit requires shipment of ‘100 tonnes of grade A quality steel scrap’. The credit requires presentation of an invoice, a packing list and a transport document and states partial shipments are not allowed. Which of the following statements are correct? 1. Both the packing list and the transport document can simply show the goods description as ‘steel scrap’. 2. A tolerance of up to 5% more and 5% less automatically applies to both the value of the credit and the amount that may be drawn thereunder. 3. No more than 100 tonnes of steel scrap may be shipped but a tolerance of up to 5% below this amount is acceptable. 4. The stated quantity of the goods can be exceeded by a maximum of 5% provided that the amount of the drawings does not exceed the overall credit value by more than 5%. Select one: A. 1 only. B. 1 and 2 only. C. 1 and 3 only. D. 4 only.
Posted on: Sun, 02 Nov 2014 09:11:14 +0000
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